HomeMy WebLinkAboutOrdinance 26039-03-2023ORDINANCE NO. 26039-03-2023
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE CULTURE & TOURISM PROJECT FINANCE ZONE
FUND, IN THE AMOUNT OF $1,162,938.00, FROM ADDITIONAL ANTICIPATED
COLLECTIONS, AND INCREASING THE CONTRIBUTION TO FUND
BALANCE BY THE SAME AMOUNT; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR
ORDINANCES; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2022-2023 in the
Budget of the City Manager, there shall also be increased appropriations in the Culture and Tourism Project
Finance Zone Fund, in the amount of $1 ,162 ,938.00, from additional anticipated collections , and increasing
the contribution to fund balance by the same amount.
SECTION 2.
That should any portion, 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 or 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 full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 25773-09-2022 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: March 2 1, 2023
CITY SECRETARY
Jannette S. Goodall
City Secretary
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 03/21/23
LOG NAME: 25FY23BUDGETAMENDMENT
SUBJECT
M&C FILE NUMBER: M&C 23-0221
(ALL) Adopt Appropriation Ordinances Increasing Appropriations in Various Public Events Department Funds to Account for Increased Revenues and
Amend the Fiscal Year 2023 Adopted Budget
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Culture & Tourism Fund Fiscal Year 2023
Operating Budget in the amount of $2,596,047.00 for additional anticipated collections in the Hotel Occupancy Tax 7% collections ,
increasing appropriations in the amount of $573,467.00 for contractual payment to Visit Fort Worth resulting from additional anticipated Hotel
Occupancy Ta x revenue collections and increasing budgeted contributions to fund balance in the amount of $2 ,022 ,580 .00 for the net difference for
an amended annual operating budget of $49,098 ,764.00 ;
2 . Adopt the attached appropriation ordinance increasing estimated re ce ipts and appropriations in the Culture & Tourism 2 % Hotel Fund Fiscal Year
2023 Operating Budget in the amount of $741,728.00 for additional anticipated collections and increasing budgeted contributions to fund balance
by th e same amount for an amended annual operating budget of $8 ,681,425.00;
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Culture & Tourism Project Finance Zone Fund
2023 Operating Budget in the amount of $1,162,938.00 for add itional anticipated collections and increasing budgeted contributions to fund balance
by the same amount for an amended annual operating budget of $9 ,392 ,701 .00;
4 . Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Culture & Tourism Venue Operating Fund
Fiscal Year 2023 Operating Budget in the amount of $1,876,617 .00 for increased collections and increasing budgeted contributions to fund balance
by the same amount for an amended annual operating budget of $7,831 ,857 .00; and
5 . Amend Fi scal Year 2023 Adopted Budgets.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to adjust the Fi scal Year (FY) 2023 amended appropriations for various funds
associated with the Public Events Department (PED) to take into account updated , higher projections for hotel occupancy tax (HOT), which results in a
new calculated base for payment to the Convention & Vis itors Bureau (Visit Fort Worth), and higher than anticipated FY2023 venue tax collections to
date.
Public Events has been co llaborating with Financial Management Servi ces, Treasury Division and working with Hunden Strategic Partners (HSP) and
PFM Financial Advisors to update tax revenues . While the last two years have seen a significant recovery period from the pandemic in terms of both hotel
rate and occupancy, future Hote l Occupancy Ta x growth is expected to normalize with increased inflation . With new future supply in the market, HSP
updated the tax fund revenues at the end of December and the Publi c Events Department is amending their FY2023 budgets in response to that
anticipated growth .
Culture & Tourism Fund (Recommendation 1)
The action in this M&C will amend the Fisca l Year 2023 Adopted Budget as approved in connection with Ordinance 25773-09-2022 , Section 2. Special
Revenue Funds , as listed on page 7 .
Fund / Department
Budget Category
Culture and Tourism Fund
Revenues
Hote l Occupancy Taxes
License and Permits
Charges for Services
Use of Money and Property
Other
Miscellaneous Revenue
Recovery of Labor Costs
Recovery of Supplies
Recovery of Utilities
FY2023 Adopted
Budget Authority
$27 ,863,939.00 This M&C Re c# 1
$6,000.00
$5,043,250.00
$8,383,961.00
$88 ,500 .00
$642 ,611 .00
$1 ,196,000.00
$215 ,000.00
Budget
Adjustment
$2 ,596,047 .00
Revised FY2023
Budget
$30,459 ,986.0(
$6 ,000 .0(
$5,043,250.0(
$8 ,383 ,961.0(
$88 ,500 .0C
$642 ,611.0(
$1, 196 ,000.0(
$215 000 Of
Transfer from General Fund (380 Agreement) $2,927 ,456.00 $2,927 ,456 .0(
Use of Fund Balance M&C 22-0984 $136 ,000 .00 $136 ,000.0(
Total Revenues $46,366,717.00 $2,732,047.00 $49,098, 764.0(
Expenditures
Culture and Tourism $42 ,431,499 .00 M&C 22-0984 $136,000.00 $42 ,567,499.0(
This M&C Rec # 1 $573 ,467 .00
Transfer to Genera l Fund $943,581.00 $943,581 .0(
Transfer to Capi tal Fund $500,000 .00 $500,000 .0(
Transfer to Vehicle and Equipment Replancement Fund $179 ,155 .00 $179 ,155 .0(
Transfer to IT Refresh Capita l $44,054.00 $44,054.0(
Transfer to Debt Fund $798 ,907 .00 $798 ,907.0C
Contribution to Fund Balance/Net Position $1,469 ,521 .00 This M&C Re c # 1 $2,022,580 .00 $3,492 , 101.0(
Total Expenditures $46,366,717.00 $2,732,047.00 $49,098, 764.0(
Culture and Tourism 2% Hotel Fund (Recommendation 2)
The action in this M&C will amend the Fiscal Year 2023 Adopted Budget as approved in connection with Ordinance 25773-0 9-2022, Section 2 . Special
Revenue Funds, as listed o n page 8 .
