HomeMy WebLinkAboutOrdinance 26754-03-2024Ordinance No. 26754-03-2024
AN ORDINANCE ADJUSTING APPROPRIATIONS IN THE STORMWATER
COMMERCIAL PAPER FUND, BY INCREASING APPROPRIATIONS IN THE
FWCC GRAND AVE PH2 PT3 PROJECT (CITY PROJECT NO. 103665) IN THE
AMOUNT OF
$10,958,645 AND DECREASING APPROPRIATIONS IN THE STORMWATER
COMMERCIAL PAPER PROJECT (CITY PROJECT NO. UCMLPR) 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 L
That in addition to those amounts allocated to the various City departments for Fiscal Year 2023-2024 in the
Budget of the City Manager, there shall also be adjusted appropriations in the Stormwater Commercial Paper
Fund, by increasing appropriations in FWCC Grand Ave Ph2 Pt3 project (City Project No. 103665) in the
amount of $10,958,645 and decreasing appropriations in the Stormwater Commercial Paper project (City
Project No. UCMLPR) 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 26453-09-2023 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 repeated.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY
Assistant City Attorney
ADOPTED AND EFFECTIVE: March 19, 2024
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 03/19/24 M&C FILE NUMBER: M&C 24-0201
LOG NAME: 202023 STORMWATER COMMERCIAL PAPER TRANSFER
SUBJECT
(ALL) Adopt Appropriation Ordinances to Reallocate Funding Sources for Fort Worth Central City Drainage Projects to Reflect Use of the
Drainage Utility's Commercial Paper Program as an Interim Funding Source and Amend the Fiscal Years 2024-2028 Capital Improvement
Program
RECOMMENDATION:
It is recommended that the City Council:
Adopt the attached appropriation ordinances adjusting appropriations in the Stormwater Commercial Paper Fund in the cumulative amount
of $32,471,052.00 by
a. decreasing the Commercial Paper project (City Project UCMLPR) by $11,594,739.00 and increasing the FWCC Grand Ave Ph2 Pt2
project (City Project 103664) by the same amount;
b. decreasing the Commercial Paper project (City Project UCMLPR)
project (City Project 103665) by the same amount;
c. decreasing the Commercial Paper project (City Project UCMLPR)
Outfall & 8 project (City Project 103666) by the same amount; and
Amend the Fiscal Years 2024-2028 Capital Improvement Program.
DISCUSSION:.
by $10,1358,645.00 and increasing the FWCC Grand Ave Ph2 Pt3
by $9,917,668.00 and increasing the FWCC New Main Street
The purpose of this Mayor and Council Communication (M&C) is to reallocate funds for various Fort Worth Central City (FWCC) drainage projects
to reflect the use of the drainage utility's Commercial Paper program as an interim funding source for Stormwater projects and FWCC projects
until reimbursement is received from the Tarrant Regional Water District (TRWD). Funding for these projects was not included in the FY2024-2028
Capital Improvement Program due to the drainage utility Commercial Paper Program pending approval in M&C 23-0604. The action in this M&C
will amend the FY2024-2028 Capital Improvement Program as approved in connection with Ordinance 26453-09-2023.
On April 18, 2023, Informal Report (IR) 23-0865 was issued to discuss the FWCC stormwater and water project costs and reimbursement plan.
The IR explained how funding for FWCC drainage projects would be appropriated from existing Stormwater projects to meet the Corps of
Engineer's FWCC critical path schedule. To minimize impacts to Stormwater capital projects, Stormwater worked with the Finance Department
and the City's Financial Advisors to explore altemative funding mechanisms including the creation of a new Commercial Paper Program for the
Stormwater Fund. On June 27, 2023, City Council approved the establishment of a cost-effective liquidity program using Commercial Paper to
assist with the award of contracts for the City's stormwater capital projects that will be financed via long-term debt or subject to reimbursement —
such as the FWCC drainage improvements —to enable the efficient, cost-effective and timely implementation of capital improvements. (M&C 23-
0604).
Funding is budgeted in the Stormwater Commercial Paper Fund for the TPW Dept Highway & Streets Department for the purpose of funding three
FWCC projects.
Upon approval of this M&C, Commercial Paper funding will be added to the FWCC projects based an the expected TRWD reimbursement.
Rroiect
_Currently Appropriated
Budgert hange
Tota
(Increase/Decrease)
FWCC Grand Ave Ph2 P12
(103664)
$0.00
$11,594,739.00
$11,594,739.00
FWCC Grand Ave Ph2 Pt3
(103665)
$0.00
$10,958,645.00
$10,958,645.00
FWCC New Main Street
Outfall & 8 (103666)
$0.00
$9,917,668.00
$9,917,668.00
Stormwater Commercial
$92,762,649.00
($32,471,052.00) 1
$60,291,597.00
Paper Project (UCMLPR) I I a
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 funds are currently available in the Commercial Paper project within the Stormwater Commercial Paper
Fund and upon approval of the above recommendations and adoption of the attached appropriation ordinances, funds will be available in the
Stormwater Commercial Paper Fund for the FWCC Grand Ave Ph2 Pt2, FWCC Grand Ave Ph2 Pt3 and the FWCC New Main St Outfall & 8
projects. Pdorto an expenditure being incurred, the Transportation and Public Works Department has the responsibility of verifying the availability
of funds.
Submitted for City Manager's Office . Jesica McEachern 5804
Originating Business Unit Head: Lauren Prieur 6035
Additional Information Contact: Monty Hall 8662