HomeMy WebLinkAboutOrdinance 27588-04-2025Ordinance No. 27588-04-2025
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT 11 - STOCKYARDS FUND IN THE AMOUNT OF $11,000.00, 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 2024-2025 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Fort
Worth Public Improvement District 11 - Stockyards Fund in the amount of $11,000.00, 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 j urisdiction, 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 27107-09-2024 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said prior ordinances and appropriations are hereby expressly repealed.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.
A PPROVED AS TO FORM AND LEGALITY:
1_a i'y C4/IISfor
Lamer(Apr30, 202515:20 CDT)
Assistant City Attorney
ADOPTED AND EFFECTIVE: April 22, 2025
CITY SECRETARY
Jannette S. Goodall
City Secretary
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REVENUES
PID Assessments
City Payment in -lieu of Assessments
Budgeted Revenues
City of Fort Worth
Five Year Service Plan FY25 - FY29
Public Improvement District No. 11 - Stockyards
MID -YEAR ADJUSTMENT
FY24125 FY25126 FY26127 FY27128 FY28129
$ 444,145 $ 457,469 $ 471,193 $ 485,329 $ 499,889
$ 10,458 $ 9,149 $ 9,424 $ 9,707 $ 9,998
$ 4543603 $ 466,619 $ 480,617 $ 495,036 $ 509,887
Use of Fund Balance
$
18,871
$ 7,794
$ 8,028
$ 8,269
$ 8,517
Total Budgeted Revenues
$
473,474
$ 474.413
$ 488,645
$ 503,305
$ 518,404
EXPENSES
Management Fee
$
90,676
$ 91,494
$ 94,239
$ 97,065
$ 99,978
Security
$
201,000
$ 210,000
$ 220,000
$ 220,000
$ 230,000
Maintenance & Operations
$
127,706
$ 100,500
$ 110,000
$ 115,000
$ 115,000
Public Events
$
10,000
$ 10,000
$ 10,000
$ 10,000
$ 10,000
Capital Improvements
$
1,000
$ 19,087
$ 6,794
$ 8,338
$ 10,228
Marketing & Research (WebsitelNewsletter)
$
31,000
$ 31,000
$ 35,000
$ 40,000
$ 40,000
City Audit Fee
$
3,000
$ 3,000
$ 3,000
$ 3,000
$ 3,000
City Administrative Fee
$
9,092
$ 9,332
$ 9,612
$ 9,901
$ 10,198
Total Budgeted Expenses
$
473,474
$ 474,413
$ 488,645
$ 503,305
$ 518,404
Net Change in Fund Balance
$
(18,871)
$ (7,794)
$ (8,028)
$ (8,269)
$ (8,517)
Beginning Fund Balance, Estimated (Yrs 2-5)
$
299,958
$ 281,087
$ 273,293
$ 265.265
$ 256.996
Estimated Fund Balance, End of Year
$
281,087
$ 273,293
$ 265,265
$ 256,995
$ 248,479
Reserve Requirement
$
79,085
$ 81,457
$ 83,901
$ 86,418
$ 86,418
Over (Under) Reserve
$
202,002
$ 191,836
$ 181,364
$ 170,578
$ 162,061
*FY2025 Assessment Rate = $.12
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/22/25 M&C FILE NUMBER: M&C 25-0371
LOG NAME: 17P1D11 MIDYEAR FY25
SUBJECT
(CD 2) Adopt Ordinance Amending Fort Worth Public Improvement District 11 — Stockyards Fiscal Year 2024-2025 Adopted Budget and Five -
Year Service Plan; Authorize the Execution of an Amendment to the Associated Management and Improvement Services Agreement with Fort
Worth Stockyards, Inc. to Align with these Changes; and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance amending Public Improvement District 11 — Stockyards Fiscal Year 2024-2025 Budget and Five -Year Service
Plan 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 (7rh) day after adoption by the City Council; and
2. Authorize the execution of an amendment to the associated Management and Improvement Services Agreement with Fort Worth
Stockyards, Inc. (City Secretary Contract No. 62188) to align with these changes; and
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District
11 - Stockyards Fund in the amount of $11,000.00, from available, unreserved fund balance, for the 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 11— Stockyards (or the Stockyards PID) is managed by Fort Worth Stockyards, Inc. (FWSI).
On September 17, 2024, City Council adopted Ordinance No. 27162-09-2024, approving the Fiscal Year (FY) 2024-2025 Budget, Five -Year
Service Plan, Assessment Plan, and Tax Year 2024 Assessment Roll forthe Stockyards PID. Following a mid year review of the Stockyards PID
budget, City staff and FWSI have identified the need for a budget adjustment to better align expenses with actual activities. The primary changes
include increased funding for maintenance and operations to cover sidewalk repairs, a reduction in capital improvements to help offset these
costs, and the addition of a visitor center monitor to provide district -related information to visitors.
Revenue adjustments:
Previously
Recommended
Amended
Line Item
Approved FY25
Mid Yea
FY25 Budget
Budget Item
Adjustmentl
Item
PID
Assessments
$444,145.00
$0.00
$444,145.00
City Payment In -
lieu of
$10,458.00
$0.00
$10,458.00
Assessments
Use of Fund
Balance
Totals
$7,871.00
$462,474.00
$11,000.00
$11,000.00]1
$18,871.00
$473,474.00
Expenditure adjustments:
Line Item
Previously
Approved
FY25
Budget Item
Recommended
Mid -Year
Adjustment
Amended
FY25
Budget
Item
Management Fee
Security 1[$261,000.001
$90,676.00
$0.00
$0.00
$90,676.00
$201,000.00
Maintenance & