HomeMy WebLinkAboutResolution 4485-07-2015 A Resolution
NO. 448"7-2015
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 6
(PARK GLEN PID)
FOR FISCAL YEAR 2014-2015
WHEREAS, pursuant to Resolution No. 2453 the City Council created the Fort Worth Public
Improvement District No. 6 (the "Park Glen PID") on September 29, 1998; and
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on
September 9, 2014 the City Council approved a budget for the 2014-2015 fiscal year and a five-year
service plan for the Park Glen PID pursuant to M&C BH-317; and
WHEREAS, pursuant to City Secretary Contract No. 44122, the City has contracted with
FirstServices Residential, Inc., to manage the day-to-day administration of the Park Glen PID for the
2014-2015 fiscal year; and
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to FirstServices Residential, Inc., the responsibility for preparing the annual budget
and five-year service plan for the Park Glen PID; and
WHEREAS, in accordance with the City's Policy and Guidelines for Public Improvement
Districts ("PIDs"), adopted by the City Council pursuant to Resolution No. 3711-02-2009, 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 FirstServices Residential, Inc., 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 Park Glen PID for the 2014-2015 fiscal year;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH,TEXAS THAT:
1. The following amended budget for the Park Glen PID is hereby approved for the
remainder of the 2014-2015 fiscal year:
REVENUES FY14/15
PID Assessments $ 1,206,700
City Payment In-Lieu of Services $ 174,043
Prior Years'Assessments $ 340,000
FoRTWoRTH
Total Revenues $ 1,720,743
EXPENSES
Management Fee $ 107,753
Water $ 241,886
Utilities $ 17,489
Landscape/Tree Maintenance $ 580,867
Fence Maintenance $ 150,000
Holiday Lighting $ 15,532
Security Enhancements $ 140,000
Communications/Newsletters $ 9,251
Public Events $ 25,000
Capital Improvements $ 84,500
Insurance $ 21,751
Annual Review $ 2,081
City Administration Fee $ 24,133
Budget Expenses $ 1,420,243
Estimated
Operating Reserve $ 300,500
Total Expenses $ 1,720,743
2. This Resolution shall take effect immediately following its adoption.
Adopted this 21 day of July 2QQ15. a�FORr,444
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 7/21/2015 - Resolution No. 4485-07-2015
DATE: Tuesday, July 21, 2015 REFERENCE NO.: **G-18506
LOG NAME: 17NS PID6MIDYEARFY15
SUBJECT:
Adopt Resolution Approving the Revised Fiscal Year 2014-2015 Budget and Service Plan for Public
Improvement District No. 6, Park Glen Public Improvement District (COUNCIL DISTRICT 4)
RECOMMENDATION:
It is recommended that the City Council adopt a Resolution approving the revised Fiscal Year 2014-2015
Budget and Service Plan for Public Improvement District No. 6, Park Glen Public Improvement District.
DISCUSSION:
The City of Fort Worth administers the City's Public Improvement Districts (PIDs), in accordance with
Chapter 372 of the Texas Local Government Code. The City Policy and Guidelines provides for Staff to
conduct a mid-year review of the annual budget of all PIDs and recommend adjustments as needed so the
actual expenditures correspond with budgeted expenses.
The Park Glen PID, during Fiscal Years 2013-2014, had budgeted $45,000.00 in Capital Improvements,
but the fencing project was not completed as expected. In order to complete the previously started Capital
Improvement this year, the unspent dollars ($39,500.00)from last year's budget are still needed to
complete the project.
Line Items to be Previously Approved Recommended Mid- Amended FY15
Adjusted FYI Budget Item Year Adjustment Budget Item
(Capital $ 45,000.00 $39,500.00 $ 84,500.00
Improvements
Total Budget $1,380,743.00 $39,500.00 $1,420,243.00
Expenses
Recommendation: A $39,500.00 increase in the Capital Improvements expense to complete the
previously started fence construction project. The offset adjustment ($39,500.00)will be taken from the
Estimated Operating Reserve account. This mid-year budget adjustment will decrease the estimated
reserve from $340,000.00 to $300,500.00. Therefore, the FY15 approved budget will be increased to
$1,420,243.00. The revised budget and service plan will take effect upon approval.
FISCAL INFORMATION / CERTIFICATION:
Upon adoption of the attached resolution, the Financial Management Services Director certifies that the
Neighborhood Services Department has the responsibility to validate the availability of funds prior to an
Logname: 17NS PID6NUDYEARFYI5 Page I of 2
expenditure being made.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Cynthia Garcia (8187)
Additional Information Contact: Weldon Washington (7335)
Logname: 17NS PID6NEDYEARFY 15 Page 2 of 2