HomeMy WebLinkAbout(0027) M&C 20-0275City of Fort Worth,
Mayor and
DATE: 05/05/20
Texas
Council Communication
LOG NAME: 13PID15 MIDYEARFY20
SUBJECT
M&C FILE NUMBER: M&C 20-0275
Adopt Resolution Amending the Fiscal Year 2019-2020 Budget and Five -Year Service Plan for Public Improvement District 15 — Sun Valley and
Adopt Appropriation Ordinance (COUNCIL DISTRICT 5)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached resolution approving the revised Fiscal Year 2019-2020 Budget and Five -Year Service Plan for Public Improvement District
15 — Sun Valley to reflect amendments associated with a mid -year review; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 15
— Sun Valley Fund in the amount of $3,000.00 in Fiscal Year 2019-2020, from available, unreserved fund balance.
DISCUSSION:
The City of Fort Worth Department of Financial Management Services administers the City's Public Improvement Districts (PIDs) in accordance
with Chapter 372 of the Texas 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 Public Improvement District 15 - Sun Valley (Sun Valley PID) Annual Budget (Budget) and
recommend the following adjustments.
The City contracts with Orasi Development, LLC (Orasi) to manage the Sun Valley PID. Orasi has identified the need to increase the Budget by
$3,000.00 to cover expenses associated with additional printing costs in the Budget and 5-Year Service Plan.
Revenue Adjustments:
Line Items
to be
Adjusted
Previously
Approved FY20
Budget Item
Recommended
Mid -Year
Adjustment
-
Amended
FY20 Budget
Item
$102,122.00
PID
Assessments
$102,122.00
Use of Fund
Balance
$2,078.00
$3,000.00
$5,078.00
Total
Budget
$104,200.00
$3,000.00
$107,200.00
Revenue
Expenditure Adjustments:
Line Items
to be
Adjusted
Previously
Approved FY20
Budget Item
Recommended
Mid -Year
Adjustment
Amended
FY20 Budget
Item
Printing
-
$3,000.001
$3,000.00
Totals
-
$3,000.00�1
$3,000.00
Staff supports Orasi'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 2019-2020 will be $107,200.00. This mid -year
budget adjustment will decrease the unaudited, unassigned fund balance by a total of $3,000.00. The revised Budget and Five -Year Service Plan
will take effect upon approval by City Council. The City and Orasi Development, LLC. will amend the existing management contract to
reflect the mid -year adjustment (City Secretary Contract No. 52965). The proposed changes to the Sun Valley PID Budget maintains compliance
with reserve requirements.
The Sun Valley PID is located in COUNCIL DISTRICT 5.
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 of the FWPID #15-Sun Valley Fund. Prior to any expenditure being incurred,
the Financial Management Services Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by. Kevin Gunn 2015
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338