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Home My WebLink AboutOrdinance 26170-05-2023ORDINANCE NO.26170-05-2023 AN ORDINANCE AMENDING THE FISCAL YEAR 2022-2023 BUDGET AND FIVE- YEAR SERVICE PLAN FOR PUBLIC IMPROVEMENT DISTRICT NO. 11 — STOCKYARDS; MAKING THIS ORDINANCE CUMULATIVE OF ALL OTHER ORDINANCES; PROVIDING FOR A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Public Improvement District Assessment Act, Chapter 372 of the Texas Local Government Code ("Act"), allows for the creation of public improvement districts; WHEREAS, on February 2, 2003, the City Council of the City of Fort Worth ("City Council") authorized the establishment of Public Improvement District No. 11 — Stockyards ("District"), as a public improvement district in accordance with the Act and Resolution No. 2925; WHEREAS, on September 13, 2022, the City Council adopted Ordinance No. 25716-09-2022, approving the fiscal year 2022-2023 budget, five-year service plan, assessment plan, and tax year 2022 assessment roll for the District; WHEREAS, the City Council desires to amend the fiscal year 2022-2023 budget and five-year service plan ("Amended Service Plan"), which is attached hereto as Exhibit A and incorporated herein for all purposes; WHEREAS, the Amended Service Plan is intended to supersede the Service Plan set out in Ordinance No. 25716-09-2022; and WHEREAS, the Amended Service Plan will not affect the previously adopted Assessment Plan or Assessment Roll. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: SECTION 1. The Recitals and findings listed above are true and correct and form the basis upon which this Ordinance is being adopted and are incorporated herein by reference. SECTION 2. The City Council hereby approves and adopts the Amended Service Plan for fiscal year 2022-2023. In doing so, the City Council finds that the supplemental services and improvements set forth in the Service Plan are feasible and advisable and will serve the needs and desires of the property owners in the District. SECTION 3. 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 shall remain in full force and effect. Ordinance No. 26170-05-2023 Page 1 of 3 SECTION 4. This Ordinance is cumulative of 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 5. The City Secretary is directed to cause a copy of this Ordinance to be recorded in the real property records of Tarrant County, Texas no later than the seventh (7`'') day after the adopted date of this Ordinance. SECTION 6. This Ordinance takes effect and will be in full force and effect from and after the date of its passage. AND IT IS SO ORDAINED. APPROVED AS TO FORM AND LEGALITY: Assistant City Attorney M&C: 23-0415 Adopted and Effective: May 23, 2023 ATTEST: Jannette Goodall, City Secretary _ Q:Q' ,,, Ordinance No. 26170-05-2023 Page 2 of 3 EXHIBIT A AMENDED SERVICE PLAN aq or Fart iflim b MW Y*w A*nbnnd Fire Year Service Plan FM-n - FrWU Pebft irrpr0verrerd Disbict Ma 11 - Slodyrartk FY2M FYnFA F724M FY2M FVMM REYBNES PIDAssessments S 345,308 $ 350,215 $ 373.584 $ 3WW7 $ 404,068 COFW Assessment &M Tad Budgeted Revenues 353 NQ $ 3 S MAU S 31i0,527 $ 4041060 Use of Furd SaUnee 05.810 - Total Funds Avaiabk for Use S 4t0,511 S =,215 S 3n3,514 S 300,527 $ 404.060 EXPEMSES Ma ugen m Fee taeerAtumnent S Unweerunoe SOON* Ptblc Evaras Cap1w rop-rareb- SWO an Exchange i Roche Pm Website 6 Otw Markntin0 Ptafess"W services Ciq Audi Fee City Admirrstative Fee Total BudOaled Expenses Co*ku00n b Fund Balance Total Expenses S 1&458 $ 16,458 S 18,458 S 18,458 $ 18.458 BQ000 70,000 70.000 80.000 85,000 13RCQ0 57,000 70,000 80.000 00.000 45.400 40,M 40,000 70,000 74,850 40,C00 t00,000 10MCM 70,000 70.000 45,0M 5R000 55,D00 55,000 55.000 55,000 z500 z500 z500 z500 2= 7,003 7,184 7,472 7,771 8,081 t 4n,5t1 S 298215 t MAWt ]03728 $ 403Y9 - - 1,154 4,708 170 $ 419,511 S 30,215 S 373,554 $ 38k527 $ 404,060 Mal Clsx W In Fred Babnas $ (i5,018) $ - $ 1,154 $ 4,750 $ 179 Fund Balance, Seprive of Year (Eamaded Yrs 243) 171,705 Imew Imam 107,040 111,83E Esfinakd Fund Balance, End of Year 105,aW 105,880 107AW I I1,038 112.017 Reserve Requimnertt 50,881 0zC04 03.W8 67.328 67.328 Over Pnder) Reserve $ 46,005 $ 43,002 $ 43,072 $ 44,510 $ 441M 'FY2W Assessment Rah - Al2 The total budgeted costs of the improvements and services for the District for fiscal year 2022-2023 are $419,511.00. Of this amount, $345,399.00 will be funded by assessments collected on privately -owned parcels located in the District. The remainder of the costs will be funded by other revenue sources, including: e $8,293.00 in direct payments from the City for payment in lieu of assessments, whish was appropriated from the General Fund balance by City Council action on September 13, 2022, and by this amendment; and e $65,819.00 transferred from the unaudited, unassigned fund balance by City council on September 13, 2022, and by this