HomeMy WebLinkAbout(0065) PID 18 RESOLUTION (MID YEAR ADJUSTMENT) (2020-2021).PDFA Resolution
NO.
APPROVING AN AMENDED BUDGET AND SEVEN-YEAR SERVICE PLAN FOR
FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 18 (TOURISM PID)
FOR FISCAL YEAR 2020-2021
WHEREAS, pursuant to Resolution No. 4837-08-2017, the City Council established the Fort
Worth Public Improvement District No. 18 ("Tourism PID") on August 29, 2017;
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 seven-year service
plan for the Tourism PID pursuant to M&C 20-0577;
WHEREAS, pursuant to City Secretary Contract No. 50298, the City has contracted with the
Fort Worth Tourism Public Improvement District and Fort Worth Convention and Visitors Bureau
(collectively, "Contractors") to manage the day-to-day administration of the Tourism PID;
WHEREAS, in accordance with the Texas Local Government Code, the City has assigned to
Contractors the responsibility for preparing the annual budget and service plan for the Tourism PID;
WHEREAS, City staff annually conducts mid -year reviews of the Tourism PID budget to ensure
that actual Tourism PID expenditures correspond with budgeted expenses; and
WHEREAS, in consultation with the Contractors regarding actual Tourism PID expenditures
and necessary programs and services required to date, City staff recommends that the City Council
approve an amended budget for the Tourism PID for the 2020-2021 fiscal year and seven-year service
plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
1. The Fiscal Year 2020-2021 Budget and Seven -Year Service Plan for the Tourism PID is
hereby amended and approved 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
Seven Year Service Plan (Mid -Year)
Public Improvement District No. 18 - Tourism
FY 20121
FY21122
FY22/23
FY23/24
FY24125
FY25/26
FY26127
REVENUES
PID Assessments
$ 2,800,000
$ 3,515,000
$ 4,100,000
$ 4,430,000
$ 4,685,000
$ 4,915,000
$ 5,110,000
Total Funds Available for Use
$ 2,800,000
$ 3,515,000
$ 4,100,000
$ 4,430,000
$ 4,685,000
$ 4,915,000
$ 5,110,000
EXPENSES
Incentives & Sales Efforts
$ 1,262,000
$ 1,643,500
$ 1,921,375
$ 2,078,125
$ 2,199,250
$ 2,308,500
$ 2,401,125
Marketing and Research (Promotion/ Advertising)
972,000
1,211,000
1,415,750
1,531,250
1,620,500
1,701,000
1,769,250
Site Visits & Familiarization Tours
81,000
173,000
202,250
218,750
231,500
243,000
252,750
Cultural Enhancements through
Marketing and promotion of the Arts
257,000
259,500
303,375
328,125
347,250
364,500
379,125
Operations&Administration
173,000
173,000
202,250
218,750
231,500
243,000
252,750
City Administrative Fee
55,000
55,000
1 55,000
55,000
55,000
55,000
55,000
Total Budgeted Expenses
$ 2,800,000
$ 3,515,000
$ 4,100,000
$ 4,430,000
$ 4,685,000
$ 4,915,000
$ 5,110,000
Contribution to Fund Balance
-
-
-
-
-
-
-
Total Expenses
$ 2,800,000
$ 3,515,000
$ 4,100,000
$ 4,430,000
$ 4,685,000
$ 4,915,000
$ 5,110,000
Net Change in Fund Balance
$ -
$ -
$ -
$ -
$ -
$ -
$
Fund Balance, Beginning of Year (Estimated Yrs 2-5)
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
Estimated Fund Balance, End of Year
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
2,671,122
Reserve Requirement
533,439
683,470
738,481
780,990
819,331
851,837
851,837
Over (Under) Reserve
$ 2,137,683
$ 1,987,652
$ 1,932,641
$ 1,890,132
$ 1,851,791
$ 1,819,285
$ 1,819,285