HomeMy WebLinkAboutOrdinance 17682-08-2007Ordinance No. 17682-08-2007
AN ORDINANCE INCREASING APPROPRIATIONS IN THE GENERAL
FUND IN THE AMOUNT OF $25,000 AND DECREASING THE
UNRESERVED, UNDESIGNATED FUND BALANCE BY THE SAME
AMOUNT, FOR THE PURPOSE OF FUNDING A RESOLUTION FOR
THE EMPLOYlVIGNT OF DANA STAYTON AND DAN SETTLE WITH
THE LAW FH2M KELLY, HART & HALLMAN LLP AS OUTSIDE
LEGAL COUNSEL TO ADVISE THE CITY REGARDING THE
MANAGEMENT OF GAS WELL REVENUE; PROVIDING FOR A
SEVERABII..ITY CLAUSE; MAI~NG THIS ORDINANCE CUMULATIVE
OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE 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 $25,000 and decreasing the unreserved, undesignated fund balance by the
same amount, for the purpose funding a resolution for the employment of Dana Stayton and Dan
Settle with the law firm Kelly, Hart & Hallman LLP as outside legal counsel to represent the City
regarding the management of gas well revenue.
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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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.
AP QVED AST ORM ND LE~G~ALITY:
sistant City ttorney
ADOPTED EFFECTIVE: August 9, 2007
Ci~r ®f F®r~ UVV®r~h, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 8/9/2007 -Res. No. 3509-08-2007 and Ord. No. 17682-08-
2007
DATE: Thursday, August 09, 2007
LOG NAME: 12GASREVMANAG REFERENCE NO.: *~G-15803
SUBJECT:
Adopt Resolution Authorizing the Employment of Outside Counsel to Assist and Advise the City
regarding the Management of Gas Well Revenue and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance increasing appropriations in the General Fund in the amount
of $25,000 and decreasing the unreserved, undesignated fund balance by the same amount;
2. Authorize the City to retain Dana Stayton and Dan Settle with the law firm of Kelly, Hart and Hallman,
LLP, as outside counsel pursuant to Chapter VI, Section 3 of the City Charter, to assist the City Attorney
with legal issues regarding the City's management of the City's gas well revenue; and
3. Adopt the attached resolution fixing in advance, as far as practicable, the amount to be paid to Kelly, Hart
and Hallman, LLP, in an amount not to exceed $25,000.
DISCUSSION:
On April 17, 2007, the City Council approved Resolution No. 3475-04-2007 creating the Gas Well
Revenues Financial Management Strategies Ad Hoc Committee. The Committee was charged with
considering and making recommendations to the City Council on gas well revenue management strategies
that would maximize the impact of the City's gas revenues, create the most effective expenditure and
investment model to provide substantial benefits to the citizenry in perpetuity and design a productive,
effective and dependable endowment management plan which would ensure the perpetual growth of the
fund's corpus.
The City Attorney anticipates that numerous complex legislative and investment issues will arise related to
addressing the Committee's charge from the City Council. As a result, it is recommended that the law firm of
Kelly, Hart & Hallman, LLP, be retained to assist the City Attorney in these matters.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that, upon approval of the above recommendations and the adoption of the
attached appropriation ordinance, the unreserved, undesignated fund balance of the General Fund will be
$2,896,081, 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
Logname: 12GASREVMANAG Page 1 of 2
budget expenditures less the annual transfer from the General Fund to the Debt Service fund).
TO Fund/AccountlCenters
FROM Fund/Account/Centers
Submitted for City Manag_er's Office b~
Originating Department Head:
Additional Information Contact:
Karen Montgomery (6222)
David Yett (7623)
Sarah Fullenwider (7619)
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