HomeMy WebLinkAboutOrdinance 23014-12-2017 Ordinance No. 23014-12-2017
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN
FISCAL YEAR 2017 IN THE AMOUNT OF $131,848.56 IN THE STORMWATER DEBT
SERVICE FUND, FROM AVAILABLE FUNDS, TO FACILITATE THE CLOSURE OF THIS
FUND; 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 2016-2017 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the amount
of $131,848.56 in the Stormwater Debt Service Fund, from available funds, to facilitate the closure of this
fund.
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 22393-09-2016 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said prior ordinances and appropriations are hereby expressly repealed.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 A TO ORM AND LEGALITY: CITY SECRETARY
IN
Denis cElro , sistant City Attorney Mary J. Ka `
ADOPTED AND EFFECTIVE: December 5, 2017
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 12/5/2017 - Ordinance Nos, 23013-12-2017, 23014-12-2017
& 2301.5-12.2017
DATE: Tuesday, December 5, 2017 REFERENCE NO.: **G-19171
LOG NAME: 13LEGACYBONDCLEANUP#2
SUBJECT:
Adopt Fiscal Year 2017 Appropriation Ordinances to Facilitate the Closure of the Stormwater Capital
Project 2007 Fund and the Municipal Parking Capital Project Legacy Fund and Authorize Transfers (ALL
COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council take the following actions to facilitate the closure of the City's
Stormwater Capital Project 2007 Fund (59653) and the Municipal Parking Capital Project Legacy Fund
(59451):
1. Adopt the attached appropriation ordinance decreasing estimated receipts and appropriations in Fiscal
Year 2017 in the amount of$348.01 in the Stormwater Capital Project 2007 Fund (59653) to bring
budgeted amounts into balance with actuals;
2. Approve the transfer of$131,848.58 in residual revenue bond proceeds from the Stormwater Capital
Project 2007 Fund to the Stormwater Debt Service Fund (52006);
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in Fiscal
Year 2017 in the Stormwater Debt Service Fund (52006) in the amount of$131,848.56 from residual
revenue bond proceeds; and
4. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
amount of$3,458.63 in the Municipal Parking Capital Project Legacy Fund (59451).
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to clean-up and zero out Legacy Capital
Funds that have residual revenue bond proceeds.
The Financial Management Services Department has been conducting a comprehensive review of Legacy
Capital Funds that have residual revenue bond proceeds and providing recommendations regarding
closure. The goal has been to verify and cleanse data in all of the old Funds in order to close these Funds
that are no longer needed so that the City's financial records are in the best possible condition. The
Stormwater Capital Project 2007 Fund contains residual revenue bond proceeds following completion of
all projects and Staff recommends the residual amounts be transferred to the Stormwater Debt Service
Fund. The Municipal Parking Capital Project Legacy Fund contains revenue and expenses in excess of
budgeted amounts, and the Staff recommends estimated revenues and appropriations be increased to
match actuals.
Logname: 13LEGACYBONDCLEANUP #2 Page 1 of 2
On October 16, 2007, (Ordinance No. 17840-10-2007) the City Council authorized the issuance and sale
of$25,000,000 in Stormwater (Drainage) Revenue Bonds, Series 2007 (M&C G-15932). This sale
represented a two year Stormwater Capital project program with an estimated $12 million to be spent in
FY08 and $13 million in FY09 for design and construction of Stormwater capital improvements (M&C G-
16058). The projects within the original scope of the M&C have been fulfilled and the residuals have been
unused since the release of the proceeds. In order to close the Stormwater Capital Project 2007 Fund,
receipts and appropriations in the project fund need to be reduced so that budgeted amounts align with
actual revenues and expenditures, which were less than originally budgeted and the residual funds need
to be moved to the Stormwater Debt Service Fund.
In preparing Municipal Parking Capital Project Legacy Fund (59451) for closure, it is noted that actual
revenue and expenses are in excess of budgeted amounts. In order to close the Municipal Parking
Capital Project Legacy Fund, estimated revenues and appropriations need to increase to match actuals by
the amount noted in the recommendation above.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and adoption of the
attached appropriation ordinances, funds will be available in the current capital/operating budgets, as
appropriated, of the Stormwater Capital Project 2007 Fund, Stormwater Debt Service Fund and the
Municipal Parking Capital Project Legacy Fund.
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project Program�4ctivity Budget Reference # �moun
ID ID Year_)
ear Chartfield 2
FROM
Fund Department ccoun Project Program ctivity Budget Reference # mou
d
� n
ID ID Year Chartfiel2
- ..._....___. _.__. _ _ _. _._ _._ ___
CERTIFICATIONS:
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating Department Head: Aaron Bovos (8517)
Additional Information Contact: Brian Hickman (8568)
Logname: 13LEGACYBONDCLEANUP #2 Page 2 of 2