HomeMy WebLinkAbout(0005) PID 1 RESOLUTION (Mid-year adjustment 2020-2021.PDFA Resolution
NO.
APPROVING AN AMENDED BUDGET AND FIVE YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 1
(DOWNTOWN PID)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 3756-06-2009 the City Council reestablished the Fort
Worth Public Improvement District No. 1 ("Downtown PID") on June 23, 2009;
WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on August
25, 2020, the City Council approved a budget for the 2020-2021 fiscal year and a five-year service plan
for the Downtown PID pursuant to M&C 20-0570;
WHEREAS, pursuant to City Secretary Contract No. 54823, the City has contracted with
Downtown Fort Worth Inc. ("DFWI") to manage the day-to-day administration of the Downtown PID for
the 2020-2021 fiscal year;
WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the
City has assigned to DFWI the responsibility for preparing the annual budget and five-year service plan
for the Downtown PID;
WHEREAS, in accordance with the City's Policy for Operating Public Improvement Districts
("PIDs"), adopted by the City Council pursuant to Resolution No. 5312-12-2020, City staff annually
conducts mid -year reviews of all PID budgets to ensure that actual PID expenditures correspond with
budgeted expenses;
WHEREAS, in consultation with DFWI 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 Downtown PID for the 2020-2021 fiscal year; and
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 Downtown PID is hereby amended and
approved for the remainder of the 2020-2021 fiscal year in accordance with Exhibit "A" which is attached
hereto.
This Resolution will take effect immediately following its adoption.
Adopted this day of 2021.
ATTEST:
Mary J. Kayser, City Secretary
EXHIBIT A
City of Fort Worth
Five Year Service Plan (Midyear)
Public Improvement District No. 1 - Fort Worth
REVENUES
PID Assessm ents*
COFW Assessment
COFW Payment in lieu of Services
PID Generated Revenue
Total Budgeted Revenues
Use of Fund Balance
Total Revenues
EXPENSES
Management Fee
Utilities
Landscaping/Maintenance
Trash Removal
Holiday Light/Deco
Security
Ambassador Program
Comm un ications/N ewsletters
Marketing & Research
Transportation & Planning
City Audit
City Administrative Fee
Total Budgeted Expenses
Contribution to Fund Balance
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25
$ 2,616,166
$ 2,485,358
$ 2,616,166
$ 2,746,974
$ 2,801,913
207,855
212,012
216,252
220,577
224,989
152,948
156,007
159,127
162,310
165,556
132,785
155,000
155,000
155,000
155,000
$ 3,109,754
$ 3,008,377
$ 3,146,545
$ 3,284,861
$ 3,347,458
114,153
-
-
-
-
$ 3,223,907
$ 3,008,377
$ 3,146,545
$ 3,284,861
$ 3,347,458
$ 476,950
$ 480,000
$ 489,600
$ 495,000
$ 504,900
15,500
15,500
16,124
16,447
16,776
145,000
95,000
125,000
95,000
125,000
1,242,380
1,070,269
1,112,360
1,134,607
1,231,404
30,000
30,000
30,000
30,000
45,000
11,200
11,200
11,745
11,981
12,220
680,000
685,000
698,700
710,000
724,200
9,000
9,000
9,000
9,000
9,000
389,600
380,000
387,600
395,352
403,253
157,000
160,000
167,000
170,000
180,766
2,500
2,500
2,500
2,500
2,500
64,777
60,168
62,931
65,697
66,949
$ 3,223,907 $ 2,998,637 $ 3,112,560 $ 3,135,584 $ 3,321,968
$ - $ 9,740 $ 33,985 $ 149,277 $ 25,490
Net Change in Fund Balance
$ (114,153)
$ 9,740
$ 33,985
$ 149,277
$ 25,490
Fund Balance, Beginning of Year (Estimated Yrs 2-5)
318,146
353,035
362,775
396,760
546,037
Estimated Fund Balance, End of Year
353,035
362,775
396,760
546,037
571,527
Reserve Requirement
520,961
518,864
522,702
553,772
553,772
Over (Under) Reserve
$ (167,926)
$ (156,089)
$ (125,942)
$ (7,735)
$ 17,755
*FY2021 Assessment Rate = $.105