HomeMy WebLinkAboutResolution 3762-07-2009A Resolution
NO 3762-07 2009
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO 11
(STOCKYARDS PID)
FOR FISCAL YEAR 2008-2009
WHEREAS, pursuant to Resolution No 2925 the City Council created the Fort Worth Public
Improvement Distract No 11 (the "Stockyards PID") on January 28 2003 and
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on
September 9 2008 the City Council approved a budget for the 2008-2009 fiscal year and a five year
service plan for the Stockyards PID pursuant to M&C BH 238 and
WHEREAS, pursuant to City Secretary Contract No 37728 the City has contracted with
Stockyards Preservation Foundation of Fort Worth, Inc. (the "Stockyards Foundation") to manage the
day-to-day administration of the Stockyards PID for the 2008-2009 fiscal year and
WHEREAS, m accordance with Section 372 013(a) of the Texas Local Government Code, the
Crty has assigned to the Stockyards Foundation the responsibility for preparing the annual budget and
five year service plan for the Stockyards PID and
WHEREAS, m accordance with the Crty's Policy and Guidelines for Public Improvement
Districts ("PIDs"}, adopted by the Crty 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 Stockyards Foundation regarding actual PID expenditures
and necessary programs and services required to date, City staff recommends that the Crty Council
approve an amended budget for the Stockyards PID for the 2008-2009 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 Stockyards PID is hereby approved for the
remainder of the 2008-2009 fiscal year
®RT WORD
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RESOLUTION NO 3762-07 2009
Line Item Previously Recommended Mid- Amended Budget
Approved Budget Year Adjustments
Management Fee $6 000 $5 650 $11 650
Insurance $350 $0 $350
Markettng/Website $44 000 ($14 000) $30 000
Public Events $15 000 $10 000 $25 000
Trash Removal & $2,000
($2,000) $0
Sidewalk Cleanliness
Contingency $28 886 $350 $29,236
City Admtmstration $2,000 $0 $2,000
TOTAL $98,236 $98,236
2. This Resolution sh all take effect immediately following its adoption.
ADOPTED this 14th day of July 2009
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City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION: Approved on 7/14/2009' ~ Res No. 3762-07-2009
DATE Tuesday July 14 2009 REFERENCE NO G-16626
LOG NAME 17PID11 NEWBUDFY09
SUBJECT
Adopt a Resolution Approving Revised Fiscal Year 2008-2009 Budget and Service Plan for Public
Improvement District No 11 (Stockyards PID) and Authorize Amendment to City Secretary Contract No
37728 a Management and Improvement Services Agreement with Stockyards Preservation Foundation of
Fort Worth Inc. to Increase Management Fee for Administrative Services Related to the Stockyards PID
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached Resolution approving a revised 2008-2009 fiscal year budget and service plan for
Public Improvement District No 11 (Stockyards PID) and
2 Authorize the City Manager to execute an amendment to the Management and Improvement Services
Agreement between the City and Stockyards Preservation Foundation of Fort Worth Inc. City Secretary
Contract No 37728 for administrative services related to the Stockyards PID increasing the management
fee under such agreement by $5 650 00
DISCUSSION
On September 9 2008 (M&C BH-238) the City Council adopted a Budget and Service Plan for the
Stockyards PID for the 2008-2009 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 budgets
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 Stockyards PID budget and service plan for the 2008-2009 fiscal year with
corresponding explanations are as follows
Approved Mid-Year Revised
Line Item Budget Adjustments Budget
Management Fee $6 000 00 $5 650 00 $11 650 00
Insurance $350 00 $0 00 $350 00
Marketing/VVebsite $44 000 00 ($14 000 00) $30 000 00
Public Events $15 000 00 $10 000 00 $25 000 00
Trash Removal and Sidewalk $2 000 00
($2 000 00)
$0 00
Cleanliness
Contingency $28 886 00 $350 00 $29 236 00
Logname 17PID11NEWBUDFY09 Page 1 oft
City Administration 2 000.00 $0 00 2 000.00
TOTAL $98,236 00 $98,236 00
Explanation
1 Management Fee An increase of $5 650 00 is required to pay for additional bookkeeping expenses
associated with accounting requirements for PID expenditures
2 Marketing/Website A decrease of $14 000 00
3 Public Events An increase of $10 000 00 for events such as Christmas in the Stockyards the Forts
Master St. Patrick's Day and the Fourth of July
4 Contingency An increase of $350 00 and
5 Trash Removal and Sidewalk Cleanliness A decrease of $2 000 00 which is not funded with PID
funds
Upon adoption of the resolution the revised budget and plan of service will take effect.
Stockyards Preservation Foundation of Fort Worth Inc. oversees the day-to-day administration of the
Stockyards PID pursuant to a Management and Improvement Services Agreement with the City and (City
Secretary Contract No 37728) This Agreement will be amended to increase the management fee under
the agreement by $5 650 00 for additional bookkeeping expenses associated with accounting services for
the Stockyards PID funds
The Stockyards PID is located in COUNCIL DISTRICT 2
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
Submitted for City Manager's Office by:
Originating Department Head.
Additional Information Contact:
FROM Fund/Account/Centers
Thomas Higgins (6140)
Jay Chapa (6192)
Sylvia Flores (8550)
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