HomeMy WebLinkAboutOrdinance 26852-04-2024Ordinance No. 26852-04-2024
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT 15 — SUN VALLEY FUND IN THE AMOUNT OF $3,687.00, FROM
AVAILABLE, UNRESERVED FUND BALANCE, FOR THE PURPOSE OF
FUNDING MID -YEAR BUDGET ADJUSTMENTS; 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 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 increased estimated receipts and appropriations in the Fort
Worth Public Improvement District 15 — Sun Valley Fund in the amount of $3,687.00, from available,
unreserved fund balance, for the purpose of funding mid -year budget adjustments.
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said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
— 4�_'
NICO i 5:21 CDT)
Assistant City Attorney
ADOPTI D AND EFFECTIVE: April 23, 2024
CITY SECRETARY
rG'r RaNAa P. 6&Er7 &(g
fo R013ald P. Gonales(Apr 2%72W40724 CDTl
Jannette S. Goodall
City Secretary
REVENUES
PID Assessments
Total Budgeted Revenues
Use of Fund Balance
Total Funds Available for Use
EXPENSES
Management Fee
Vehicle Maintenance
Equipment Rental
Security Cameras
Security
Printing
Marketing
City Audit
City Administration Fee
Total Budgeted Expenses
Contribution to Fund Balance
Total Expenses
Net Change in Fund Balance
Fund Balance, Beginning of Year
Estimated Fund Balance, End of Year
Reserve Requirements
Over (Under) Reserve
City of Fort Worth
Five Year Service Plan
Public Improvement District No. 15 - Sun Valley
Fiscal Year 23124 - 27128 - Mid Year
FY 23124 FY 24/25 FY 25126
FY 26127 FY 27128
$ 155,417 $ 161,634 $ 168,099 $ 174,823
$ 156,417
3,687
$ 159,104
161,634 $ 168,099 $ 174,823
$ 181,816
$ 181,816
$ 161,634 $ 168,099 $ 174,823 $ 181,816
$
28,851
$
29,572
$
31,051
$
32,604
$
34,234
$
3,000
$
3,000
$
4,000
$
4,500
$
5,000
$
7,475
$
5,196
$
5,196
$
5,196
$
5,196
$
21,100
$
12,500
$
12,500
$
12,500
$
12,500
$
91,770
$
101,633
$
104,740
$
108,827
$
112,750
$
300
$
500
$
750
$
750
$
1,000
$
500
$
3,000
$
3,500
$
3,700
$
4,000
$
3,000
$
3,000
$
3,000
$
3,250
$
3,500
$
3,108
$
3,233
$
3,362
$
3,496
$
3,636
159,104
174,823
$
$
$
181,816
$
161,634
$
168,099
$
159,104
$
174,823
$
161,634
$
168,099
$
181,816
$
(3,687)
$
0
$
0
$
(0)
$
(0)
$
102,744
$
99,056
$
99,057
$
99,057
$
99,056
$
99,056
$
99,057
$
99,057
$
99,056
$
99,056
$
26,944
$
23,915
$
23,915
$
23,915
$
23,915
$
72,112
$
75,142
$
75,142
$
75,141
$
75,141
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/23124 M&C FILE NUMBER: M&C 24-0329
LOG NAME: 17PID15 MIDYEAR FY24
SUBJECT
(CD 11) Adopt Ordinance Amending the Fiscal Year 2023-2024 Budget and Five -Year Service Plan for Public Improvement District 15 - Sun
Valley; Authorize Execution of Agreement with CP2 Consultants in the Amount of $28,851.00 to Manage the Public Improvement District; and
Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance amending the Fiscal Year 2023-2024 Budget and Five -Year Service Plan for Public Improvement District 15 —
Sun Valley 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; and
2. Authorize the execution of an agreement with CP2 Consultants, in the amount of $28,851.00 to provide management of the improvements
and services for the Sun Valley Public Improvement District during Fiscal Year 2023-2024; and
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District
15 — Sun Valley Fund in the amount of $3,687.00, from available, unreserved fund balance, forthe purpose of funding mid -year budget
adjustments.
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 15 — Sun Valley (Sun Valley PID) is managed by CP2 Consultants, LLC (CP2).
On September 12, 2023, City Council adopted Ordinance No. 26435-09 2023, approving the Fiscal Year (FY) 2023-2024 Budget, Five -Year
Service Plan, Assessment Plan, and Tax Year 2023 Assessment Roll for the Sun Valley PID. After conducting a mid -year review of the Sun Valley
P1D's budget, City staff and C132 have identified the need to increase the Sun Valley PID Budget by $3,687.00 to align expenses with actual
activities that are attributable primarily to increases in security for hourly rate adjustments and sales tax charges forequipment and decrease in
marketing and printing.
On January 22, 2024, Orasi informed the City of its decision to cease management of the Sun Valley PID and requested the termination of their
agreement. CP2 Consulting LLC has been selected to assume management responsibilities for the PID, effective upon the approval of this
agreement.
Revenue Adjustments:
Line Items
Recommended
Amended
to be
previously Approved
Mid Year
FY24
Adjusted
FY24 Budget Item
Adjustment
Budget Item
Use of Fund
Balance
$0.00
F I
$3,687.00
$3,687.00
Totals
$0.00
$3,687.00
$3,687.00
Expenditure Adjustments:
Line Items
Recommended
lAmended
Ito be
previously Approved
Mid -Year
FY24
Adjusted
FY24 Budget Item
Adjustment
Budgetltem
�Security
Cameras
Equipment
Rental
$18,500.00
$5,196.001
$2,600.00
$2.279.00
$21,100.00
$7,475.00
Security
$91,762,00
$8.00�
$91,770.001
Printing
$500.00
($200.00)11
$300.00
Marketing
$1,500.00
1 ($1,000.00)
$500.00�
Totals $117,458.00 $3,687.00 $92 [,145.00
All other previously approved line items not mentioned above remain the same. Upon approval of the above recommendations, the total budgeted
expenses for FY 2023-2024 will be $159,104.00. This mid -year budget adjustment will decrease the unaudited, unassigned fund balance by a total
of $3,687.00. The revised Budget and Five -Year Service Plan will take effect upon approval by City Council.
Funding is available for appropriation in the fund balance of the FWPID #15 - Sun Valley Fund. The beginning balance is $187,198.98 after this
M&C, available balance will be $183,511.98.
The Sun Valley PID is located in COUNCIL DISTRICT 11.
FISCAL INFORMATION 1 CERTIFICATION:
The Director of Finance certifies that upon approval of the recommendations and adoption of the attached appropriation ordinance, funds will be
available in the current operating budget, as appropriated, in the FWPID #15 -Sun Valley 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 Stums
2663
Additional Information Contact. Lacey Ruiz 2608
Expedited