amendment. Ordinance No.26170-05-2023 Page 3 of 3 City of Fort Worth, Mayor and DATE: 05/23/23 Texas Council Communication LOG NAME: 17PID11 MIDYEARFY23 M&C FILE NUMBER: M&C 23-0415 SUBJECT (CD 2 / Future CD 2) Adopt Ordinance Amending the Fiscal Year 2022-2023 Budget and Five -Year Service Plan for Public Improvement District 11 - Stockyards and Adopt Appropriation Ordinances RECOMMENDATION: It is recommended that the City Council: 1. Adopt the attached ordinance amending the Fiscal Year 2022-2023 Budget and Five -Year Service Plan for Public Improvement District 11 — Stockyards to reflect amendments associated with a mid -year review and direct the City Secretary to record the same in the real property records of Tarrant County, Texas no later than the seventh (7th) day after adoption by the City Council; 2. Adopt the attached appropriation ordinance adjusting appropriations in the General Fund by decreasing appropriations in the Non - Departmental Department in the amount of $550.00 and increasing appropriations in the Economic Development Department by the same amount, for the purpose of transfer to the Fort Worth Public Improvement District 11 - Stockyards Fund for funding City of Fort Worth Payment In -Lieu of Assessments; and 3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 11 - Stockyards Fund 1) in the amount of $550.00, transferred from Economic Development Departments General Fund, for purpose of funding City of Fort Worth Payment In -Lieu of Assessments; 2) in the amount of $49,450.00, in Fiscal Year 2022-2023, from available, unreserved fund balance. DISCUSSION: The City of Fort Worth's Department of Economic Development administers the City's Public Improvement Districts (PIDs). The City's PID Policy outlines the need to proactively work with the City's PID management companies to oversee the services being provided within each of the PIDs. PID 11 — Stockyards (Stockyards PID) is managed by Stockyards Preservation Foundation of Fort Worth, Inc. On September 13, 2022, City Council adopted Ordinance No. 25716-09-2022, approving the fiscal year (FY) 2022-2023 Budget, Five -Year Service Plan, Assessment Plan, and Tax Year 2022 Assessment Roll for the Stockyards PID. After conducting a mid -year review of the Stockyards PID's budget, City staff and Stockyards Preservation Foundation of Fort Worth Inc., have identified the need to increase Stockyards PID's budget to account for $550.00 of additional City payment in -lieu of assessments and $49,450.00 use of fund balance. Expenditure adjustments can be primarily attributable to a reallocation of Capital Improvement to Security to align expense with actual activities that are primarily attributable to increases to support officer patrols and an increase to support a professional services agreement. The City of Fort Worth Assessment is an allocation to the PID budget for assessments the City would pay on City -owned properties in the Stockyards PID, if the City was not a tax-exempt entity. Revenue Adjustments: Line Items to be Adjusted Previously Approved FY23 Budget Item Recommended Mid -Year I Adjustment Amended FY23 Budget; Item PID Assessmentsi $345,399.00, $0.00 $345,399.00' COFW $7,743.00 $550.00 $8,293.00i Assessment Use of Fund Balance $16,369.00 $49,450.00 i i $65,819.00 Kota:1s :_7 $369,511.00: $50,000.061 $419,511.00j Expenditure Adjustments: Line Items to Previously Recommended Amended be Adjusted Approved FY23 Mid Year FY23 Budget Budget Item Adjustment Item Security $55,000.00 $75,000.00 $130,000.00 Capital $115,000.00 ($75,000.00), $40,000.00 Improvements Professional $0.00 $50,000.00� $50,000.00 Services Totals $170,000.00 $50,000.001 $220,000.00 All other previously approved line items not mentioned above remain the same. Upon approval of the above recommendations, the total budgeted expenses for FY 2022-2023 will be $419,511.00. This mid -year budget adjustment will decrease the unaudited, unassigned fund balance by a total of $49,450.00. The revised Budget and Five -Year Service Plan will take effect upon approval by City Council. The City and Stockyards Preservation Foundation of Fort Worth, Inc., will amend the existing management contract to reflect the mid -year adjustments (City Secretary Contract No. 58424). Funding is available for appropriation in the fund balance of the FWPID#11-Stockyards Fund. The beginning balance is $171,705.00, after this M&C, available balance will be $105,886.00. The Stockyards PID is located in COUNCIL DISTRICT 2 / FUTURE COUNCIL DISTRICT 2. 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 ordinances, funds will be available in the current operating budget, as appropriated, in the FWPID #11 - Stockyards 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: William Johnson 5806 Originating Business Unit Head: Robert Sturns 2663 Additional Information Contact: Crystal Hinojosa 7808