HomeMy WebLinkAboutResolution 5218-05-2020 A Resolution
NO. 5218-05-2020
APPROVING AN AMENDED BUDGET AND FIVE-YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 7
(HERITAGE PID) FOR FISCAL YEAR 2019-2020
WHEREAS, pursuant to Resolution No. 2675, the City Council established the Fort Worth
Public Improvement District No. 7 ("Heritage PID") on September 26, 2000;
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on August
27, 2019, the City Council approved a budget for the 2019-2020 fiscal year and a five-year service plan
for the Heritage PID pursuant to M&C 19-0112;
WHEREAS, pursuant to City Secretary Contract No. 52905, the City has contracted with
FirstService Residential Texas PID, LLC ("Contractor") to manage the day-to-day administration of the
Heritage PID for the 2019-2020 fiscal year;
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to Contractor the responsibility for preparing the annual budget and five-year service
plan for the Heritage PID;
WHEREAS, in accordance with the City's Policy and Guidelines for Public Improvement
Districts ("PIDs"), adopted by the City Council pursuant to Resolution No. 4905-02-2018, City staff
annually conducts mid-year reviews of all PID budgets to ensure that actual PID expenditures
correspond with budgeted expenses; and
WHEREAS, in consultation with the Contractor 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 Heritage PID for the 2019-2020 fiscal year.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
1. The Budget and Five Year Service Plan for the Heritage PID is hereby amended and
approved for the remainder of the 2019-2020 fiscal year in accordance with Exhibit "A", which is
attached hereto.
2. This Resolution shall take effect immediately following its adoption.
Adopted this 5" day of May 2020.
ATTEST: �ORT.1/VO
By:
>-
Mary ays i Se etary F.
EXHIBIT A
City of Fort Worth
Five Year Service Plan
Public Improvement District No.7-Fort Worth
FY19/20 FY20/21 FY21/22 FY22/23 FY23/24
REVENUES i
PIDAssessments $1,790,204 $1,929,633' $1,968,226 $2,007,590; $2,047,742
COFW Payment in lieu of Services 191,096 194,918 198,815 202,791 206,848
Budget Revenues $1,981,300 $2,124,551 $2,167,041- $2,210,381 $2,254,590
Use of Fund Balance $138,940 252,455 257,504 262,655 267,907
r
Total Revenues $2,120,240 $2,377,006 $2,424,545� $2,473,036 $2,522,497
EXPENSES
Management Fee 127,928 131,762 135,715 139,786 143,980
Utilities 230,500 237,415 244,537 251,874 259,430
Landscaping/Tree Maintenance 1,127,894 1,161,731 1,219,817 1,256,412 1,294,104
Common Area Maintenance 221,534 228,180 235,025 242,076 249,338
Holiday Lighting 31,500 32,445 33,418 34,421 35,454
Security Enhancements 78,750 , 81,113 83,546 86,052 , 88,634
Advertising 1,000 2,000 2,000 2,000 i 2,000
Public Events 35,000 86,700 88,434 90,203 92,007
Capital Improvements 206,392 204,000 208,080 i 212,241 216,486
Insurance 13,938 14,217 14,501 l 14,791 15,087
Annual Review 10,000 10,0001 10,000 10,000 10,000
City Administrative Fee 35,804 42,491 43,341 44,208 45,092
Budget Expenses 2,120,240 2,232,054' 1 2,318,4141 2,384,064! 2,451,612
Contribution to Fund Balance
Total Expenses $2,120,240, $2,232,054! $2,318,414 $2,384,WA4 ! $2,451,61211
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City of Fort Worth
Five Year Service Plan
Public Improvement District No. 7 - Fort Worth
FY19/20 FY20/21 FY21/22
REVENUES
PID Assessments $1,790,204 $1,929,633 $1,968,226
COFW Payment in lieu of Services 191,096 194,918 198,815
Budget Revenues $1,981,300 $2,124,551 $2,167,041
Use of Fund Balance $138,940 252,455 257,504
Total Revenues $2,120,240 $2,377,006 $2,424,545
EXPENSES
Management Fee 127,928 131,762 135,715
Utilities 230,500 237,415 244,537
Landscaping/Tree Maintenance 1,127,894 1,161,731 1,219,817
Common Area Maintenance 221,534 228,180 235,025
Holiday Lighting 31,500 32,445 33,418
Security Enhancements 78,750 81,113 83,546
Advertising 1,000 2,000 2,000
Public Events 35,000 86,700 88,434
Capital Improvements 206,392 204,000 208,080
Insurance 13,938 14,217 14,501
Annual Review 10,000 10,000 10,000
City Administrative Fee 35,804 42,491 43,341
Budget Expenses 2,120,240 2,232,054 2,318,414
Contribution to Fund Balance - - -
Total Expenses $2,120,240 $2,232,054 $2,318,414
City of Fort Worth,Texas
Mayor and Council Communication
DATE: 05/05/20 M&C FILE NUMBER: M&C 20-0278
LOG NAME: 13PID7 MIDYEARFY20
SUBJECT
Adopt Resolution Amending the Fiscal Year 2019-2020 Budget and Five-Year Service Plan for Public Improvement District 7-Heritage and
Adopt Appropriation Ordinance(COUNCIL DISTRICTS 4&7)
RECOMMENDATION:
It is recommended that the City Council:
1.Adopt the attached resolution approving the revised Fiscal Year 2019-2020 Budget and Five-Year Service Plan for Public Improvement District
7—Heritage to reflect amendments associated with a mid-year review;and
2.Adopt the attached appropriation ordinance adjusting receipts and appropriations in the Fort Worth Public Improvement District 7-Heritage
Fund by decreasing receipts and appropriations in the amount of$204,304.00 in Fiscal Year 2019-2020,and increasing the available, unreserved
fund balance.
