HomeMy WebLinkAboutOrdinance 17620-06-2007Ordinance No. 17620-06-2007
AN ORDINANCE INCREASING APPROPRIATIONS IN TIC GENERAL FUND IN
THE AMOUNT OF $800,000 AND DECREASING UNAUDITED, UNRESERVED,
UNDESIGNATED FUND BALANCE BY THE SAME AMOUNT, FOR THE PURPOSE
OF FUNDING CONTRACTUAL PAYMENTS FOR ECONOMIC DEVELOPMENT
GRANTS; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES
IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY TIC 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 2006-2007 in the
Budget of the City Manager, there shall also be increased appropriations in the General Fund in the amount of
$800,000 and decreasing unaudited, unreserved, undesignated fund balance by the same amount, for the
purpose of funding Contractual Payments for Economic development grants.
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 No. 17142 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ordinances and appropriations are hereby expressly repealed.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 AS TO FORM AND LEGALITY:
~~~`~_
Assistant City Attorney
ADOPTED AND EFFECTIVE: June 19, 2007
C®ty of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION: Approved on 6/19/2007 -Ord. #17620-06-2007
DATE: Tuesday, June 19, 2007
LOG NAME: 17380APPR0
REFERENCE NO.: G-15761
SUBJECT:
Adopt Supplemental Appropriation Ordinance for Contractual Payments of Economic Development
Program Agreements
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached supplemental appropriation ordinance increasing appropriations in the General Fund
in the amount of $800,000.00 and decreasing unaudited, unreserved, undesignated fund balance by the
same amount; and
2. Authorize the City Manager to make contractual payments for economic development grants.
DISCUSSION:
On January 30, 2001, the City Council adopted a resolution establishing the use of Economic Development
Program (EDP) Agreements, as authorized by Chapter 380 of the Texas Local Government Code, which
allows the loaning and granting of public funds for economic development purposes that meet the
conditions of the resolution. Grants paid under the City's EDP Agreements are typically equal to a portion
of the taxes paid by the entity receiving the grant.
In Fiscal Year 2006-07, there are eight agreements that are eligible to receive grants which are estimated to
equal $4,153,339. All of these funds have been received through tax payments by entities eligible for EDP
grants. Approximately, $2,579,594 has been paid for 2007 grants, with an additional $1,573,745 estimated
to be paid. However, total funds available currently equal $773,745. Therefore, an additional appropriation
of $800,000 is needed to fully pay all grants.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director cerfiifies that upon approval of the above recommendations and adoption of the
attached supplemental appropriation ordinance, funds will be available in the current operating budget, as
appropriated, of the General Fund. Upon approval, the unaudited, unreserved, undesignated fund balance
of the General Fund will be $3,206,081, which is the amount available above the minimum reserve fund
balance of $46,845,951 required by the City's Financial Management Policy Statements (i.e., 10 percent of
the current-year adopted budget expenditures less the annual transfer from the General Fund to the Debt
Service Fund).
Logname: 17380APPR0 Page 1 of 2
TO Fund/Account/Centers FROM Fund/Account/Centers
GG01 539120 0905503 $800.000.00 GG01 539120 0905503 $800.000.00
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
Dale Fisseler (6140)
Tom Higgins (6192)
Ardina Washington (8003)
Logname: 17380APPR0 Page 2 of 2