HomeMy WebLinkAboutResolution 4487-07-2015 A Resolution
NO. 4487-07-2015
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 11
(STOCKYARDS PID)
FOR FISCAL YEAR 2014-2015
WHEREAS, pursuant to Resolution No. 2925 the City Council created the Fort Worth Public
Improvement District No. 11 (the "StockYards PID") on February 25, 2008; 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 StockYards PID pursuant to M&C BH-320; and
WHEREAS, pursuant to City Secretary Contract No. 46174, the City has contracted with the
StockYards Preservation Foundation of Fort Worth, Inc., to manage the day-to-day administration of the
StockYards 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 the StockYards Preservation Foundation of Fort Worth, Inc., the responsibility for
preparing the annual budget and five-year service plan for the StockYards 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 the StockYards Preservation Foundation of Fort Worth, 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 StockYards 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 StockYards PID is hereby approved for the
remainder of the 2014-2015 fiscal year:
M 4115
REVENUES
Assessment Revenues $ 67,399
Prior Year Assessments $ 15,471
Total City
Revenues $ 82,870
RTWO
Web Site Advertising $ 7,200
Total Revenues $ 90,070
EXPENSES
Management Fee $ 13,479
Insurance $ 425
Trash Removal (all other
Maintenance) $ 10,200
Website&Other Marketing $ 42,000
Public Events $ 17,500
City Administration $ 2,000
Budget Expenses $ 85,604
Estimated Operating Reserve $ 4,466
Total Expenses $ 90,070
2. This Resolution shall take effect immediately following its
adoption.
Adopted this 21 day of July 2015. a��n
YAC� rO T
6i.0000000°
�� ' %�0 �ATTEST: 00*0 °a
_°°°° o°
d
�d------------ "
*0° °° a4a °°°°°°°By' aa�nEXASoA.rr
Mary J. Kay r, City Secretary
U20-RT
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 7/21/2015 - Resolution No. 4487-07-2015
DATE: Tuesday, July 21, 2015 REFERENCE NO.: **G-18508
LOG NAME: 17NS PID11 MIDYEARFY15
SUBJECT:
Adopt Resolution Approving the Revised Fiscal Year 2014-2015 Budget and Service Plan for Public
Improvement District No. 11, Stockyards Public Improvement District (COUNCIL DISTRICT 2)
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. 11, Stockyards 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
that actual expenditures correspond with budgeted expenses.
The Fort Worth Stockyards PID expects to incur additional expenses for public events to further promote
new business. The Public Events budget will be increased by $7,500.00, increasing the total line
expenditure to $17,500.00
Line Item to be Previously Approved FYI Recommended Mid-Year Amended FYI
Adjusted Item Adjustment Budget Item
�
Public Events _F_ $10,000.00 $7,500.00[— $17,500.00
Total Budget $78,104.00� $7,500.00�$85,604.00
Expenses F
Recommendation: A $7,500.00 increase in the Public Events expense to further promote the Stockyards
new business activity. The offset adjustment ($7,500.00)will be taken from the Estimated Operating
Reserve account. This mid-year budget adjustment will decrease the estimated reserve from $11,966.00
to $4,466.00. Therefore, the FYI approved budget will be increased to $85,604.00. The revised budget
and service plan will take effect upon approval.
FISCAL INFORMATION I 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
expenditure being made.
Logname: 17NS PIDI IWDYEARFY15 Pase 1 of 2
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Mananer's Office by: Fernando Costa (6122)
Oriainatina Department Head: Cynthia Garcia (8187)
Additional Information Contact: Weldon Washington (7335)
Logname: 17NS PIDI INUDYEARFYI5 D...re '1 .-r