DISCUSSION:
The City of Fort Worth Department of Financial Management Services administers the City's Public Improvement Districts(PIDs),in accordance
with Chapter 372 of the Texas Local Government Code.The City's PID Policy outlines the need to proactively work with the PID managers to
oversee the services being provided by the PIDs and their associated financial positions.Staff,along with the contracted PID management
companies, have conducted mid-year reviews of the Public Improvement District 7-Heritage(Heritage PID)Annual Budget(Budget)and
recommend the following adjustments.
The City contracts with FirstService Residential Texas PID, LLC(FirstService)to manage the Heritage PID. FirstService has identified the need to
decrease the Heritage PID Budget by the use of fund balance in the amount of$204,304.00,in order to align expenses with actual activities in the
Budget and Five-Year Service Plan. The expense decrease can be attributed primarily to planned activities being postponed, reduced,or
interrupted by COVID-19.The proposed decrease in use of fund balance for Heritage PID will increase reserves in the fund balance.
Revenue Adjustments:
Line Items to Previously Recommended Amended
be Adjusted Approved FY20 Mid-Year FY20 Budget
Budget Item Adjustment Item
PID $1,790,204.00 - $1,790,204.00
Assessments
COFW
Payment in lieu $191,096.00 - 7$191,,096.00
of Services
Use of Fund $343,244.00 $(204,304.00) $138,940.00
Balance
Total Budget $2,324,544.00 $(204,304.00) $2,120,240.00
Revenue
Expenditure Adjustments:
Line Items to be Previously Recommended Amended
Adjusted Approved FY20 Mid-Year FY20 Budget
Budget Item Adjustment it
Landscaping/Tree $1,166,551.00 $(38,657.00) $1,127,894.00
Maintenance
Common Area $316,323.00 $(94,789.00) $221,534.00
Maintenance
Holiday Lighting $28,500.00 $3,000.00 $31,500.00
• Line Items to be Previously Recommended Amended
Adjusted Approved FY20 Mid-Year FY20 Budget
Budget Item Adjustment Item
Security $85,000.00 $(6,250.00) $78,750.00
Enhancements
Advertising 11 $35,000.00 $(34,000.00) $1,000.00
Public Events $85,000.00 $(50,000.00) $35,000.00
Capital $200,000.00 $6,392.00 $206,392.00
Improvements _
Annual Review $10,000.00 $16,000.00
Totals Ji $1,916,374.00 $(204,304.00) $1,712,070.00
Staff supports FirstService's recommended mid year budget adjustments.All other previously approved line items not mentioned above remain
the same. Upon approval of the above recommendations,the total budgeted expenses for Fiscal Year 2019-2020 will be$2,120,240.00.This mid-
year budget adjustment will increase the unaudited,unassigned fund balance by a total of$204,304.00.The revised Budget and Five-Year Service
Plan will take effect upon approval by City Council.The City and FirstService will amend the existing management contract to reflect the mid-year
adjustment(City Secretary Contract No.52905).The proposed changes to the Heritage PID Budget maintains compliance with reserve
requirements
The Heritage PID is located in COUNCIL DISTRICTS 4&7.
A Form 1295 is not required because:This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION I CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinance,funds
will be available in the current operating budget,as appropriated of the FWPID#7-Heritage Fund. Prior to any expenditure being incurred,
the Financial Management Services Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Kevin Gunn 2015
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338