HomeMy WebLinkAboutResolution 3993-06-2011A Resolution
NO. 3993 -06 -2011
APPROVING AN AMENDED BUDGET FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 11
(STOCKYARDS PID)
FOR FISCAL YEAR 2010 -2011
WHEREAS, pursuant to Resolution No. 2925 the City Council created the Fort Worth Public
Improvement District No. 11 (the "Stockyards PID ") on January 28, 2003; 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 Stockyards PID pursuant to M &C BH -258; and
WHEREAS, pursuant to City Secretary Contract No. 41023, the City has contracted with
Stockyards Preservation Foundation of Fort Worth, Inc. (the "Stockyards Foundation ") to manage the
day -to -day administration of the Stockyards 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 Stockyards Foundation 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 Foundation 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 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 Stockyards PID is hereby approved for the
remainder of the 2010 -2011 fiscal year:
FORT WORTH
Resolution No. 3993 -06 -2011
Line Item
Previously Approved
Recommended
Amended Budget
Budget
Mid -Year
Adjustments
Revenues:
Advertising Revenue $3,175.00 $3,175.00
Expenses:
Management Fee
$10,774.00
0
$10,774.00
Insurance
$425.00
0
$425.00
Trash Removal (all Maintenance)
$10,775.00
$6,460.00
$17,235.00
Website & Other Marketing
$32,505.00
0
$32,505.00
Public Events
$10,000.00
0
$10,000.00
City Administration
$2,000.00
0
$2,000.00
Estimated Operating Reserve
$7,322.00
($3,285.00)
$4,037.00
TOTAL
$73,801.00
$76,976.00
2. This Resolution shall take effect immediately following its adoption.
Adopted this 7`h day of June 2011.
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Marty Hendrix, ity Secretary �� �� °000000� °�� ,p'
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APPROVED
CITY COUNCIL
JUN 0 7 2011
City Secretary of the
City of Fort Worth, Texas
ORT WORT
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/7/2011 - Resolution No. 3993 -06 -2011
DATE: Tuesday, June 07, 2011
LOG NAME: 17PID11 NEWBUDFY11
REFERENCE NO.: **G -17286
SUBJECT:
Adopt a Resolution Approving Revised Fiscal Year 2010 -2011 Budget and Service Plan for Public
Improvement District No. 11, Stockyards PID (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council adopt the attached Resolution approving a revised 2010 -2011
Fiscal Year Budget and Service Plan for Public Improvement District No. 11, Stockyards PID.
DISCUSSION:
On September 14, 2010, (M &C BH -258) the City Council adopted a Budget and Service Plan for the
Stockyards PID for the 2010 -2011 Fiscal Year.
The City of Fort Worth's (City) Policy and Guidelines for Public Improvement Districts (PIDs) provides fo►
City 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 corresponc
with budgeted expenses. If funds are available after collection of final assessments, these adjustments
may allow 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 tc
the Stockyards PID Budget and Service Plan for the 2010 -2011 Fiscal Year, with corresponding
explanations, are as follows:
Line Item
Previously
Recommended
Amended
Approved Budget
Mid -Year
Budget
Adjustments
Revenues:
1. Advertising Revenue
$3,175.00
$3,175.00
Expenses:
Management Fee
$10,774.00
0
$10,774.00
Insurance
$425.00
0
$425.00
2. Trash Removal (all
$10,775.00
$6,460.00
$17,235.00
Maintenance)
Website & Other Marketing
$32,505.00
0
$32,505.00
Public Events
$10,000.00
0
$10,000.00
City Administration
$2,000.00
0
$2,000.00
3. Estimated Operating
$7,322.00
($3,285.00)
$4,037.00
Reserve
TOTAL
$73,801.00
$76,976.00
Explanation
Logname: 17PIDI INEWBUDFYI I Page 1 of 2
1. Advertising Revenue: An increase of $3,175.00 in advertising income;
2. Trash Removal (all other Maintenance Expenses): An increase of $6,460.00 for additional street
sweeping and trash pick up; and
3. Estimated Operating Reserve: A decrease of $3,285.00.
This project 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
FROM Fund /Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact: Sylvia Flores (8550)
Logname: 17PIDI INEWBUDFYII Page 2 of
City of Fort Worth
FIVE YEAR SERVICE PLAN
Public Improvement District No. 11 - Stockyards
FY10 /11 FY11/12 FY12/13
REVENUES
Assessment Revenues
$64,649
$64,649
$64,649
Prior Year Assessments
9,152
4,037
2,207
Advertising Revenue (Est. Opr. Res.)
$3,175
$0
$0
Total Revenues
$76,976
$68,686
$66,856
EXPENSES
Management Fee
Insurance
Trash Removal (all other Maintenance)
Website & Other Marketing
Public Events
City Administration
10,774
425
17,235
32,505
10,000
2000
10,774
425
10,775
32,505
10,000
2,000
10,774
425
10,775
32,505
10,000
2,000
FY13/14
$64,649
377
$0
$65,026
10,774
425
10,775
32,505
10,000
2,000
FY14/15
$64,649
(1,453)
$0
$63,196
10,774
425
10,775
32,505
10,000
2,000
Budget Expenses $72,939 $66,479 $66,479 $66,479 $66,479
Estimated Operating Reserve $4,037 $2,207 $377 - $1,453 - $3,283
Total Expenses $76,976 $68,686 $66,856 $65,026 $63,196