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Home My WebLink AboutOrdinance 26856-04-2024Ordinance No. 26856-04-2024 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT DISTRICT 20 — EAST LANCASTER AVENUE FUND IN THE AMOUNT OF $48,560.00, 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 20 — East Lancaster Avenue Fund in the amount of $48,560.00, from available, unreserved fund balance, for the purpose of funding mid -year budget adjustments. SECTION 2. That should any portion, section or part of section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3. That this ordinance shall be cumulative of Ordinance 26453-09-2023 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: CITY SECRETARY d� for TG.- Ronald Gonzales Nico Arias (Apr 26, Z02415:10 COT) for JC, Ronald Gonzales {Apr 26, 2024 15:35 COT) Jannette S. Goodall Assistant City Attorney City Secretary ADOPTED AND EFFECTIVE: April 23, 2024 b44�4�'it]Tl� a FaRr o� O-O°°0,1100 a� ��0 3°=' REVENUES PID Assessments Total Budgeted Revenues Use of Fund Balance Total Funds Available for Use EXPENSES Management Fee Litter Pickup City Administrative Fee Security Community Marketing/Events Audit/Annual Review Communications Total Budgeted Expenses Contribution to Fund Balance City of Fort Worth Five Year Service Plan PY24-FY28 Public Imrovernent District No. 20 - East Lancaster - Mid Year FY23124 FY24125 FY26126 FY26127 FY27128 �$ 333,704 $ 340,378 $ 347,186 $ 354,129 $ 361,212 $ 333,704 $ 340,378 $ 347,186 $ 354,129 $ 367,212 48,560 - - - - $ 382,264 $ 340.378 $ 347,186 $ 354,129 $ 361,212 $ 19,590 $ 19,981 $ 20,381 $ 20,788 $ 21,203 16,800 - - - - 6,674 6,808 6,944 7,083 7,224 330,000 286,000 297,440 309,338 321,711 3,200 3,200 3,200 3,200 3,200 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 $ 382,264 $ 321,989 $ 333,964 $ 346,409 $ 359.338 - 18,390 13,222 7.721 - 1,874 Total Expenses 382,264 340,379 347,186 354,130 361,212 Net Change in Fund Balance $ (48,560) $ 18,389 $ 13,222 $ 7,720 $ 1,873 Fund Balance, Beginning of Year (Estimated Yrs 2-5) 106,621 58,061 76,450 89,671 97,392 Estimated Fund Balance, End of Year 58,061 76,450 89,671 97,392 99,265 Reserve Requirement 53,676 55,672 57,746 57,746 59,902 Over (Under) Reserve $ 4,385 $ 20,778 $ 31,925 $ 39,646 $ 39,364 'FY2024 Assessment Rate = $.266 City of Fort Worth, Texas Mayor and Council Communication DATE: 04/23/24 M&C FILE NUMBER: M&C 24-0331 LOG NAME: 17PID20 MIDYEAR FY24 SUBJECT (CD 8 and CD 11) Adopt Ordinance Amending the Fiscal Year 2023-2024 Adopted Budget and Five -Year Service Plan for Public Improvement District 20 — East Lancaster Avenue 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 20 — East Lancaster Avenue 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. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 20 -- East Lancaster Avenue Fund in the amount of $48,560.00, from available, unreserved fund balance, for the purpose of funding mid -year budget adjustments. DI5CUSSION: 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 20 — East Lancaster (East Lancaster PID) is managed by FirstService Residential Texas PID, LLC (FirstService). On September 12, 2023, City Council adopted Ordinance No. 26439-09-2023, approving the Fiscal Year (FY) 2023-2024 Budget, Five -Year Service Plan, Assessment Plan, and Tax Year 2023 Assessment Roll for the East Lancaster PID. After conducting a mid -year review of the East Lancaster PID's budget, City staff and FirstService have identified the need to increase the East Lancaster PID Budget by $48,560.00 to align expenses with actual activities that are attributable primarily to increases in security for increased patrols and the addition of litter pickup in the district. Revenue Adjustments: Line Items Previously Approved Recommended Amended to be FY24 Budget Item Mid Year FY24 Adjusted Adjustment Budget Item Use of Fund Balance $0.00 $48,560.00 $48,560.00 Totals $0.00 1 $48,560.00 $48,560.00 Expenditure Adjustments: Line Items Previously Approved Recommended JAmended to be FY24 Budget Item Mid Year FY24 Adjusted Adjustment Budget Item Security $275,000.00 $55,000.00 $330,000.00 Litter Pickup $0.00 $16,800,00 $16,800.00 Contribution to Fund $23,240.00 ($23,240.00) $0.00 Balance $298,240.00 $48,560.00 $346,800.00 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 $382,264.00. This mid -year budget adjustment will decrease the unaudited, unassigned fund balance by a total of $48,560.00. The revised Budget and Five -Year Service Plan will take effect upon approval by City Council. The City and FirstService will update the existing contract to reflect the mid -year adjustment (City Secretary Contract No. 60314). Funding is available for appropriation in the fund balance of the FWP1D #20 -East Lancaster Ave Fund. The beginning balance is $245,679.40, after this M&C, available balance will be $197,119.40. The East Lancaster P1D is located in COUNCIL DISTRICTS 8 & 11. A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity. FISCAL_INFORMATION I 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 #20 - East Lancaster Avenue 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--W. William Johnson 5B06 Originating Business Unit Head: Robert Stums 2663 Additional Information Contact: Lacey Ruiz 2608 Expedited