HomeMy WebLinkAbout(0186) PID 18 RESOLUTION (MID YEAR ADJUSTMENT) (2019-2020) (2).PDFA Resolution
NO.
APPROVING AN AMENDED BUDGET AND EIGHT -YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 18 (TOURISM PID)
FOR FISCAL YEAR 2019-2020
WHEREAS, pursuant to Resolution No. 4837-08-2017, the City Council established the Fort
Worth Public Improvement District No. 18 ("Tourism PID") on August 29, 2017;
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on
September 17, 2019, the City Council approved a budget for the 2019-2020 fiscal year and an eight -year
service plan for the Tourism PID pursuant to M&C 19-0152;
WHEREAS, pursuant to City Secretary Contract No. 50298, the City has contracted with the
Fort Worth Tourism Public Improvement District and Fort Worth Convention and Visitors Bureau
(collectively, "Contractors") to manage the day-to-day administration of the Tourism PID;
WHEREAS, in accordance with the Texas Local Government Code, the City has assigned to
Contractors the responsibility for preparing the annual budget and service plan for the Tourism PID;
WHEREAS, City staff annually conducts mid -year reviews of the Tourism PID budget to ensure
that actual Tourism PID expenditures correspond with budgeted expenses; and
WHEREAS, in consultation with the Contractors regarding actual Tourism PID expenditures
and necessary programs and services required to date, City staff recommends that the City Council
approve an amended budget for the Tourism PID for the 2019-2020 fiscal year and eight -year service
plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
1. The Fiscal Year 2019-2020 Budget and Eight -Year Service Plan for the Tourism PID is
hereby amended and approved 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
Fort Worth Tourism Public Improvement District
Fiscal Year 2020 2021 2022 2023 2024 2025 2026 2027 8-Year
TPID Collections $ 2,860,483 $ 5,410,922 $ 5,678,718 $ 5,959,904 $ 6,255,149 $ 6,565,158 $ 6,890,665 $ 7,232,449 $ 46,853,448
Use of Fund Balance $ 853,468
Budget Revenues $ 3,713,951
Petition Categories Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated
Incentives &Sales Efforts_ $ 1,642,358.00 $ 2,276,267 $ 2,390,090 $ 2,509,584 $ 2,635,064 $ 2,766,817 $ 2,905,158 $ 3,050,416 $ 20,175,744
Marketing and Research (Promotion/ Advertising) $ 1,281,061.00 $ 1,874,573 $ 1,968,301 $ 2,066,717 $ 2,170,052 $ 2,278,555 $_ 2,392,483 $ 2,512,107 $ 16,543,849
Site Visits & Familiarization Tours $ 206,438.00 $ 535,592 $ 562,372 $ 590,490 $ 620,015 $ 651,016 $ 683,566 $ 717,745 $ 4,567,234
Cultural Enhancements through Marketing and
promotion of the Arts $ 304,250.00 $ 401,694 $ 421,779 $ 442,868 $ 465,011 $ 488,262 $ 512,675 $ 538,309 I $ 3,574,848
Operations&Administration $ 224,844.00 $ 267,796 $ 281,186 $ 295,245 $ 310,007 $ 325,508 $ 341,783 $ _ 358�872 $ 2,405,241
City Administrative Fee $ 55,000.00 $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 440,000
$ 3,713,951 $ 5,410,922 $ 5,678,718 $ 5,959,904 $ 6,255,149 $ 6,565,158 $ 6,890,665 $ 7,232,449 $ 47,706,916