HomeMy WebLinkAboutResolution 3870-03-2010~:-
A Resolution
NO 3870-03-2010
AMENDING THE CITY'S FINANCIAL MANAGEMENT POLICY STATEMENTS
TO ADD A STATEMENT RESERVING ANY FUND BALANCES IN
THE CULTURE AND TOURISM FUND FOR
INFRASTRUCTURE IMPROVEMENTS AND MAINTENANCE COSTS
FOR THE FORT WORTH CONVENTION CENTER,
THE WILL ROGERS MEMORIAL CENTER AND ANY OTHER FACILITIES
MANAGED BY THE PUBLIC EVENTS DEPARTMENT
WHEREAS, the City Council has adopted Financial Management Policy
Statements (the FMPS') governing, among other things the specific use of certain City
revenues and
WHEREAS, the FMPS is periodically updated, and was most recently amended on
November 3 2009 pursuant to M&C G 16747 and
WHEREAS, the FMPS currently is silent as to how any fund balance or excess
revenues in the Culture and Tourism Fund are to be used and
WHEREAS, meetings and events at the City venues operated by the Public Events
Department including the Fort Worth Convention Center and the Will Rogers Memorial
Center (collectively `Public Events Department Venues') attract out of town visitors
and provide a mayor portion of the estimated $1 2 billion annual convention and tourism
impact on the City s economy and
WHEREAS, the City Council is committed to ensuring that Public Events
Department Venues continue to be improved and maintained m order for the City to
remain an attractive location for the various meetings and events that contribute to the
City s economic vitality and
WHEREAS, accordingly the City Council s most recent amendment to the FMPS
included a statement pursuant to which all DallaslFort Worth International Airport car
rental revenues which are deposited into the broader Culture and Tourism Fund shall be
dedicated to facility improvements at the Fort Worth Convention Center and the Will
Rogers Memorial Center (Section I J of the FMPS) and
WHEREAS, the FMPS does not provide any guidance as to how any unallocated
and lawfully available revenues in the Culture and Tourism Fund in excess of the twenty
percent (20%) undesignated fund balance goal currently recommended by the FMPS
should be used and
WHEREAS, the City Council wishes to amend the FMPS to add a statement
ORT
pursuant to which any unallocated and lawfully available revenues in the Culture and
Tourism Fund in any fiscal year in excess of the twenty percent (20%) undesignated fund
balance currently recommended by the FMPS shall be dedicated for improvements and
maintenance to Public Events Department Venues
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS
1 THAT Section III E of the FMPS (Culture and Tourism Fund Undesignated
Fund Balance) is hereby amended by addzng the double-underlined language below and
removing that language that has been struck through so that such provision reads as
follows
E Culture and Tourism Fund Undesignated Fund Balance
The City shall strive to maintain the Culture and Tourism Fund
undesignated fund balance at 20 percent of the current year s budget
appropriation which is defined as the
total budget less the annual transfer to the debt service funds. to pav
for operations and maintenance costs during that fiscal year If the
undesignated balance exceeds 20 percent the excess shall be
designated exclusively for improvements and maintenance. to the
Public Events Department Venues and related Public Events
Department responsibilities in either the current or anv future fiscal
2 THAT this Resolution shall take effect immediately upon rts passage
Adopted this 23=d day of March 2010
ATTEST -mot ~J
~,~, ..
~~
.. ~ ,. r -~
Bye ~ ---~ -- - ~` ---~
=~ Marty Hendrix, FC ty<Secretary
~,
j'i
'yr~
'*~rrr~:
~~~~
~~
`rx
~y;y>
ORTVV4
APPROVED
CITY COUNCIL
MAR 2 3 2010
-~,~~..
Cjty~~ ofN"`~,'
City of fbxt Worth, Toxos
City of Fort Worth, Texas
Mayor and Council Communication
-~ ,. ~ a~~
GOUNCIt ACTION:` Approved on 3/23/20'10 -Resolution No, 3870-03-2010
~, ~ , ~ ~ ~,
CONTINUED FROM A PREVIOUS WEEK
DATE Tuesday March 09 2010 REFERENCE NO G-16866
LOG NAME 13CULTURE & TOURISM
SUBJECT
Adopt Resolution Amending the City's Financial Management Policy Statements to Add a Statement
Reserving Any Fund Balances in the Culture and Tourism Fund for Infrastructure Improvements and
Maintenance Costs for the Fort Worth Convention Center the Will Rogers Memorial Center and Any Other
Facilities Managed by the Public Events Department
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution amending the city's Financial
Management Policy Statements to add a statement reserving any fund balances in the culture and tourism
fund for infrastructure improvements and maintenance costs for the Fort Worth Convention Center the
Will Rogers Memorial Center and any other facilities managed by the Public Events Department.
DISCUSSION
The City Council first adopted the Financial Management Policy Statements (FMPS) in 1994 Since then
the FMPS has been amended periodically most recently in November 2009 (M&C G-16747) when
among other things a statement was added to the FMPS providing that Dallas/Fort Worth Airport car
rental tax revenues which are deposited into the Culture and Tourism Fund are to be dedicated to facility
improvements at the Fort Worth Convention Center and the Will Rogers Memorial Center
The FMPS is silent, however as to how any revenues in the Culture and Tourism Fund in excess of a
twenty percent undesignated fund balance goal currently recommended by the FMPS should be used In
order to ensure that the Fort Worth Convention Center Will Rogers Memorial Center and other Public
Events Department venues remain competitive and continue to be desirable places for meetings and
conventions in the City it is recommended that the City Council amend the FMPS to add a statement
providing that such excess funds be used exclusively for improvements and maintenance to those
facilities
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that this action will have no material effect on City
funds
FUND CENTERS
TO Fund/Account/Centers
CERTIFICATIONS
FROM Fund/Account/Centers
Submitted for City Manager's Office by. ALL ACMs (6222)
Logname• 13CULTURE TOURISM Page 1 of 2
Lena Ellis (8517)
Originating Department Head. Horatio Porter (2379)
Peter Vaky (7601)
Additional Information Contact: Kirk Slaughter {2501)
Logname. I3CULTURE TOURISM Page 2 of 2