HomeMy WebLinkAbout(0120) M&C 19-0178City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 09/24/19 M&C FILE NUMBER: M&C 19-0178
LOG NAME: 17FY2019 MID -YEAR TIF ADJUSTMENTS
SUBJECT
Adopt Ordinance Adjusting Appropriations in Various Taxing Increment Reinvestment Zone Funds and Amounts to Bring Revenues and
Expenditures Into Balance for Fiscal Year 2019 (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached supplemental appropriation ordinance decreasing appropriations in the various Taxing
Increment Reinvestment Zone (TIRZs) funds in the total amount of $379,209.00 for Fiscal Year 2019.
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 September 25, 2018, M&C G-19385 established the Fiscal Year 2019 (FY2019) appropriations for the various Taxing Increment Reinvestment
Zones (TIRZs) in the amount of $94,446,946.00. Based on the approved numbers for FY2019, 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 FY2019. Adjustments in the amount of $1,702,617.00 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.
Additional appropriations in the TIRZ funds for TIRZ No. 9, TIRZ No. 9A, TIRZ No. 10, and TIRZ No.10A will increase estimated receipts and
appropriations based on estimated available revenues by the total amount of $1,323,408.00. The additional appropriations for TIRZs No. 9 and
No. 9A are to correct for growth and development activity within the TIRZs that exceeded projections for FY2019, resulting in higher than
anticipated contributions from TIRZ participants. TIRZ No. 9 includes an additional appropriation of $358,024.00. TIRZ No. 9A includes an
additional appropriation of $8,267.00.
The additional appropriation for TIRZs No. 10 and No. 10A are to correct for the change in ownership of the annual bond payment. Typically, the
annual bond payment to Wells Fargo is paid in August. The change of ownership occurred in FY2018 and delayed the payment from occurring in
the year in which it was appropriated and resulted in the annual bond payment not being paid until December 2018 of FY2019. TIRZ No.
10 includes an additional appropriation of $846,467.00 and TIRZ No. 10A includes an additional appropriation of $110,650.00, using available
fund balance and revenue, to provide for the payment obligation.
Changes to the TIRZ funds are shown in the following table:
TIRZ Number
Fund
Adjustment
TIRZ No. 2A - Texas Motor Speeedway
28721
($332,439.00)
TIRZ No. 2B - Texas Motor Speeedway
28722
($757,987.00)
TIRZ No. 3 - Downtown
28603
($42,276.00)
TIRZ No. 4 — Southside Med Dist
28604
($88,976.00)
TIRZ No. 7 - North Tarrant Pkwy
28607
($140,402.00)
TIRZ No. 9 - Trinity River Vision
28609
$358,024.00
TIRZ No. 9A - Trinity River Vision
F28790
�$8,267.00
TIRZ No. 10 -Lone Star
28610
$846,467.00
TIRZ No. 10A - Lone Star
28710
$110,650.00
TIRZ No. 12 — East Berry
28612
($1,918.00)
TIRZ No. 13 —Woodhaven
28613
($23,997.00)
TIRZ No. 14 - Trinity Lakes
F861]4($314,622.00)_
This M&C does not request approval of a contract with a business entity.
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 the adoption of the attached appropriation ordinance,
funds will be available in the Fiscal Year 2019 operating budgets as appropriated to the various funds. Prior to any expenditure being incurred,
Economic Development has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Robert Sturns 2663