HomeMy WebLinkAboutOrdinance 26394-09-2023ORDINANCE NO. 26394-09-2023
AN ORDINANCE REALLOCATING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE WATER PRIOR LIEN DEBT SERVICE FUND BY
REDUCING CONTRIBUTION TO NET POSITION BY $782,240,00 AND
INCREASING DEBT OBLIGATION EXPENDITURES BY THE SAME AMOUNT,
FOR THE PURPOSE OF PAYING DEBT SERVICE; 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 the budget of the City of Fort Worth for Fiscal Year 2022-2023, as enacted by Ordinance 25773-09-
2022, as amended, is hereby further amended to make the following adjustments in the Water Prior Lien Debt
Service Fund: reduce contribution to net position by $782,240.00 and increase debt obligation expenditures
by the same amount, for the purpose of making required debt service payments.
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said prior ordinances and appropriations are hereby expressly repealed.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 October 1, 2022.
APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY
- (A g4Pach-
Denis C. McElroy Jannette S. Goodall
Assistant City Attorney City Secretary
ADOPTED: September 12, 2023
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 09/12/23 M&C FILE NUMBER: M&C 23-0746
LOG NAME: 13BUDGET AMENDMENT - WATER PRIOR LIEN DEBT SERVICE FUND
SUBJECT
(ALL) Adopt Ordinance Reallocating Estimated Receipts and Appropriations in the Water Prior Lien Debt Service Fund by Reducing Contribution
to Net Position by $782,240.00 and Increasing Debt Obligation Expenditures by the Same Amount and Amend the Fiscal Year 2023 Adopted
Budget
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance realllocating estimated receipts and appropriations in the Water Prior Lien Debt Service Fund by reducing
contributions to net position by $782,240.00 and increasing debt obligation/debt service payments by the same amount; and
2. Amend the Fiscal Year 2023 Adopted Budget.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to take necessary action to authorize a technical correction to the Fiscal Year
2023 Water Prior Lien Debt Service Fund budget as a result of an oversight during the development of the Fiscal Year 2023 budget.
The annual budget development process begins with the submission of initial budget requests by the various City Departments to the Fort Worth
Lab Department (FW Lab) in April. At that time, the Financial Management Services Department (FMS) provides preliminary debt service
requirements to the FW Lab for each debt service fund with the understanding that the preliminary debt service requirement is based on an
estimate since the City typically issues bonds later in the summer. As a result, all debt service funds associated with summer bond sales must be
revised to reflect the final obligation schedule before the budget is presented to City Council for adoption.
During the development of the Fiscal Year 2023 budget, FMS provided the estimated debt service requirement for all Fiscal Year 2023 Water and
Sewer obligations in late April 2022. The 2022 Water and Sewer bond sales occurred in late May 2022 with the closing occurring in late June
2022. In July 2022, FMS provided the final Water and Sewer debt service requirement to FW Lab; however, the Fiscal Year 2023 proposed
budget was inadvertently not updated to reflect the revised debt service requirement.
Approval of this M&C, retroactive to October 1, 2022, will provide sufficient appropriation to meet the City's Fiscal Year 2023 Water and Sewer
debt obligations. As a result of the actions listed above, the budgeted contribution to net position of $2,754,301.00 will be reduced
to $1,972,061.00.
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 the approval of the above recommendations and adoption of the attached appropriation ordinance,
funds will be available in the current operating budget in the Water Prior Lien Debt Service Fund. Prior to any expenditure being incurred, the
Financial Management Services Department has the responsibility to validate the availability of funds.
Submitted for City Managers Office by: Reginald Zeno 8517
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338
Expedited