HomeMy WebLinkAbout(0008) PID 6 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. 6
(PARK GLEN PID)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 2456, the City Council reestablished the Fort Worth
Public Improvement District No. 6 (the "Park Glen PID") on September 29, 1998;
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 Park Glen PID pursuant to M&C 20-0571;
WHEREAS, pursuant to City Secretary Contract No. 54792, the City has contracted with
FirstService Residential Texas PID, LLC, ("FirstService") to manage the day-to-day administration of
the Park Glen 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 FirstService the responsibility for preparing the annual budget and five-year service
plan for the Park Glen 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. 5312-12-2020, 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 FirstService 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 Park Glen PID for the 2020-2021 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 Park Glen PID is hereby amended and
approved for the remainder of the 2020-2021 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
2021.
REVENUES
PID Assessments*
COFW Payment in lieu of Services
Total Budgeted Revenues
Use of Fund Balance
Total Funds Available for Use
EXPENSES
Management Fee
Utilities
Landscaping
Common Area Maintenance
Holiday Decoration
Security Enhancements
Communications
Public Events
Capital Improvements
Annual Review
City Administrative Fee
Total Budgeted Expenses
Net Change in Fund Balance
Fund Balance, Beginning of Year (Estimated Yrs 2-5)
Estimated Fund Balance, End of Year
Reserve Requirement
Over (Under) Reserve
EXHIBIT A
City of Fort Worth
Five Year Service Plan (Midyear)
Public Improvement District No. 6 -Park Glen
FY20121 FY21122 FY22123 FY23124 FY24125
$ 1,614,679 $ 1,646,969 $ 1,679,908 $ 1,713,508 $ 1,747,778
199,556 199,556 199,556 199,556 199,556
$ 1,814,235
$ 1,846,525
$ 1,879,464
$ 1,913,064
$ 1,947,334
$ 111,941
$ -
$ -
$ -
$ -
$ 1,926,176
$ 1,846,525
$ 1,879,464
$ 1,913,064
$ 1,947,334
$ 129,924 $ 132,522 $ 135,172 $ 137,875 $ 140,633
158,000 159,000 160,000 161,000 162,000
845,133 750,000 850,000 774,285 785,000
361,634 187,872 296,560 307,543 318,654
23,000 23,000 23,000 23,000 30,000
206,100 207,000 208,000 209,000 210,000
14,000 14,000 14,000 14,000 14,000
34,000 34,000 36,000 36,000 36,000
106,000 290,000 107,043 200,000 200,000
12,100 12,100 12,100 12,100 12,100
36,285 36,931 37,589 38,261 38,947
$ 1,926,176 $ 1,846,525 $ 1,879,464 $ 1,913,064 $ 1,947,334
$ (111,941.00) $ $ $ $
468,492 356,551 356,551 356,551 356,551
356,551 356,651 356,561 356,551 356,551
356,551 313,307 318,908 324,621 324,621
$ - $ 43,244 $ 37,643 $ 31,930 $ 31,930
'FY2021 Assessment Rate = $.155 Residential/ $.035 Commercial