HomeMy WebLinkAbout(0018) M&C 21-0229City of Fort Worth,
Mayor and
DATE: 04/06/21
Texas
Council Communication
LOG NAME: 17PID20 MIDYEARFY21
SUBJECT
M&C FILE NUMBER: M&C 21-0229
(CD 5 and CD 8) Adopt Attached Resolution Amending the Fiscal Year 2020-2021 Budget and Five -Year Service Plan for Public Improvement
District 20 — East Lancaster Avenue and Adopt Attached Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached resolution approving the revised Fiscal Year 2020-2021 Budget and Five -Year Service Plan for Public Improvement
District 20 — East Lancaster Avenue to reflect amendments associated with a mid -year review; and
2. Adopt the attached appropriation ordinance increasing receipts and appropriations in the Fort Worth Public Improvement District 20 — East
Lancaster Avenue Fund in the amount of $36,000.00, from available, unreserved fund balance.
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 20 - East Lancaster Avenue (East Lancaster PID) Annual Budget (Budget)
and recommend the following adjustments.
The City contracts with FirstService Residential Texas PID, LLC (FirstService) to manage the East Lancaster PID. FirstService has identified the
need to increase the East Lancaster Budget by $36,000.00 to cover expenses associated with increases to security for increased patrols and
installation of security cameras. Removal of the insurance line item does not relieve FirstService from acquiring insurance in the types and
amounts required under the contract. All such insurance costs are built into the current management fee.
Revenue adjustments:
Line Items
Previously
Recommended
Amended
to be
Approved FY21
Mid -Year
FY21 Budget
Adjusted
Budget Item
Adjustment
Item
PID
Assessments
$256,457.00
$0.00
$256,457.00
Use of Fund
Balance
$0.00
$36,000.00
$36,000.00
Totals
$256,457.0011
$36,000.001
$292,457.00
Expenditure adjustments:
Line items
to be
Adjusted
Previously
Approved FY21
Budget Item
Recommended
Mid -Year
Adjustment
Amended
FY21 Budget
Item
Security
L $219,528.00
$42,000.00
$261,528.00
Insurance
$6,000.00I
($6,000.00)IF
$0.00
JTotals�F
$225,528.00
$36,000.00
$261,528.00
Staff supports FirstService's recommended mid -year budget adjustments. All other previously approved line items not mentioned above remain
the same. Upon approval of the above recommendations, the total budgeted expenses for Fiscal Year 2020-2021 will remain at $292,457.00. This
mid -year budget adjustment will decrease the unaudited, unassigned fund balance by a total of $36,000.00. The revised Budget and Five -Year
Service Plan will take effect upon approval by City Council. The City and FirstService will update the existing contract to reflect the mid -year
adjustment (City Secretary Contract No. 54793).
The East Lancaster PID is located in COUNCIL DISTRICTS 5 & 8.
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 upon approval of the above recommendations and adoption of the attached appropriation ordinance, funds
will be available in the current operating budget, as appropriated, in the FWPID #20 - East Lancaster Ave Fund. Prior to any expenditure being
incurred, the Economic Development Department has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Crystal Hinojosa 7808