Fund / Department FY2023 Adopted Author ity Budget Adjustment Revised FY2023
Budget Category Budget Budget
Culture and Tourism 2% Hotel Fund
Revenues
Hotel Occupancy Taxes $7 ,939,697 .00 This M&C Rec# 2 $741 ,728.00 $8,681 ,425 .0(
Total Revenues $7,939,697.00 $741,728.00 $8,681,425.0(
Expenditures
Transfer to Capital Fund $3 ,371,000.00 $3 ,371,000.0(
Transfer to Debt Fund $3 ,717 ,367 .00 M&C 22-0984 -$2 ,740 ,617 .00 $976,750.0(
Contribution to Fund Balance/Net Position $851 ,330.00 M&C 22-0984 $2,740 ,617.00 $4 ,333 ,675.0(
This M&C Rec # 2 $741 ,728.00
Total Expenditures $7,939,697.00 $741,728.00 $8,681,425.0(
Culture and Tourism Project Finance Zone Fund (Recommendation 3)
The action in this M&C will amend the Fiscal Year 2023 Adopted Budget as approved in connection with Ordinance 25773-09-2022 , Section 2 . Special
Revenue Funds , as listed on page 8-9 .
Fund / Department FY2023 Adopted Authority Budget Adjustment Revised FY2023
Budget Category Budget Budget
Culture and Tourism Project Finance Zone Fund
Revenues
Intergovernmental Revenue $8 ,229,763 .00 This M&C Rec 3 $1,162 ,938.00 $9,392 ,701 .0C
Total Revenues $8,229,763.00 $9,392, 701 .0(
Expenditures
Transfer to Debt Fund $6 ,571 ,554 .00 M&C 22-0984 $1 ,658,209.00 $8 ,229 ,763.0C
Contribution to Fund Balance/Net Position $1,658,209 .00 M&C 22-0984 -$1 ,658,209 .00 $1, 162,938.0C
This M&C Rec 3 $1 ,162,938.00
Total Expenditures $8,229,763.00 $1,162,938.00 $9,392, 701 .0(
Venue Operating Fund (Recommendation 4)
The action in this M&C will amend the Fiscal Year 2023 Adopted Budget as approved in connection with Ordinance 25773-09-2022 , Section 2 . Special
Revenue Funds , as listed on page 9 .
Fund / Department
Budget Category
Venue Operating Fund
Revenues
Other Taxes
Stall Tax Revenue
TicketTax Revenue
FY2023 Adopted
Budget Authority
$274,067.00 This M&C Rec 4
$3 ,633 ,704.00 Th is M&C Rec 4
Budget Adjustment
-$53,457.00
$675 ,879.00
Revised FY2023
Budget
$220 ,610.0(
$4 ,309,583 .0C
Parking Tax Revenue $2,047,469 .00 This M&C Rec 4 $1 ,254, 195 .00 $3,301,664.0
Total Revenues $5,955,240.00 $1,876,617.00 $7,831,857.0
Expenditures
Transfer to Venue Debt Fund $5 ,255,547.00 M&C 22-0984 $699,693 .00 $5 ,955,240 .0
Contribution to Fund Balance/Net Position $699,693 .00 M&C 22-0984 -$699,693.00 $1,876,617 .01
This M&C Rec 4 $1,876,617.00
Total Expenditures $5,955,240.00 $1,876,617.00 $7,831,857.01
Adoption of this M&C and the attached ordinances will revis e the FY2023 Amended Budget.
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 recommendations and adoption of the attached appropriation ordinances funds will be
available in the Culture & Tour Proj Fin Zone, Venue Operating , Culture & Tourism 2 % Hotel and Culture & Tourism Operating Funds. Prior to an
expenditure being incurred , the Public Events Department has the responsibility of verifying the availability of funds.
Submitted for City Manager's Office by: William Johnson 5806
Originating Business Unit Head: Michael Crum 2501
Additional Information Contact: Andrea Wright 2502