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HomeMy WebLinkAboutOrdinance 16254-01-2005Ordinance No. ~' `r~'~ AN ORDINANCE INCREASWG E5TIMATEb RECEIPTS AND APPROPRIATIONS IN THE WATER CAPITAL PROJECT FUND IN THE AMOUNT OF $6,380,759 AND THE SEWER CAPITAL PROJECT FUND IN THE AMOUNT OF $4,096,663 FROM IMPACT FEE REVENUES FOR THE PURPOSE OF FUNDING TRANSFERS TO THE WATER AND SEWER OPERATING FUNDS; MAKWG THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 9. That in addition to those amounts allocated to the various City departments far Fiscal Year 2004-2005 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Water Capital Project Fund in the amount of $6,380,759 and the Sewer Capital Project Fund in the amount of $4,018,663 from Impact Fee revenues for the purpose of funding transfers to the Water and Sewer Operating Fund. 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 No. 16061 and alk other ordinances and appropria#ions 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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. AP O ~ D A5 TO FORM AND LEGALITY: Assistant City Attorney ADOPTED AND EFFECTIVE: I~ ~ ~~.L City ®f F®r~ VV®r~th, ~e~a~ r n urn rr~rr'urit~ COUNCIL ACTION, Approved on 1/4/2005 - ®rdiinance No. 16.254 DATE: Tuesday, January 04, 2005 L®G NAME: 601fVIPACT REFERENCE NO.: **G-14641 SUBJECT: Adapt Appropriation Ordinance and Transfer of Impact Fee Revenues to Operating Budget RECOMMEN©ATIf]N: It is recommended that the City Council 1. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Water Capital Project Fund in the amount of $6,380,759.00 and $4,016,663.00 in the Sewer Capital Project Fund from impact fees; and 2. Authorize the transfer of $6,380,759.00 from the Water Capital Praject Fund and $4,016,663.00 from the Sewer Capital Praject Fund to the Water and Sewer Operating Fund. DISCUSSION. During the retail cost of service studies, it was determined that the use of impact fee revenues could lower the amount of water and sewer service revenue required to have sufficient funds to cover FY2005 budgeted expenditures. While the impact fee ordinance prohibits use for operating expenses, they can be used to pay principal and interest on debt associated with projects eligible to be funded by impact fees. By transferring $10,397,422.00 {$6,380,759.00 from Water Impact Fee revenues and $4,016,663.00 from- Wastewater Impact Fee revenues) to the Water and Sewer Operating Fund, sufficient revenues will be available to pay principal and interest an existing revenue bonds used to fund impact fee eligible projects. This transfer represents an increase in the amount of funds used to offset debt service in the operating fund. FISCAL iNFORMATIONICERTIFICATION: The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be available in the current operating budget as appropriated of the Water and Sewer Fund. TO FundlAccountlCenters FROM FundlAccauntlCer~ters 1) PW53 488023 fl6053020005D 6 380 759.00 2) PW53 538040 06453D2DD~50 $8.38D.759.DD 1} PW53 538040 060530200050 $6.380,759.04 2 PS58 538040 07058420D050 $4,016.663.flD 1) PS58 488353 D7D5842DD05D $4,D18,663.00 1) PS58 538040 0705802DDD5D $4,D16.B63.00 I ,~~~,~~e: hc~rMPAC,T PaaP ~ ~,f? 2} PE45 488023 060100p 6 380 755.00 2 PE45 488353 070100f1 $4.09 fi.B63.00 St~brnitted for Ci Mana er"s Ofi~~ce b Marc Ott (8476) Originating ©epartment Head: 5. Frank Crumb (Acting) (8207) Additianal Information Contact: S. Frank Crumb (Acting) (8207) Lo~name: 60IMPACT Pa~?e 7 cif 2