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Home My WebLink AboutResolution 3883-05-2010A Resolution NO 3883-05-2010 APPROVING AN AMENDED BUDGET FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO 1 (DOWNTOWN PID) FOR FISCAL YEAR 2009-2010 WHEREAS, pursuant to Resolution No 3756-06-2009 the City Council re-established the Fort Worth Public Improvement Distract No 1 (the "Downtown PID") on June 23 2009• and WHEREAS in accordance with Chapter 372 of the Texas Local Government Code, on September 8, 2009 the City Council approved a budget for the 2009-2010 fiscal year and afive-year service plan for the Downtown PID pursuant to M&C BH 240• and WHEREAS pursuant to City Secretary Contract No 39343 the City has contracted with Downtown Fort Worth, Inc. ("DFWI") to manage the day-to-day administration of the Downtown PID for the 2009-2010 fiscal year and WHEREAS, in accordance with Section 372 013(a) of the Texas Local Government Code, the City has assigned to the DFWI the responsibility for preparang the annual budget and five year service plan for the Downtown PID• and WHEREAS in accordance with the City's Policy and Guidelines for Public Improvement Distracts ("PIDs"), adopted by the City Council pursuant to Resolution No 3711-02 2009 City staff annually conducts mid-year reviews of all PID budgets to ensure that actual PID expenditures correspond with budgeted expenses, and WHEREAS, m consultation with the DFWI, and upon approval of the PID advisory body regarding actual PID expenditures and necessary programs and services required to date, City staff recommends that the City Council approve an amended budget for the Downtown PID for the 2009- 2010 fiscal year NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT 1 The following amended budget for the Downtown PID is hereby approved for the remainder of the 2009 2010 fiscal year oR~rWo~r u RESOLUTION NO 3883-OS-2010 Line Item Previously Recommended Amended Approved Mid Year Budget Budget Adjustments Management Fee $326 750 $0 $326 750 Water $12 000 $0 $12 000 Utilities $20 000 $0 $20 000 Landscape/Tree $57 285 $0 $57 285 Maintenance Trash Removal $1 022 921 $32 154 $1 055 075 (all other Mamt Exp ) Fence $0 $0 $0 Maintenance Holiday $15 000 $50 000 $65 000 Lighting/Decorat ions (Repairs) Security $85 000 $0 $85 000 Enhancement Communications $20 000 $0 $20 000 /Newsletters Marketing $480 910 $0 $480 910 (&Research) ART WORT ~` RESOLUTION NO 3883-05-2010 Public Events $10 000 $0 $10 000 Transportation & $384 670 $0 $384 670 Planning Capital $32154 ($32154) $0 Improvements Replacements $0 $0 $0 Insurance $9 000 $0 $9 000 Annual Review $3 500 $0 $3 500 (Audit) City $33 219 $0 $33 219 Administrative Fee Estimated $279 974 ($50 000) $229 974 Operating Reserve TOTAL $2 792,383 $2 792,383 2 This Resolution shall take effect immediately following its adoption ORT WORT RESOLUTION NO 3883-OS-2010 Adopted this 18th day of May 2010 APPROVED ATTEST ~" jr.~ CITY COUNCIL ~~ "~ , ~ ` MAY 18 ZO10 sy ~~ ~ ~~ ~ ~ Marty:I~endrix City Secret ary ,~ ~ .~ ~ :~ ~ C Secretaryotthe City of Fort Worth. Texas ,~~r. 1+~ ~,. ORJ W®RT T RESOLUTION NO 3883-05-2010 City of Fort Worth PROPO SED FIVE YEAR SERVICE PLAN Public Improvement District No. 1 Downtown FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 REVENUES PID Assessments 1 660 967 1 660 967 1 695 000 1 728 000 1 775 000 COFW Assessments 173 674 173 674 177 150 180 690 184 300 City Payment in-lieu of Service 135 783 138 500 141,270 144 095 146 975 PID Generated Revenue 159,364 163,413 175,780 169 095 172,475 Prior Year's assessment 662 595 229,974 144,474 58,474 29,026 Total Revenues 2,792,383 2,366 528 2,333,674 2,280 354 2,249 724 EXPENSES Management Fee (Administration) 326,750 333,285 339,290 346,075 353 000 Water 12,000 12,000 13,000 13,500 14 000 Utilities 20 000 20 000 22,000 24 000 26 000 Landscape/Tree Maintenance 