HomeMy WebLinkAbout(0004) M&C 21-0572City of Fort Worth,
Mayor and
DATE: 08/17/21
Texas
Council Communication
LOG NAME: 17FY2021MID-YEARTIF
SUBJECT
M&C FILE NUMBER: M&C 21-0572
(ALL) Adopt Attached Supplemental Appropriation Ordinance Adjusting Appropriations in Various Tax Increment Reinvestment Zone Funds and
Amounts to Bring Revenues and Expenditures Into Balance for Fiscal Year 2021
RECOMMENDATION:
It is recommended that the City Council adopt the attached supplemental appropriation ordinance adjusting appropriations in the various Tax
Increment Reinvestment Zone funds in the total net amount of $2,014,174.00 for Fiscal Year 2021.
DISCUSSION:
The City's annual Operating Budget is formally enacted into law by City Council action adopting an appropriation ordinance that establishes
spending limits for each department's operation. The purpose of this Mayor and Council Communication (M&C) is to address mid -year
adjustments to various funds as described below.
On October 20, 2020, M&C 20-0744 established the Fiscal Year 2021 (FY2021) appropriations for the various Tax Increment Reinvestment Zones
(TIRZs) in the amount of $90,148,935.00. Based on the approved numbers for FY2021, mid -year adjustments are needed to bring some of the
TIRZ funds into balance.
Some TIRZ funds were appropriated with the use of fund balance in FY2021. Adjustments in the amount of $2,014,174.00 are needed for some of
the funds and will decrease the use of fund balance based on available funds at the end of the prior fiscal year.
Decreases in appropriations for TIRZ No. 3, TIRZ No. 12, TIRZ No. 13, and TIRZ No. 14, are based on estimated available revenues resulting from
updated district appraisals that reflect lesser growth and development activity within the TIRZs than had been projected for the year. Increases in
appropriations for TIRZ No. 2A, TIRZ No. 2B, TIRZ No. 3A, TIRZ No. 4, TIRZ No. 8, TIRZ No. 9, TIRZ No. 9A, TIRZ No. 10, TIRZ No. 10A, and TIRZ
No. 15 are based on estimated available revenues resulting from updated district appraisals that reflect greater growth and development activity
within the TIRZs than had been projected for the year. Together, these changes in appropriations result in a total net change in appropriations in the
amount of $2,014,174.00 .
Changes to the TIRZ funds are shown in the following table:
TIRZ Number
TIRZ No. 2A - Texas Motor Speeedway
Fund
Pi721l
I Adjustment
$12,786.00
TIRZ No. 2B - Texas Motor Speeedway
287221
$21,713.00
TIRZ No. 3 - Downtown
28603
($6,088.00)
TIRZ No. 3A - Downtown
28730
$24,914.00
TIRZ No. 4 - Southside
28604
$2,080,926.00
TIRZ No. 8 - Lancaster Corridor
28608
$10,324.00
TIRZ No. 9 - Trinity River Vision
28609
$126,346.00
TIRZ No. 9A - Trinity River Vision
28790
$11,205.00
TIRZ No. 10 - Lone Star
28610
$54,394.00
TIRZ No. 10A - Lone Star
28710
$7,537.00
TIRZ No. 12 — East Berry
28612
($173,635.00)
TIRZ No. 13 — Woodhaven
28613
($154,770.00)
TIRZ No. 14 - Trinity Lakes
28614
($7,571.00)
TIRZ No. 15 - Stockyards/ Northside
28615
$6,093.00
TOTAL
$2,014,174.00
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 adoption of the above recommendation supplemental appropriation ordinance, funds will be available in
the current operating budgets, as appropriated, of the various TIRZ Funds. Prior to any expenditure being incurred, the Economic Development
Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office W. Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Michael Hennig 6024
Expedited