HomeMy WebLinkAboutResolution 3637-07-2008A Resolution
NO 3637-07 2008
AMENDING THE FISCAL YEAR 2007 2008 BUDGET FOR
PUBLIC IMPROVEMENT DISTRICT NO 1 (DOWNTOWN)
WHEREAS, on August 21 2007 pursuant to M&C G 15837 the Crty Council adopted a
budget and service plan for Public Improvement District No 1 (Downtown) (the `PID") and
WHEREAS such budget was based on that adopted by the PID s advisory body a committee of
owners of property located m the PID and appointed by the Crty Council m accordance vv~th Chapter
372 of the Texas Local Government Code; and
WHEREAS, such budget did not include certain assessment revenues from prior fiscal years, m
part because the values of certain properties located in the PID were under legal contest at the time the
budget was adopted and, thus, the actual assessment revenues from such properties were unknown at
that time; and
WHEREAS, it is now necessary to amend the PID s fiscal year 2007 2008 budget to reflect
such additional assessment revenues, and
WHEREAS, based on the receipt of such additional assessment revenues, the PID s advisory
body has adopted a revised budget authorizing additional expenditures for previously authorized PID
prod ects, and
WHEREAS, approval of such amended budget will not require supplemental assessments on
property located m the PID
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS
1. THAT the amended fiscal year 2007 2008 budget for the PID which is attached hereto
is hereby approved.
2. THAT this Resolution shall take effect immediately from and after its adoption.
AND IT IS SO RESOLVED
RESOLUTION NO 3637-07 2008
Adopted this 22nd day of July 2008
. -~ ~, ~~.~
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~ APPROVED
ATTEST~~*
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~ ~ CITY COUNCIL
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``~'~ JUL 2 2 2008
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By• ~ ~ ~ - y -
Mart~y Hendrix ! ~ ~~ ~ ~~,,,~
City=Secretary, ~
~~ *R~ f ~~=" city secretary of the
City of Fort Worth, Texas
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REVENUES
Private Assessment Revenues
CFW Assessment Revenues
City Payment in-lieu of Services
PID Generated Revenue
Interest
Prior Year's Assessment
Total Revenues
EXPENSES
Operations
Maintenance & Landscaping
Security Enhancement
Marketing
Transportation & Planning
Contingency
City Administration
Total Expenses
City of Fort Worth
FIVE YEAR SERVICE PLAN
Public Improvement District No. 1 Downtown
Approved Revised
FY07/08 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12
1735,000 2,145,063 1773,105 2,228,000 2,318,000 2,388,000
193,750 193 750 200 700 215,000 224 400 228,800
130 165 130 165 132, 765 180, 000 183,600 187, 270
155,565 155,565 156,000 158,555 158 000 161 160
25,000 25 000 26 000 30,000 33,000 35,000
70
360 360
193 100,000 60,000 60,000 60,000
, ,
2,309,840 2,842,903 2,388,570 2,871,555 2,977,000 3,060,230
308,550 308,550 324,200 337,530 349 387 359 090
1 126,820 1,309,837 1 171 618 1,599 015 1 669 342 1 716,224
85 000 85 000 85 713 104 399 98,084 104,383
427 170 469 081 434 909 440,969 458,643 467 435
327 600 490 536 336,670 345 082 355 184 365,338
145,199
34,700 34,700 35,460 44,560 46,360 47,760
2,309,840 2,842,903 2,388,570 2,871,555 2,977 000 3,060,230
REVENUES
the additional assessments are as follows:
2007 Assessments 410 063
2002 Assessments 123,000
533,063
additional projects are as follows.
~'~ Maintenance 8~ Landscaping:
Throckmorton St. Tree Lights 60,000
Houston St. Tree Lights 13,017
Sidewalk & Pedestrian Lights Commerce St. 20 000
Connection project (Bluff Residential and Downt~ 90,000
Sub-total: 183,017
cZ~ Marketing:
Marketing Website 1 911
Promotional Fund 15 000
Marketing Website 25,000
Sub-total 41,911
t3) Transportation & Planning
Planning Projects 25,288
Wayfinding Program 62,648
Houston(Throckmorton streetscape design stu 75,000
Sub-total. 162,936
c4~ Contingency
Amount reserved for future projects 145,199
Sub-total: 145,199
I additional projects.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 7/22/2008 Res. No 3637-07 2008
DATE Tuesday July 22 2008
LOG NAME 13PID1 NEWBUDGT2 REFERENCE NO G-16209
SUBJECT
Adopt Resolution Amending the Fiscal Year 2007 2008 Budget of Public Improvement District No 1
Downtown by Adding $533 063 00 from Assessments from 2007 and Prior Years
RECOMMENDATION
It is recommended that the City Council adopt the attached Resolution amending the Fiscal Year 2007 2008
budget for Public Improvement District No 1 Downtown by adding $533 063 00 from Assessments from
2007 and prior years
DISCUSSION
On August 21 2007 through M&C G-15837 the City Council adopted a budget and service plan for Public
Improvement District No 1 Downtown {the PID) for Fiscal Year 2007 2008 This budget was based on that
adopted by the PID's advisory body which is appointed by the City Council During the course of the year it
was discovered that this budget did not account for 2007 assessment revenues from properties located in
the PID whose values were under contest at the time the budget was approved Accordingly it is now
necessary to amend the budget to reflect the additional 2007 revenue of $410 063 00 In addition surplus
assessment revenues of $123 000 00 from the 2002 tax year were recently returned to the City by
Downtown Fort Worth Inc. which is under contract to manage the PID These revenues also need to be
included in the amended PID budget.
Based on these additional revenues the following additional expenditures have been approved by the PID
advisory body
• $183 017 00 for additional maintenance and landscaping
• $41 911 00 for additional marketing and promotion
• $162 936 00 for additional transportation and planning including $62,648 00 for City's wayfinding
matching funds, as authorized by M&C C-19365 on November 26 2002 The City Council authorized the
City Manager to accept an agreement with the Texas Department of Transportation for a coordinated
wayfinding program and
• $145 199 00 to remain in the City's PID account as contingency to use for future projects as
recommended by the PID's advisory body
The amended budget does not require any supplemental assessment on property located in the PID
PID 1 is located in COUNCIL DISTRICT 9
Logname 13PID1NEWBUDGT2 Page 1 of 2
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon approval and completion of the above recommendations, funds will
be available in the Fiscal Year 2007 2008 operating budget, as appropriated of the Special Assessment
District Fund
TO Fund/Account/Centers FROM Fund/Account/Centers
GS87 539120 002501002000 $533,063.00 GS87 539120 002501002000 $533.063.00
GS87 488342 002501002000 $123.000.00 GS87 488342 002501002000 $123.000.00
GS87 488342 002501002000 $410,063.00 GS87 488342 002501002000 $410.063.00
Submitted for City Manager's Office by Karen Montgomery (6222)
Originating Department Head. Lena Ellis (8517)
Additional Information Contact: Sylvia A. Flores (8550)
Logname 13PID1NEWBUDGT2 Page 2 of 2