HomeMy WebLinkAboutResolution 3992-06-2011A Resolution
NO. 3992 -06 -2011
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 7
(HERITAGE PID)
FOR FISCAL YEAR 2010 -2011
WHEREAS, pursuant to Resolution No. 2675 the City Council created the Fort Worth Public
Improvement District No. 7 (the "Heritage PID") on September 26, 2000; and
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on
September 14, 2010 the City Council approved a budget for the 2010 -2011 fiscal year and a five -year
service plan for the Heritage PID pursuant to M &C BH -256; and
WHEREAS, pursuant to City Secretary Contract No. 41022, the City has contracted with
Premier Communities Management Company to manage the day -to -day administration of the Heritage
PID for the 2010 -2011 fiscal year; and
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to the Premier Communities Management Company the responsibility for preparing
the annual budget and five -year service plan for the Heritage 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 Premier Communities Management Company 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 Heritage PID for the 2010 -2011 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 Heritage PID is hereby approved for
the remainder of the 2010 -2011 fiscal year:
ORT WORTH
T
Resolution No. 3992 -06 -2011
Line Item
Previously
Approved
Budget
Recommended
Mid -Year
Adjustments
Amended
Budget
Management Fee
$149,472.00
0
$149,472.00
Water
$240,000.00
0
$240,000.00
Utilities
$29,400.00
($3,500.00)
$25,900.00
Landscape /Tree Maintenance
$762,295.00
($55,120.00)
$707,175.00
Fence Maintenance
$60,000.00
0
$60,000.00
Holiday lighting
$25,000.00
0
$25,000.00
Security Enhancement
$50,000.00
0
$50,000.00
Public Events
$20,000.00
0
$20,000.00
Capital Improvements
$200,000.00
$62,620.00
$262,620.00
Common Area Maintenance
$87,000.00
($4,000.00)
$83,000.00
Insurance
$3,946.00
0
$3,946.00
Annual Review
$2,000.00
0
$2,000.00
City Administration
$25,862.00
0
$25,862.00
Estimated Operating Reserve
$413,744.00
0
$413,744.00
TOTAL
$2,068,719.00
$2,068,719.00
2. This Resolution shall take effect immediately following its adoption.
Adopted this 7th day of June 2011.
ATTEST:
B '.
Marty Hendrix, City Secretary
t, 1.
CITY COUNCIL
JUN p 7 2011
N cc,�
City Secretary of the
City of Fort Worth. Texas
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/7/2011 -Resolution No. 3992 -06 -2011
DATE: Tuesday, June 07, 2011
LOG NAME: 17PID7NEWBUDFY11
REFERENCE NO.: * *G -17285
SUBJECT:
Adopt a Resolution Approving Revised Fiscal Year 2010 -2011 Budget and Service Plan for Public
Improvement District No. 7, Heritage PID (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council adopt the attached Resolution approving a revised 2010 -2011 Fisc�
Year Budget and Service Plan for Public Improvement District No. 7, Heritage PID.
DISCUSSION:
On September 14, 2010, (M &C BH -256) the City Council adopted a Budget and Service Plan for the Heritac
PID for the 2010 -2011 Fiscal Year.
The City of Fort Worth's (City) Policy and Guidelines for Public Improvement Districts (PIDs) provides for Ci
staff to administer and oversee all PIDs. The staff conducts a mid -year review of the annual budget of all
PIDs and recommends adjustments as needed so that actual PID expenditures reasonably correspond with
budgeted expenses. If funds are available after collection of final assessments, these adjustments may allc
for additional proposed PID projects that were discussed in the City Council's public hearing concerning the
assessments but that were not included in the original budget. The proposed revisions to the Heritage PID
Budget and Service Plan for the 2010 -2011 Fiscal Year, with corresponding explanations, are as follows:
Line Item
Previously
Recommended
Amended
Approved
Mid -Year
Budget
Budget
Adjustments
Management Fee
$149,472.00
0
$149,472.00
Water
$240,000.00
0
$240,000.00
1. Utilities
$29,400.00
($3,500.00)
$25,900.00
2. Landscape /Tree
$762,295.00
($55,120.00)
$707,175.00
Maintenance
Fence Maintenance
$60,000.00
0
$60,000.00
Holiday lighting
$25,000.00
0
$25,000.00
Security Enhancement
$50,000.00
0
$50,000.00
Public Events
$20,000.00
0
$20,000.00
3. Capital Improvements
$200,000.00
$62,620.00
$262,620.00
4. Common Area
$87,000.00
($4,000.00)
$83,000.00
Maintenance
Insurance
$3,946.00
0
$3,946.00
Annual Review
$2,000.00
0
$2,000.00
City Administration
$25,862.00
0
$25,862.00
Logname: 17PID7NEWBUDFYII Pagel of2
Estimated Operating Reserve $413,744.00 0 $413,744.00
TOTAL $2,068,719.00 $2,068,719.00
Explanation:
1. Utilities: A decrease of $3,500.00;
2. Landscape /Tree Maintenance: A decrease of $55,120.00;
3. Capital Improvements: An increase of $62,620.00; based on the additional costs due to the final bid fc
park improvements and related city requirements at Heritage Addition Park; and
4. Common Area Maintenance: A decrease of $4,000.00.
Upon adoption of the resolution, the revised budget and plan of service will take effect.
The Heritage PID is located in COUNCIL DISTRICT 2.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund /Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
FROM Fund /Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Sylvia Flores (8550)
Logname: 17PID7NEWBUDFYI I Page 2 of 2
City of Fort Worth
PROPOSED FIVE YEAR SERVICE PLAN
Public Improvement District No 7 - Heritage
FY 10/11
FY 11112
FY 12/13
FY 13/14
FY 14/15
REVENUES
PID Assessments
1,293,119
1,422,431
1,564,674
1,721,141
1,893,255
City Payment In -Lieu of Services
168,545
171,916
175,354
178,862
182,439
Builder Initiation Fee
12,000
12,120
6,000
3,000
1,500
Prior Years' Assessments
595,054
413,744
404,042
430,014
466,603
Total Revenues
$2,068,719
$2,020,211
$2,150,070
$2,333,017
$2,543,797
EXPENSES
Management Fee
149,472
156,066
162,954
170,151
177,668
Water
240,000
244,800
249,696
254,690
259,784
Utilities
25,900
29,900
30,410
30,930
31,461
Landscape/Tree Maintenance
707,175
720,225
761,340
823,358
889,449
Fence Maintenance
60,000
33,743
35,448
34,489
50,000
Holiday Lighting
25,000
25,000
25,000
25,000
26,000
Security Patrols
50,000
60,000
75,000
105,449
142,044
Public Events
20,000
25,000
33,000
41,250
51,563
Capital Improvements
262,620
200,000
200,000
230,000
250,000
Common Area Maintenance
83,000
87,000
109,870
110,569
113,038
Insurance
3,946
3,986
4,025
4,065
4,105
Annual Review
2,000
2,000
2,020
2,040
2,061
City Administration
25,862
28,449
31,293
34,423
37,865
Budget Expenses
$1,654,975
$1,616,169
$1,720,056
$1,866,414
$2,035,038
Estimated Operating Reserve
413,744
404,042
430,014
466,603
508,759
Total Expenses
$2,068,719
$2,020,211
$2,150,070
$2,333,017
$2,543,797