HomeMy WebLinkAboutOrdinance 22424-09-2016 ORDINANCE NO.22424-09-2016
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS, FROM TRANSFERS FROM CORRESPONDING ENTERPRISE
OPERATING FUNDS, IN THE MUNICIPAL PARKING DEBT SERVICE FUND BY
$4,180,382.00; IN THE SOLID WASTE DEBT SERVICE FUND BY $578,041.00; IN THE
STORMWATER DEBT SERVICE FUND BY $10,150,587.00; IN THE WATER
SUBORDINATE LIEN DEBT SERVICE FUND BY $9,815,051.00; AND IN THE WATER
PRIORITY LIEN DEBT SERVICE FUND BY $80,671,735.00, FOR THE PURPOSE OF
ESTABLISHING FISCAL YEAR 2016 BUDGET IN THE RE-CREATED ENTERPRISE
DEBT SERVICE FUNDS; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING
THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2015-2016 in the Budget of
the City Manager, there shall also be increased estimated receipts and appropriations, from transfers from
corresponding enterprise operating funds, in the Municipal Parking Debt Service Fund by $4,180,382.00; in the
Solid Waste Debt Service Fund by $578,041.00; in the Stormwater Debt Service Fund by
$10,150,587.00; in the Water Subordinate Lien Debt Service Fund by $9,815,051.0000; and in the Water
Priority Lien Debt Service Fund by $80,671,735.00, for the purpose of establishing budget in FY2016 in the re-
created debt service funds, with no net change to the total combined budget of any affected enterprise fund and its
corresponding debt service funds.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any
reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining
portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full
force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No. 21873-09-2015 and all other ordinances and appropriations
amending the same except in those instances where the provisions of this ordinance are in direct conflict with such
other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and
appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED S TO FORM AND LEGALITY:NV
D C. McE o ,Assistant City Attorney 'Ma
IF
ry W. Js'Tr'1vCiV Secretary
ADOPTED AND EFFECTIVE: September 20,2016
Ordinance No.22424-09-2016
Page 1 of 1
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/20/2016 - Ordinance No. 22424-09-2016
DATE: Tuesday, September 20, 2016 REFERENCE NO.: **G-18820
LOG NAME: 13DEBT SERVICE FUNDS
SUBJECT:
Authorize Transfer of Funds from the Operating Funds for the Municipal Parking, Solid Waste, Stormwater
Utility, and Water and Sewer Enterprises to Each Fund's Respective Debt Service Fund, Authorize Re-
Establishment of Net Position and Required Reserves, and Adopt Appropriation Ordinance (ALL COUNCIL
DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the following transfers:
a. $4,180,382.00 from the Municipal Parking Fund (operating) to the Municipal Parking Debt
Service Fund;
b. $578,041.00 from the Solid Waste Fund (operating) to the Solid Waste Debt Service Fund;
c. $10,150,587.00 from the Stormwater Utility Fund (operating) to the Stormwater Debt Service
Fund;
d. $9,815,051.00 from the Water and Sewer Fund (operating) to the Water Subordinate Lien
Debt Service Fund; and
e. $80,671,735.00 from the Water and Sewer Fund (operating) to the Water Priority Lien Debt
Service Fund.
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the:
a. Municipal Parking Debt Service Fund in the amount of$4,180,382.00;
b. Solid Waste Debt Service Fund in the amount of$578,041.00;
c. Stormwater Debt Service Fund In the amount of$10,150,587.00;
d. Water Subordinate Lien Debt Service Fund in the amount of$9,815,051; and
e. Water Priority Lien Debt Service Fund in the amount of$80,671,735.00.
3. Authorize return of funds from the net position of the enterprise operating funds to the debt service
funds to re-establish their separate net position; and
4. Authorize the re-establishment of required reserves for these debt service funds and any associated
return of funds from the affected enterprise operating funds.
DISCUSSION:
The City's annual operating budget is formally enacted into law by City Council action by the adoption of
an appropriation ordinance that establishes spending limits for each department's and fund's operation. At
the beginning of Fiscal Year 2016, in connection with the implementation of the adopted FY2016 budget
and of the PeopleSoft accounting software, multiple enterprise debt service funds (including each fund's
Logname: 13DEBT SERVICE FUNDS Pagel of 2
net position and any associated required reserves) were consolidated as separate line items within their
corresponding operating funds.
Since that time, it has been determined that having separate debt service funds for the City's enterprise
activities would provide greater transparency and enhance the ability to account and track financial
transactions associated with debt activities. As such, debt service funds have been re-established for the
Municipal Parking, Solid Waste, Stormwater, and Water and Sewer enterprises.
The purpose of this Mayor and Council Communication (M&C) is to approve separate FY2016 budgets for
each enterprise debt service fund and to authorize the transfer of funds and net position from the
enterprise operating funds back to their respective debt service funds. This M&C also authorizes the
Financial Management Services Department to re-establish any required reserves in the separate debt
service funds and to return any funding that had been consolidated into the operating fund. These actions
will have no net effect to the City's actual finances; rather, they will enhance our ability to account for and
track debt service activities.
The end result of these actions accomplishes the same intent as the adopted Fiscal Year 2016 budget
while maintaining the legal requirements of the debt obligations.
For Fiscal Year 2017, the adopted budget for each enterprise operating fund includes an appropriation of
funds for a transfer to the corresponding debt service funds for annual debt service payments. The
adopted budget also includes appropriations of those transferred revenues in each enterprise debt service
fund, from which the actual debt service payments will be made.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION I CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations, funds will be available
in the current debt service funds.
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year L(Cha-rtfield 2)
FROM
Fund Department ccoun Project Program ctivity Budget Reference # mount
ID ID Year Chartfield 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating_ Department Head: Lynda Johnson (6222)
Additional Information Contact: Terry Hanson (7934)
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