57,285 57,285 60 100 61 305 62,532 Trash Removal (all other Maint exp) 1 055 075 1 002,265 1 008 000 1 015 440 1 020 466 Fence Maintenance 0 0 0 0 0 Holiday Lighting/Decoration (Repairs) 65 000 15 000 15 000 15 000 15 000 Security Enhancement 85 000 85,500 86 000 86,500 87 000 Communications/Newsletters 20 000 20 000 20 000 20 000 20 000 Marketing (8 Research) 480 910 361 000 364 000 370 000 390 000 Public Events 10 000 10 000 10 000 10 000 10 000 Transportation 8~ Planning 384 670 260 000 270 000 280 000 300 000 Capital Improvements 0 0 20 910 20 000 20 500 Replacements 0 0 0 0 0 Insurance 9 000 9 000 9 000 9 000 9 000 Annual review (Audit) 3,500 3 500 4 000 4 000 4 000 City Administrative Fee 33,219 33,219 33,900 34,560 35,252 Budget Expenses Estimated Operating Reserve 2,562,409 2,222,054 2,275,200 2,309,380 2,366,750 229 974 144 474 58 474 (29 026) (117 026) Total Expenses 2,792,383 2,366,528 2,333 674 2,280 354 2,249 724 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 5/1:8/2010 -Res. No. 3883-05-2010 az ._~ ~ n ~,a~, ~ ~ , ~~. ~ ~ ~ -~ _-~- _. _. ~ _ ~,?. - ~--~,~ DATE Tuesday May 18 2010 REFERENCE NO G-16934 LOG NAME 17PID1 NEWBUDFY10 SUBJECT Adopt a Resolution Approving Revised Fiscal Year 2009-2010 Budget and Service Plan for Public Improvement District No 1 (Downtown PID) (COUNCIL DISTRICT 9) RECOMMENDATION It is recommended that the City Council adopt the attached Resolution approving a revised 2009-2010 Fiscal Year Budget and Service Plan for Public Improvement District No 1 (Downtown PID) DISCUSSION On September 8 2009 (M&C BH-240) the City Council adopted a Budget and Service Plan for the Downtown PID for the 2009-2010 Fiscal Year The City of Fort Worth's (City) Policy and Guidelines for Public Improvement Districts (PIDs) provides for City staff to administer and oversee all PIDs The staff conducts amid-year review of the annual budget of all PIDs and recommends adjustments as needed so that actual PID expenditures reasonably correspond with budgeted expenses If funds are available after collection of final assessments these adjustments may allow for additional proposed PID projects that were discussed in the City Council's public hearing concerning the assessments but that were not included in the original budget. The proposed revisions to the Downtown PID Budget and Service Plan for the 2009-2010 Fiscal Year with corresponding explanations are as follows. ~_... ~ Approved Mid-Year Revised Line Item Budget justments Ad ~ ...Budget ~~ ~ n ~ $326 750 00 0,~ $326 750 00 Management Fee (Administratio ence Maintenance 2. Holiday Lighting/Decoration (Repairs) Security Enhancement Logname: 17PID1NEWBUDFYI O Page 1 of 2 ~PUbIIC Events ~ $10 000 00! __. _ __ _.. w. _ ~_....._ (Transportation~& Planning ~ $384 670 00 ~._.. ( 3._ Ca ital Im rove ~ ~ _ ~ W.--__ ~:... p p ments ! $32,154 00, ($32.154.00 Explanation $10 000 00 __ $384 670 00 0 1 Trash Removal (all other maintenance expenses): An increase of $32 154 00 is required to pay for maintenance services along Lancaster Boulevard ($27 154 00) and for the repair of the planter boxes ($5 000 00) on Houston and Throckmorton streets where the planter box concrete panels are being pushed out of position by the roots of the trees, 2. Holiday Lighting/Decoration An increase of $50 000 00 for the replacement of the tree lights on Main Street; 3 Capital Outlay a decrease of $32,154 00 and 4 Estimated Operating Reserve A decrease of $50 000 00 Upon adoption of the resolution the revised budget and plan of service will take effect. The Downtown PID is located in COUNCIL DISTRICT 9 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 FROM Fund/Account/Centers CERTIFICATIONS Submitted for City Manager's Office by' Thomas Higgins (6192) Originating Department Head Jay Chapa (5804) Additional Information Contact: Sylvia Flores (8550) Logname. 17PID1NEWBUDFYI O Page 2 of 2