HomeMy WebLinkAboutOrdinance 17800-09-2007Ordinance No. 17800-09-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE WATER CAPITAL PROJECTS FUND IN THE AMOUNT OF $10,575,565 AND THE
SEWER CAPITAL PROJECTS FUND IN THE AMOUNT OF $4,016,663 FROM IMPACT
FEES FOR THE PURPOSE OF TRANSFERRING SAID FUNDS TO THE WATER AND
SEWER FUND TO PAY PRINCIPLE AND INTEREST ON EXISTING REVENUE BONDS;
PROVIDING FOR A SEVERABILITY CLAUSE; MAKING 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 estimated receipts and appropriations in the
Water Capital Projects Fund in the amount of $10,575,565 and the Sewer Capital Projects Fund in the
amount of $4,016,663 from impact fees for the purpose of transferring said funds to the Water and Sewer
Fund to pay principle and interest on existing revenue bonds.
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ordinances and appropriations are hereby expressly repealed.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:
i
Assistant` ity Attorney
ADOPTED AND EFFECTIVE: September 25, 2007
~ify of F®rl~ VI/orth, 1°exas
Mayor and Council Communication
__
COUNCIL- ACTION: Approved on 9/25/2007 -Ord. # 17800-09-2007
_, ~ ,
DATE: Tuesday, September 25, 2007
LOG NAME: 601MPACT FEE 07 REFERENCE NO.: G-15889
SUBJECT:
Authorize Transfer of Impact Fee Revenues to Operating Budget and Adopt Appropriation
Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the transfer of $10,575,565.00 from the Water Capital Projects Fund and $4,016,663.00 from
the Sewer Capital Projects Fund to the Water and Sewer Fund; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Water Capital Projects Fund in the amount of $10,575,565.00 and $4,016,663.00 in the Sewer Capital
Projects Fund from impact fees.
DISCUSSION:
During the retail cost of service studies, it was determined that the use of impact fee revenues could lower
the amount of water and sewer service revenue required to have sufficient revenues to cover FY2006
budgeted expenditures. While Section 35-70.9 (b) of the City Code "Use of proceeds of impact fee
accounts" prohibits use of impact fees for operating expenses, they can be used to pay principal and
interest on debt associated with projects eligible to be funded by impact fees. By transferring
$14,592,228.00 ($10,575,565.00 from Water Impact Fee revenues and $4,016,663.00 from Wastewater
Impact Fee revenues) to the Water and Sewer Fund, sufficient revenues will be available to pay principal
and interest on existing revenue bonds used to fund impact fee eligible projects. This transfer represents
an increase in the amount of funds used to offset debt service in the operating fund.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be
available in the current operating budget, as appropriated, of the Water and Sewer Fund.
TO Fund/AccountlCenters
PW53 488013 060530200040 $3.517,124.85
1~ PW53 488023 060530200050 $7.058,440.15
PS58 488343 070580200040 $1.067.113.75
PS58 488353 070580200050 $2,949,549.25
7~ PW53 538040 060530200040 $3.517.124.85
PW53 538040 060530200050 $7.058.440.15
1) PS58 538040 070580200050 $2,949,549.25
FROM Fund/Account/Centers
2) PW53 538040 060530200040 $3,517,124.85
PW53 538040 060530200050
2) PS58 538040 070580200040
2) PS58 538040 070580200050
$7,058.440.15
$1,067,113.75
$2,949,549.25
Logname: 60IMPACT FEE 07 Page 1 of 2
PS58 538040 070580200040 $1.067.113.75
Z) PE45 488023 0601000 $10.575.565.00
2) PE45 488353 0701000 $4.016,663.00
Submitted for City Manager's Office by: Marc A. Ott (8476)
Originating Department Head: S. Frank Crumb (8207)
Additional Information Contact: S. Frank Crumb (8207)
Logname: 60IMPACT FEE 07 Page 2 of 2