HomeMy WebLinkAboutIR 9164 INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 9164
To the Mayor and Members of the City Council December 8, 2000
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SUBJECT. FISCAL YEAR 2010 BUDGET AMENDMENT FOR FORT WORTH
PUBLIC IMPROVEMENT DISTRICT NO. 8 (THE CAMP BOWIE BOULEVARD
AREA)
On September 8, 2009, the City Council adopted M&C BH-243, approving the 2009-2010 Fiscal
Year budget and five-year service plan for the Camp Bowie Corridor PID.
The FY2010 approved budget is outlined below:
Improvements Total Budgeted Costs
Management Fee $ 69,976.00
Landscape and Maintenance $ 56,800.00
Communication/Newsletters $ 20,000.00
Marketing $ 20,000.00
Economic Development $165,223.00
Public Events $ 50,000.00
Capital Improvements $176,000.00
Professional Services $ 97,000.00
Insurance $ 4,100.00
Audit $ 6,500.00
City Administrative Fee $ 8,000.00
Budget Expenses $673,598.00
Estimated Operating Reserve $132,254.00
Total Expenses $805,852.00
As described in the City's Policy and Guidelines for Public Improvement Districts (PIDs), the City
staff conducts review of the annual budgets and recommends amendments as needed so that
actual PID expenditures correspond with budgeted expenses. These amendments may allow for
additional proposed PID expenses that were not included in the original budget if funds are
available. PID #8 is requesting a budget amendment to cover the 2009 Jazz Festival deficit that
resulted from the cancellation of events and low overall attendance due to the rainy weather this
past September 2009.
The current operating reserve for the Camp Bowie PID is $132,254. Staff recommends approval
of a budget amendment and will be submitting an M&C for council action to approve the
requested amendment on the December 15, 2009 Council Meeting agenda. The amendment will
increase the Public Events line item by $23.000. A brew down of the revenues and expenditures
for the event are outlined below detailing the shortfall.
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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9164
To the Mayor and Members of the City Council December 8, 2009
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Page 2of2
SUBJECT: FISCAL YEAR 2010 BUDGET AMENDMENT FOR FORT WORTH
PUBLIC IMPROVEMENT DISTRICT NO. 8 (THE CAMP BOWIE BOULEVARD
AREA)
Total Jazz Revenue: $288.189.00
Jazz Expenses:
Professional Fees $ 45,000.00
Operations 73,626.00
Marketing/Advertising 21,599.00
Event Entertainment 154,705.00
Costs of Goods Sold 10,913.00
Office expenses 5,346.00
Total: $311,189.00
Net Loss: ($23,000.00)
Dale A. Fiss ler, E.
City Manager
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