HomeMy WebLinkAbout(0004) M&C 21-0223City of Fort Worth,
Mayor and
DATE: 04/06/21
Texas
Council Communication
LOG NAME: 17PID1 MIDYEARFY21
SUBJECT
M&C FILE NUMBER: M&C 21-0223
(CD 9) Adopt Attached Resolution Amending the Fiscal Year 2020-2021 Budget and Five -Year Service Plan for Public Improvement District 1 -
Downtown
RECOMMENDATION:
It is recommended that the City Council adopt the attached resolution approving the revised Fiscal Year 2020-2021 Budget and Five -Year Service
Plan for Public Improvement District 1 — Downtown to reflect amendments associated with a mid -year review.
DISCUSSION:
The City of Fort Worth Department of Economic Development 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 1 - Downtown (Downtown PID) Annual Budget (Budget) and recommend the
following adjustments.
The City contracts with Downtown Fort Worth, Inc., (DFWI) to manage the Downtown PID. DFWI has identified a mid -year adjustment to reflect
changes to the 2020-2021 Budget and Five -Year Service Plan. The changes will not affect the bottom line, but represent areallocation of Marketing
& Research and Transportation to Landscaping/Maintenance.
Previously
Recommended
Amended
Line Items to
be Adjusted
Approved FY21
Mid -Year
FY21 Budget
Budget Item
Adjustment
Item
Landscaping/
Maintenance
$125,000.00
$20,000.00
$145,000.000
Marketing &
Research
$399,600.00
($10,000.00)
$389,600.00
Transportation
& Planning
$167,000.00
($10,000.00)
$157,000.00
Totals
$691,600.00
$0.00
$691,600.00
Staff supports DFWI's recommended mid -year budget adjustments. All other previously approved line items not mentioned above remain the
same. Upon approval of the above recommendation, the total budgeted expenses for Fiscal Year 2020-2021 will remain at $3,223,907.00. The
revised Budget and Five -Year Service Plan will take effect upon approval by City Council. The City and DFWI will update the exiting contract to
reflect the mid -year adjustment (City Secretary Contract No. 54823).
The Downtown PID is located in COUNCIL DISTRICT 9.
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 approval of this recommendation will have no material effect on City funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head:
Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808