HomeMy WebLinkAbout(0031) PID 15 RESOLUTION (MID YEAR ADJUSTMENT) (2019-2020).pdfA Resolution
NO.
APPROVING AN AMENDED BUDGET AND FIVE-YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 15
(SUN VALLEY PID)
FOR FISCAL YEAR 2019-2020
WHEREAS, pursuant to Resolution No. 4120-08-2012, the City Council established the Fort
Worth Public Improvement District No. 15 (the "Sun Valley PID") on August 2012, 2019;
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on August
27, 2019, the City Council approved a budget for the 2019-2020 fiscal year and a five-year service plan
for the Sun Valley PID pursuant to M&C 19-0109;
WHEREAS, pursuant to City Secretary Contract No. 52965, the City has contracted with Orasi
Development, LLC ("Contractor") to manage the day-to-day administration of the Sun Valley PID for
the 2019-2020 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 Sun Valley 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. 4905-02-2018, 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 Sun Valley PID for the 2019-2020 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 Sun Valley PID is hereby amended and
approved for the remainder of the 2019-2020 fiscal year in accordance with Exhibit "A", which is
attached hereto.
2. This Resolution shall take effect immediately following its adoption.
Adopted this day of
ATTEST:
By:
Mary J. Kayser, City Secretary
2020.
EXHIBIT A
City of Fort Worth
Five Year Service Plan
Public Improvement District No. 15 - Fort Worth
Mid -Year Revision
FY19/20
FY20/21
FY21122
FY22/23
FY23/24
REVENUES
PI Assessments
$102,122
$104,245
$107,372
$110,593
$113,911
Budget Revenues
$102,122
$104,245
$107,372
$110,593
$113,911
Use of Fund Balance
$5,078
Total Revenues
$107,200
$104,245
$107,372
$110,593
$113,911
EXPENSES
Management Fee
12,000
12,000
12,000
12,000
12,000
Security Enhancements
73,000
73,000
73,000
73,000
73,000
Equipment Rental
8,500
8,500
8,500
8,500
8,500
Truck Maintenance
4,000
4,000
4,000
4,000
4,000
Insurance
600
600
600
600
600
Professional Services
3,600
3,600
3,600
3,600
3,600
Website/software
500
500
500
500
600
Printing
3,000
250
250
250
250
City Administrative Fee
2,000
2,000
2,000
2,000
2,000
Budget Expenses
107,200
104,450
104,450
104,450
104,550
Contribution to Fund Balance
-
-
-
-
-
Total Expenses
$107,200
$104,450
$104,450
$104,450
$104,550
3%