HomeMy WebLinkAboutResolution 5369-04-2021A Resolution
NO. 5369-04-2021
APPROVING AN AMENDED BUDGET AND FIVE-YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 11
(STOCKY ARDS PIO)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 2925, the City Council established the Fort Worth
Public Improvement District No . 11 (the "Stockyards PIO") on January 28, 2003;
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 Stockyards PID pursuant to M&C 20-0573;
WHEREAS, pursuant to City Secretary Contract No. 54863, the City has contracted with
Stockyards Preservation Foundation of Fort Worth, Jnc. ("Contractor") to manage the day-to-day
administration of the Stockyards PID for the 2020-2021 fiscal year;
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to Contractor the responsibility for preparing the annual budget and five-year service
plan for the Stockyards PID;
WHEREAS, in accordance with the City's Policy and Guidelines for 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; and
WHEREAS, in consultation with the Contractor 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 2020-2021 fiscal year.
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 Stockyards 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 shall 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
Five Year Service Plan (Midyear)
Public lw,provamont District No. 11 -Stockyards
FY 20/21 FY21/22 FY22/23 FY23/24 FY24/25
REVENUES
PIO Assessments s 193,097 s 200 ,82 1 $ 208 ,654 $ 217 ,208 s 225,896
Total Budgeted Revenues $ 193.097 s 200 ,121 s 201.854 s 217,208 s 225,896
Use of Fund Bala nce 109,36 1 9,240
Total Funds Available for Use $ 302,451 s 210,061 s 208,154 s 217,208 s 225,896
EXPENSES
Ma nagement Fee s 17,558 s 17,558 s 17 ,558 s 17,558 s 17,558
litter Aba temen t & Maintenance 85,000 39 ,000 45 ,COO 45,000 40,000
Sec urity 47,000 42 ,000 45 ,COO 45,000 50,000
Pubtrc Events 55,638 39 ,087 42 ,326 45,356 45,320
Capital Improvem ents-Stree t Lights 25,000 15,000
Insurance 900 900 900 1,000 1,000
Websile & Othe r Marketing• 65,000 45 ,000 50 ,COO 55,000 65,000
City Audrt Fee 2.500 2,500 2,000 2,500 2,500
City Administrative Fee 3.862 4,016 4,177 4,344 4,518
Total Budgeted Ex~nsos $ 302,451 $ 205 ,061 $ 207,461 $ 215,760 s 225,IH
Net Change In Fund Balance $ (109,361) s (4,240) $ 1,393 s 1,448 $
Fund Balance, Beg in ning of Year (Esti maled Yrs 2-5 ) 148,417 39,056 34 ,816 36,209 37,657
Estimated Fund Ba lance, End of Yea r 39,056 34,8 16 36,:m 37 ,657 37,657
Reserve Requ irement 11 ,94 1 34 .584 35 ,967 37,657 37,657
Over (Under) Rtstrw s 27,115 s 232 s 242 s s
'FY2021 Asstssmtnl Rate• $.12
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/06/21 M&C FILE NUMBER: M&C 21-0226
LOG NAME : 17PID11 MIDYEARFY21
SUBJECT
(CD 2) Adopt Attached Resolution Amending the Fiscal Year 2020-2021 Budget and Five-Year Service Plan for Public Improvement District 11 -
Stockyards and Adopt Attached Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council :
1. Adopt the attached resolution approving the revised Fiscal Year 2020-2021 Budget and Five-Year Service Plan for Public Improvement
District 11 -Stockyards to reflect amendments associated with a mid-year review ; and
2 . Adopt the attached appropriation ordinance increasing receipts and appropriations in the Fort Worth Public Improvement District 11 -
Stockyards Fund in the amount of $49,000.00 in Fiscal Year 2020-2021, from available unreserved fund balance.
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 Texas Local Government Code. The City's Operating PID Policy outlines the need to proactively work with the PID managers to
oversee the services be ing provided by the PIDs and their associated financial positions. Staff, along with the contracted PID management
companies, have conducted mid-year reviews of the Public Improvement District 11 -Stockyards (Stockyards PIO) Annual Budget (Budget) and
recommend the following adjustments.
The City contracts with Stockyards Preservation Foundation of Fort Worth, Inc. (Foundation) to manage the Stockyards PID. The Foundation has
identified the need to increase the Budget by $49 ,000 .00 to cover expenses associated with Litter Abatement & Maintenance and Capital
Improvements for improvements made to light poles and signage .
Revenue adjustments:
Line Items Previously Recommended Amended
to be Approved FY21 Mid-Year FY21 Budget
Adjusted Budget Item Adjustment Item
PID $193,097 .00 1 $0.001 $193,097.00 Assessments
~.se of Fund
alance $60 ,361 .00 1 $49,000 .001 $109,361.00
Totals $253,4ss.oo 1 $49,ooo.oo l $302,458.00
Expenditure adjustments:
Line Items to Previously Recommended Amended
be Adjusted Approved FY21 Mid-Year FY21 Budget
Budget Item Adjustment Item
Litter
Abatement & $36,000.00 $49,000.00 $85,000.00
Maintenance
Public 15,000.00) $55,63
Capital $10,000 .00 $15,000 .00 $25 ,000 .00 Improvements
Totals $116,638.00 $49,000.00 $165,638.00
Staff supports the Foundation's recommended mid-year budget adjustments. All other previously approved line items not mentioned above remain
the same. Upon approval of the above recommendations , the total budgeted expenses for Fiscal Year 2020-2021 will be $302 ,458 .00. This mid-
year budget adjustment will decrease the unaudited , unassigned fund balance by a total of $49 ,000.00. The revised Budget and Five-Year Service
Plan will take effect upon approval by City Council. The City and Stockyards Preservation of Fort Worth , Inc. will amend the existing management
contract to reflect the mid-year adjustment (City Secretary Contract No. 54863). The proposed changes to the Stockyards PID Budget will
maintain compliance with reserve requirements.
The Stockyards PIO is located in COUNCIL DISTRICT 2.
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 upon approval of the above recommendations and adoption of the attached appropriation ordinance , funds
will be available in the current operating budget , as appropriated , in the FWPID #11 -Stockyards Fund . Prior to any expenditure being incurred ,
the Economic Development Department has the responsibility to validate the availab ility of funds .
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808