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HomeMy WebLinkAboutOrdinance 17174-09-2006Ordinance No. 1 7 1 74-09-2DD6 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS iN THE SPECIAL TRUST FUND IN THE AMOUNT OF $24,016 FROM A TRANSFER FROM THE SPECIAL AS5E5SMENT DISTRICT FUND, FOR THE PURPOSE OF FUNDING A PORTION OF TWO POSITIONS IN THE ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT FOR TAX INCREMENT FINANCING ADMINISTRATION, PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE C1TY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1 That in addition to these amounts allocated to the various City departments far Fiscal Year 2006- 2007 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Special Trust Fund in the amount of $24,016 from a transfer from the Special Assessment District Fund, for the purpose of funding a portion of two positions in the Economic and Community Development Department for Tax Increment Financing administration. SECTION 2. That should any pnrtian, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion ar judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in foil farce and effect. SECTION 3. That this ordinance shall be incorporated into the ordinance of the municipal government of the City of Fart Worth fior the ensuing Fiscal Year beginning October 1, 20D6, and ending September 30, 2007, and all other ordinances and appropriations amending the same except in those instances where the provisions afi this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prier ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: G ~,~ Assistant City Attorney ADOPTED AND EFFECTIVE: Se tember 26 20D6 Crfy cif F®~ ®r~f~~ Teas Mayor and Council Communication COUNCIL ACTION: Approrred owe 9/26/2006 - Ordiinance No. 17774-09-2006 DATE: Tuesday, September 26, 200 LOG NAME; 17TiF8ADMIN REI`ERENCE NO.e *~`G-15408 SUB.IECT. Authorize Transfer of Funds from Lancaster Corridor TIF 2006 Administration Budget into a Special Trust Fund for FY'06-'07 TIF Administration by Economic & Community Deve[npment Department and Adopt Appropriation Ordinance RI~coMMEN®ATION. It is recommended that the City Council: 1. Transfer $24,016 firom the Special Assessment District Fund to the Special Trust Fund to fund a portion of two authorized positions in the Economic & Community Development Department responsible for TIP administration; and 2. Adopt the attached appropriatian ordinance increasing estimated receipts and appropriations in the Special Trust Fund by $24,016 from available funds. ©1SCtJSS1©N: In 2004, City Council authorized the creation of two new positions in the Economic &Cnmmunity Development Department. City staff was directed to pursue initial funding from the Fort Worth Local Development Corporation (LDC), until these positions could be funded solely from T1F increment allocated to TIF administative expenses. On January 18, 2D05, the Gity Cauncil authorized acceptance of a grant in the amount of $110,000 from the LDC for the 2005-2006 fiscal year. Subsequently, on January 17, 2006, the Lancaster Corridor T1P Board approved $24,016 far TIF administration expenses. For FY 2000-2007, two positions and operating expenses shall be funded in part by 5% of the annual increment generated by the Lancaster Corridor TIF and the North Tarrant Parkway TIP. In order to cover any outstanding balance for the new fiscal year, City staff will address the LDC for funding consideration in October. Staff will submit an additional M&C to appropriate these funds to be allocated to this Special Trust Fund before the end of this calendar year. However, to ensure that funds are avaiiable in the Special Trust Pund by the start of the new fiscal year, City staff recommends transferring the $24,016 into the Special Trust Fund for annual TlF administration at this time. FISCAL INFORMATIONICERTIFICATION: The Finance Director certifies that upon approval of the above recommendations and adoption ofi the attached appropriatian ordinance, funds will be available in the current operating budget, as appropriated, of the Special Trust Fund. Logname: t~TfFSADMiN Page 1 of 2 TO FundlAccountlCenters FROM FundlAccountlCenters FE72 472087 017587001000 $24.016.00 GGS87 538070 002708005000 $24.016A0 FE72 511010 017587001000 24 016.00 Submitted for Cit Mana er°s Office b : Dale F'isseler (6140) Qriainatina DeDepartment Head: Tani Higgins (6192) Additional Information Contmact: Ossana O. Hermosilia (8618) Ardina Washington {5003) Logname: 17TXPSADMIN Page 2 of 2