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Home My WebLink AboutResolution 4206-05-2013 A Resolution NO. 4206-05-2013 APPROVING AN AMENDED BUDGET FOR FORT WORTH PUBLIC IMPROVEMENT DISTRICT NO. 1 (DOWNTOWN PID) FOR FISCAL YEAR 2012-2013 WHEREAS, pursuant to Resolution No. 3756-06-2009 the City Council re-established the Fort Worth Public Improvement District No. 1 (the"Downtown PID") on June 23, 2009; and WHEREAS, in accordance with Chapter 372 of the Texas Local Government Code, on September 11, 2012 the City Council approved a budget for the 2012-2013 fiscal year and a five-year service plan for the Downtown PID pursuant to M&C BH-284; and WHEREAS, pursuant to City Secretary Contract No. 44139, the City has contracted with Downtown Fort Worth, Inc. (the "DFWI") to manage the day-to-day administration of the Downtown PID for the 2012-2013 fiscal year; and WHEREAS, in accordance with Section 372.013(a) of the Texas Local Government Code, the City has assigned to the DFWI the responsibility for preparing the annual budget and five-year service plan for the Downtown PID; and WHEREAS, in accordance with the City's Policy and Guidelines for Public Improvement Districts ("PIDs"), adopted by the City Council pursuant to Resolution No. 3711-02-2009, 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 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 2012-2013 fiscal year; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS THAT: 1. The following amended budget for the Downtown PID is hereby approved for the remainder of the 2012-2013 fiscal year: FORT VVO T ......................Tq Resolution No.4206-05-2013 Previously Recommended Amended Line Item Approved Budget Mid-Year Budget Adjustment Management Fee (Admin.) $323,037.00 $0.00 $323,037.00 Water $14,500.00 $0.00 $14,500.00 Utilities $15,000.00 $0.00 $15,000.00 Landscape/Tree Maintenance $62,450.00 $0.00 $62,450.00 Trash Removal (other Maintenance) $1,105,280.00 $0.00 $1,105,280.00 Holiday Light./Decorations Repairs $10,000.00 $0.00 $10,000.00 --Security Enhancement $78,850.00 $0.00 $78,850.00 Communication/Newsletters $20,000.00 $0.00 $20,000.00 Marketing & Research $313,250.00 $0.00 $313,250.00 Transportation & Planning $214,268.00 $0.00 $214,268.00 Capital Improvements $0.00 $18,600.00 $18,600.00 Insurance $5,750.00 $0.00 $5,750.00 Annual review Audit $10,500.00 $0.00 $10,500.00 City Administrative Fee $35,850.00 $0.00 $35,850.00 Total Expenses $2,208,735.00 $18,600.00 $2,227,335.00 Est. Operatln Reserve $379,843.00 -$18,600.00 $361,243.00 Total Budgeted Amount $2,588,578.00 $2,588,578.00 2. This Resolution shall take effect immediately following its adoption. Adopted this 21" day of May, 2013. ATTE,$ 17' qy cy"c'�Q� �� A 9 / ��Oppp 0OOp0 �(�Y 080 onald P. Gonzales, A , istant City Secretary �d *%U oo � 00000060• tt� x4�' [IRT WORT City of Fort Worth Budget and Five Year Service Plan Public Improvement District No. 1 -DOWNTOWN FY1 2113 FY13114 FY1 4/15 FY15/16 FY 16117 REVENUES PID Assessments 1,600,597 1,681,864 1,790,738 1,892;320 2,015,353 COFW Assessments 191,858 194,255 205,140 210,000 214,200 City Pay.in-lieu of Service 138,498 142,065 144,090 146,970 149,900 PID Generated Revenue 129,588 130,100 132,000 133,000 134,000 Prior Year's Assessment 528,037 361,243 256,981 214,296 224,720 Total Revenues $ 2,588,578 $ 2,509,527 $ 2,528,949 $ 2,596,586 $ 2,738,173 EXPENSES Management Fee(Admin.) 