HomeMy WebLinkAboutIR 0735INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 23-0735
To the Mayor and Members of the City Council August 15, 2023
Page 1 of 2
i
i7 Y
SUBJECT: UPDATE ON FISCAL YEAR 2024 PROPOSED BUDGETS FOR
rrn OPERATING PIDS AND TOURISM PID
This Informal Report provides an update to the Mayor and City Council on the proposed budget
for operating and Tourism PIDs which are on the August 22 & September 12, 2023 agenda for
your consideration.
Background Information
A Public Improvement District is a defined geographical area established to provide specific types
of improvements or maintenance which are financed by assessments against the property
owners within the area.
The City of Fort Worth Economic Development Department administers the City's Public
Improvement Districts (PIDs) in accordance with Chapter 372 of the Texas Local Government
Code. Economic Development has proactively worked with the PID managers and boards to
review proposed FY2024 budget and assessment rates.
Proposed Budget and Rate
Below is a summary of the recommended FY2024 budget and assessment rate for each
Operating/Tourism PID:
PID Rates:
Proposed
PID 1— Downtown 0.130 0.130 -
PID 6 — Park Glen 0.155 0.155 -
Commercial 0.035 0.035 -
PID 7 - Heritage 0.150 0.145 (0.005)
Commercial 0.110 0.110 -
PID 11— Stockyards 0.120 0.120 -
PID 12 —Chapel Hill
0.180
0.180
-
PID 14—Trinity Bluff
0.100
0.100
-
PID 15 — Sun Valley
0.240
0.240
-
PID 19 — Historic Camp Bowie
0.100
0.100
-
PID 20 East Lancaster
0.266
0.266
-
PID 21— Las Vegas Trail
0.100
0.100
-
PID 18 -Tourism
2% of revenues received
from hotel room
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 23-0735
August 15, 2023
To the Mayor and Members of the City Council
Page 2 of 2
i
i7 Y
SUBJECT: UPDATE ON FISCAL YEAR 2024 PROPOSED BUDGETS FOR
rrn OPERATING PIDS AND TOURISM PID
PID 7 — Heritage is decreasing their residential rate by $.005 due to growth in net taxable value
equal to 11.93% and their projected fund balance over their financial reserves in the amount of
$245,264.00.
All other PID rates remain the same as previous year.
In order to address future budgetary needs, revisions to PID budgets will be reviewed at mid -year
and any additional utilization of fund balance will be determined then.
PID Revenue:
PID FY23 Budgeted FY24 Estimated" Tota I $ Percentage
Lase/(Decrease)
Revenue Revenu Increase/Decrease
PID 1 - Downtown $ 2,741,826 $ 2,970,608 $ 228,782 8.3%
PID 6 - Park Glen
$ 1,934,022
$ 2,185,323
$ 251,301
13.0%
PID 7 - Heritage
$ 1,860,543
$ 2,020,700
$ 160,157
8.6%
PID 11- Stockyards
$ 345,399
$ 458,777
$ 113,378
32.8%
PID 12 - Chapel Hill
$ 196,349
$ 373,983
$ 177,634
90.5%
PID 14-Trinity Bluff
$ 94,270
$ 102,766
$ 8,496
9.0%
PID 15 - Sun Valley
$ 141,410
$ 155,417
$ 14,007
9.9%
PID 18 - Tourism
$ 5,455,000
$ 7,000,000
$ 1,545,000
28.3%
PID 19 - Historic Camp
Bowie
$ 469,352
$ 497,673
$ 28,321
6.0%
PID 20 - East Lancaster
$ 291,898
$ 333,704
$ 41,806
14.3%
PID 21- Las Vegas Trail
$ 387,066
$ 414,168
$ 27,102
7.0%
• PID 1 — The PID estimated net taxable value increased $185,249,197.00, or 8.34%, allowing the assessment rate to
remain at $0.013 to maintain current levels of service. City Staff assumes a collection rate of 95%, to more accurately
reflect the estimated revenues after the final impact of protested properties with the PID.
• PID 6 - PID advisory board and management company are requesting no rate adjustment due to large scale irrigation
and fence projects carrying into FY25. Quotes are being gathered.
• PID 7 — Decrease to rate by $0.005.
• PID 12 — 327 new accounts to be factored into current and future years maintenance plan.
• PID 18 - PID Assessments are forecasted to increase 7.5%+ to last year with growth in supply and increased business
and group travel
If you have any questions, please call Robert Sturns, Director of Economic Development
Department at 817-392-2663.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS