HomeMy WebLinkAboutResolution 5221-05-2020 A Resolution
NO. 5221-05-2020
APPROVING AN AMENDED BUDGET AND FIVE-YEAR
SERVICE PLAN FOR FORT WORTH PUBLIC IMPROVEMENT
DISTRICT NO. 15 (SUN VALLEY PID)
FOR FISCAL YEAR 2019-2020
WHEREAS, pursuant to Resolution No. 4120-08-2012,the City Council established
the Fort Worth Public Improvement District No. 15 (the "Sun Valley PID") on August
2012, 2019;
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 Sun Valley PID pursuant to M&C 19-0109;
WHEREAS, pursuant to City Secretary Contract No. 52965, the City has
contracted with Orasi Development, LLC ("Contractor") to manage the day-to-day
administration of the Sun Valley 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 Sun Valley 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 Sun Valley 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 Sun Valley 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 51" day of May 2020.ATTEST:
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EXHIBIT A
City of Fort Worth
Five Year Service Plan
Public Improvement District No.15-Fort Worth
Mid-Year Revision
FY19/20 FY20121 FY21122 FY22/23 FY23/24
REVENUES
PID Assessments $102,122 $104,245 $107,372 $110,593 $113,911
Budget Revenues $102,122 $104,245 $107,372 $110,593 $113,911
Use of Fund Balance $5,078
Total Revenues $107,200 $104,245 $107,372 $110,593 $113,911
EXPENSES
Management Fee 12,000 12,000 12,000 12,000 12,000
Security Enhancements 73,000 73,000 73,000 73,000 73,000
Equipment Rental 8,500 8,500 8,500 8,500 8,500
Truck Maintenance 4,000 4,000 4,000 4,000 4,000
Insurance 600 600 600 600 600
Professional Services 3,600 3,600 3,600 3,600 3,600
Website/software 500 500 500 500 600
Printing 3,000 250 250 250 250
City Administrative Fee 2,000 2,000 2000, 2,000 2,000
Budget Expenses 107,200 104,450 104,450 104,450 104,550
Contribution to Fund Balance - - - - -
Total Expenses $107,200 $104,450 $104,450 $104,450 $104,550
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City of Fort Worth
Five Year Service Plan
Public Improvement District No.15-Fort Worth
Mid-Year Revision
FY19/20 FY20/21 FY21/22 FY22/23 FY23/24
REVENUES
PID Assessments $102,122 $104,245 $107,372 $110,593 $113,911
Budget Revenues $102,122 $104,245 $107,372 $110,593 $113,911
Use of Fund Balance $5,078
Total Revenues $107,200 $104,245 $107,372 $110,593 $113,911
EXPENSES
Management Fee 12,000 12,000 12,000 12,000 12,000
Security Enhancements 73,000 73,000 73,000 73,000 73,000
Equipment Rental 8,500 8,500 8,500 8,500 8,500
Truck Maintenance 4,000 4,000 4,000 4,000 4,000
Insurance 600 600 600 600 600
Professional Services 3,600 3,600 3,600 3,600 3,600
Website/software 500 500 500 500 600
Printing 3,000 250 250 250 250
City Administrative Fee 2,000 2,000 2,000 2,000 2,000
Budget Expenses 107,200 104,450 104,450 104,450 104,550
Contribution to Fund Balance - - - - -
Total Expenses $107,200 $104,450 $104,450 $104,450 $104,550
3%
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 05/05/20 M&C FILE NUMBER: M&C 20-0275
LOG NAME: 13PID15 MIDYEARFY20
SUBJECT
Adopt Resolution Amending the Fiscal Year 2019-2020 Budget and Five-Year Service Plan for Public Improvement District 15—Sun Valley and
Adopt Appropriation Ordinance(COUNCIL DISTRICT 5)
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
15—Sun Valley to reflect amendments associated with a mid-year review;and
2.Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 15
—Sun Valley Fund in the amount of$3,000.00 in Fiscal Year 2019-2020,from 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 15-Sun Valley(Sun Valley PID)Annual Budget(Budget)and
recommend the following adjustments.
The City contracts with Orasi Development, LLC(Orasi)to manage the Sun Valley PID. Orasi has identified the need to increase the Budget by
$3,000.00 to cover expenses associated with additional printing costs in the Budget and 5-Year Service Plan.
Revenue Adjustments:
Line Items Previously Recommended Amended
to be Approved FY20 Mid-Year FY20 Budget
Adjusted Budget Item Adjustment Item
PID $102,122.00 - $102,122.00
Assessments
Use of Fund $2,078.00 $3,000.00 $5,078.00
Balance
Total
Budget $104,200.00 $3,000.00 $107,200.00
Revenue
Expenditure Adjustments:
Line Items Previously Recommended Amended
to be Approved FY20 Mid-Year FY20 Budget
Adjusted Budget Item Adjustment Item
Printing - $3,00E00]J $3,000.00
Totals
Staff supports Orasi'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$107,200.00.This mid-year
budget adjustment will decrease the unaudited,unassigned fund balance by a total of$3,000.00.The revised Budget and Five-Year Service Plan
will take effect upon approval by City Council.The City and Orasi Development, LLC.will amend the existing management contract to
reflect the mid-year adjustment(City Secretary Contract No.52965). The proposed changes to the Sun Valley PID Budget maintains compliance
with reserve requirements.
The Sun Valley PID is located in COUNCIL DISTRICT 5.
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#15-Sun Valley 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