HomeMy WebLinkAbout(0014) PID 11 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. 11
(STOCKYARDS PID)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 2925, the City Council established the Fort Worth
Public Improvement District No. 11 (the "Stockyards PID") on January 28, 2003;
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 Stockyards PID pursuant to M&C 20-0573;
WHEREAS, pursuant to City Secretary Contract No. 54863, the City has contracted with
Stockyards Preservation Foundation of Fort Worth, Inc. ("Contractor") to manage the day-to-day
administration of the Stockyards 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 Contractor the responsibility for preparing the annual budget and five-year service
plan for the Stockyards 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 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 Stockyards 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 Stockyards 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.
EXHIBIT A
City of Fort Worth
Five Year Service Plan (Midyear)
Public Improvement District No. 11 - Stockyards
FY 20/21
FY21122
FY22123
FY23124
FY24/25
REVENUES
PID Assessments
$
193,097
$
200,821
$
208,854
$
217,208
$
225,896
Total Budgeted Revenues
$
193,097
$
200,821
$
208,854
$
217,208
$
225,896
Use of Fund Balance
109,361
9,240
-
-
-
Total Funds Available for Use
$
302,458
$
210,061
$
208,854
$
217,208
$
225,896
EXPENSES
Management Fee
$
17,558
$
17,558
$
17,558
$
17,558
$
17,558
Litter Abatement & Maintenance
85,000
39,000
45,000
45,000
40,000
Security
47,000
42,000
45,000
45,000
50,000
Public Events
55,638
39,087
42,326
45,358
45,320
Capital Improvements- StreetLights
25,000
15,000
-
-
-
Insurance
900
900
900
1,000
1,000
Website & Other Marketing*
65,000
45,000
50,000
55,000
65,000
City Audit Fee
2,500
2,500
2,500
2,500
2,500
City Administrative Fee
3,862
4,016
4,177
4,344
4,518
Total Budgeted Expenses
$
302,458
$
205,061
$
207,461
$
215,760
$
226,896
Net Change in Fund Balance
$
(109,361)
$
(4,240)
$
1,393
$
1,448
$
-
Fund Balance, Beginning of Year (Estimated Yrs 2-5)
148,417
39,056
34,816
36,209
37,657
Estimated Fund Balance, End of Year
39,056
34,816
36,209
37,657
37,657
Reserve Requirement
11,941
34,584
35,967
37,657
37,657
Over(Under)Reserve
$
27,115
$
232
$
242
$
-
$
-
*FY2021 Assessment Rate = $.12