323,037 335,350 341,315 349,821 357,754 Water 14,500 14,500 14,500 15,000 15,500 Utilities 15,000 15,000 15,000 15,500 16,000 Landscape/Tree Maintenance 62,450 62,450 62,450 67,532 69,783 Trash Removal(other Maintenance) 1,105,280 1,115,880 1,135,817 1,160,687 1,181,389 Holiday Light./Decorations(Repairs) 10,000 15,000 15,000 15,000 15,000 Security Enhancement 78,850 78,380 80,369 80,816 81,272 Communication/Newsletters 20,000 20,200 20,200 20,200 20,200 Marketing(&Research) 313,250 314,471 342,867 351,804 363,929 Transportation&Planning 214,268 227,293 227,717 232,960 239,340 Capital Improvements 18,600 - 2,500 2,500 2,500 Insurance 5,750 6,000 6,500 7,000 7,500 Annual review(Audit) 10,500 10,500 10,500 11,000 11,000 City Administrative Fee 35,850 37,522 39,918 42,046 44,591 Total Expenses $ 2,227,335 $ 2,252,546 $ 2,314,653 $ 2,371,866 $ 2,425,758 Estimated Operating Reserve 361,243 256,981 214,296 224,720 312,415 Total Budgeted Amount $ 2,588,578 $ 2,509,527 $ 2,528,949 $ 2,596,586 $ 2,738,1173 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 5/21/2013 - Resolution No. 4206-05-2013 DATE: Tuesday, May 21, 2013 REFERENCE NO.: **G-17897 LOG NAME: 17PID'I MIDYEARFY1 3 SUBJECT: Adopt Resolution Approving the Revised Fiscal Year 2012-2013 Budget and Service Plan for Public Improvement District No. 1, Downtown PID (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council adopt the attached Resolution approving the revised Fiscal Year 2012-2013 Budget and Service Plan for Public Improvement District No. 1, Downtown PID. DISCUSSION: The City of Fort Worth administers the City's Public Improvement Districts (PIDs) in accordance with Chapter 372 of the Texas Local Government Code. On September 11, 2012, (M&C BH-284) the City Council adopted the Fiscal Year 2012-2013 Budget and Service Plan for the Downtown PID. The City Policy and Guidelines provides for Staff to conduct a mid-year review of the annual budget of all PIDs and recommend adjustments as needed so that actual expenditures reasonably correspond with budgeted expenses. These Amendments may allow for additional proposed PID projects that were not included in the original budget, if funds became available, once the final assessments are collected. This year, the proposed mid- year budget revision is as follows: Downtown Fort Worth Inc., and the City submitted a joint grant application to the North Central Texas Council of Governments for 62 dual use recycling/trash containers to replace the 30 year old aggregate concrete public trash receptacles. The matching funds to secure the grant total in the amount of $18,600.00, which is the amount necessary to purchase 12 trash containers. This match will generate in the amount of$93,470.00 for the purchase of 50 steel dual use recycling/trash containers. Previously Recommended Line Item Mid-Year Amended Budget Approved Budget adjustment _Po Management Fee (Admin.) $323,037.00 $0.00 1 $323,037.00 Water $14,500.00 j $0.00 E $14,500.00 Utilities $15,000.00 i $0.00 j $15,000.00 Landscape/Tree Maintenance $62,450.00 $0.00 $62,450.00 !Trash Removal (other Maintenance) $1,105,280.00 $0.00 $1,105,280.00 Holiday Light/Decorations Logname: 17PIDI MIDYEARFY 13 Page I of 2 (Repairs) $10,000.00 $0.00 $10,000.00 'Security Enhancement $78,850.00 $0.00 $78,850.00 'Communication/Newsletters $20,000.00 $0.00 $20,000.00 Marketing and Research) $313,250.00 $0.00 $313,250.00 Transportation and Planning $214,268.00 $0.00 $214,268.00 'Capital Improvements $0.00 $98,600.00 $98,600.00 ,Insurance $5,750.00 $0.00 $5,750.00 Annual review (Audit) $10,500.00 $0.00 . $10,500.00 w ., _ __ _ ___________ .City Administrative Fee - $35,850.00 $0.00 $35,850.00 Total Expenses - $2,208,735.00 $48,600.00 $2,227,335.00 Est. Operating Reserve $379,843.00 -$98,600.00 $369,243.00 Total Budgeted Amount $2,588,578.00 $2,588,578.00 An $18,600.00 increase in Capital Improvements reflects the amount needed for the matching grant funds, resulting in a net budget increase in the amount of $18,600.00. This mid-year budget adjustment will decrease the estimated operating reserve from the amount of $379,843.00 to $361,243.00. The revised budget and service plan will take effect upon approval. The Downtown PID is located in COUNCIL DISTRICT 9. FISCAL INFORMATION /CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fun d/Account/C enters FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Cynthia B. Garcia (8187) Additional Information Contact: Ossana Hermosillo (6203) Logname: 17PIDIMIDYEARFY13 Page 2 oft