HomeMy WebLinkAboutResolution 5366-04-2021A Resolution
NO. 5366-04-2021
APPROVING AN AMENDED BUDGET AND FIVE YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 1
(DOWNTOWN PIO)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 3756-06-2009 the City Council reestablished the Fort
Worth Public Improvement District No. 1 ("Downtown PIO") on June 23, 2009;
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on August
25, 2020, the City Council approved a budget for the 2020-2021 fiscal year and a five-year service plan
for the Downtown PTD pursuant to M&C 20-0570;
WHEREAS, pursuant to City Secretary Contract No. 54823 , the City has contracted with
Downtown Fort Worth Inc . ("DFWI") to manage the day-to-day administration of the Downtown PID for
the 2020 -2021 fiscal year;
WHEREAS, in accordance with Section 372.0 I 3(a) of the Texas Local Government Code , the
City has assigned to DFWI the responsibility for preparing the annual budget and five-year service plan
for the Downtown PID ;
WHEREAS, in accordance with the City's Policy for Operating Public Improvement Districts
("PIDs"), adopted by the City Council pursuant to Resolution No . 5312-12-2020 , City staff annually
conducts mid-year reviews of all PID budgets to ensure that actual PID expenditures correspond with
budgeted expenses;
WHEREAS, in consultation with DFWI 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 Downtown PID for the 2020-2021 fiscal year; and
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
1. The Budget and Five Year Service Plan for the Downtown PID is hereby amended and
approved for the remainder of the 2020-2021 fiscal year in accordance with Exhibit "A" which is attached
hereto.
2. This Resolution will take effect immediately following its adoption.
Adopted this 61h day of April 2021.
ATTEST:
By:~9~
Mary J. Kayser, City Secretary
EXHIBIT A
City of fort Worth
Fiw Ye• s..-.;ce Plw, (Midyear)
Public Impro vement Dist rlcl No. 1 • Fort Worth
fY20(21 FY21/2 2 FY22/23 FY23124 FY24/25
REVENUES
PIO Assessm~nts• $ 2,616 ,168 $ 2 ,485 ,358 $2,616.186 $2,746,974 $2,801 ,913
COFW A••e••ment 207 ,855 212.012 216,252 220,577 224 ,989
COFW Pa.yment In Neu of SeNices 152,948 150,007 159,127 162,3 10 165,556
PIO Generated Revenue 132,785 155,000 155,000 155,000 155,000
Total Budgelod Rewnues $3,109,754 $ 3,008,377 $ 3,14S,545 $3,284,861 $3,347,458
Use of Fund Balance 1H.153
Total Re venues $ 3,223,907 s 3,008,377 S 3,141,545 S 3,214,811 S 3,347,458
EXPENSES
~nagement Fee $ 470,950 $ 480,000 $ 489,000 $ 495,000 s 504,900
utilKiu 15,500 15,500 16,1 24 16.447 16 ,776
Landscaping/Maintenance H5,000 95 ,000 125,000 95,000 125,000
Trash RemoViil 1,242 ,380 1,070 ,269 1,112,360 1,134,607 1,231 ,404
Holiday LlghUOeeo 30,000 30 ,000 30.000 30.000 45.000
Security 11 ,200 11 ,200 11 ,745 11 ,981 12,220
Am bassador Progr3m 680,000 685,000 698,700 710,000 724 ,200
Communk:ations/Newsletters 9 ,000 9 ,000 9,000 9 ,000 9 ,000
Mar1<eting & Research 389,600 380,000 387,600 395,352 403 ,253
Tra n,porl.ation & Pt.anning 157 ,000 160,000 167,000 170,000 180 ,766
CilyAudM 2 ,500 2,500 2,500 2,500 2,500
City Administrative Fee 64 ,777 60,168 62,931 65,697 68,949
Total Budgeted E•penoes $ 3,2.23,907 s 2,-,637 $3,112,560 $ 3,135,584 $3,321,968
Contribution lo f und Balance $ $ 9,740 $ 33,985 $ 149.277 s 25,490
Not Change In f u nd Balance $ (114,153) $ 9,740 $ 33,985 $ 149,277 $ 25,490
Fund Balance. Beginning of Year (Estimated Yrs 2-5) 318,146 353,035 362,775 396,760 546,037
Estin ated Fund Balance, End or Year 353,035 362,775 398,760 546,037 571 ,527
Reserve Requirement 520,901 518,864 522.7 02 553,772 553,772
Over (Under) Reserve $ (167,926) s (156,089) s (125 ,942) s (7 ,735) s 17,755
'FY2021 Assessment Rate= $.105
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/06/21 M&C FILE NUMBER: M&C 21-0223
LOG NAME: 17PID1 M1DYEARFY21
SUBJECT
(CD 9) Adopt Attached Resolution Amending the Fiscal Year 2020-2021 Budget and Five-Year Service Plan for Publ ic Improvement District 1 -
Downtown
RECOMMENDATION:
It is recommended that the City Council adopt the attached resolution approving the revised Fiscal Year 2020-2021 Budget and Five-Year Service
Plan for Publ ic Improvement District 1 -Downtown to reflect amendments associated with a mid -year review .
DISCUSSION:
The City of Fort Worth Department of Economic Development administers the City 's Public Improvement Districts (PIDs) in accordance with
Chapter 372 of the T exas Local Government Code . The City's PID Policy outlines the need to proactively work with the PID managers to oversee
the services being provided by the PIDs and their associated financial positions . Staff, along with the contracted PID management companies ,
have conducted mid-year reviews of the Publ ic Improvement District 1 -Downtown (Downtown PIO) Annual Budget (Budget) and recommend the
following adjustments .
The City contracts with Downtown Fort Worth , Inc., (DFWI) to manage the Downtown PID. DFWI has identified a mid-year adjustment to reflect
changes to the 2020-2021 Budget and Five-Yea r Service Plan . The changes will not affect the bottom line , but represent areallocation of Marketing
& Research and Transportation to Landscaping/Maintenance .
Line Items to Previously Recommended Amended
be Adjusted Approved FY21 Mid-Year FY21 Budget
Budget Item Adjustment Item
Landscaping/ $125 ,000 .00 $20,000 .00 $145 ,000.000 Maintenance
Marketing & $399 ,600 .00 ($10,000 .00) $389,600.00 Research
Transportation $167 ,000 .00 ($10 ,000.00 ) $157 ,000 .00 & Planning
Totals $691,600.00 $0.00 $691,600.00
Staff supports DFWl 's recommended mid-year budget adjustments . All other previously approved line items not mentioned above remain the
same. Upon approval of the above recommendation , the total budgeted expenses for Fiscal Year 2020-2021 will remain at $3 ,223 ,907 .00 . The
revised Budget and Five-Year Service Plan will take effect upon approval by City Council. The City and DFWI will update the exiting contract to
reflect the mid-year adjustment (City Secretary Contract No. 54823).
The Downtown PID is located in COUNCIL DISTRICT 9 .
A Form 1295 is not required because : This M&C does not request approval of a contract with a business entity .
FISCAL INFORMATION/ CERTIFICATION:
The Director of Finance certifies that approval of this recommendation will have no material effect on City funds.
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808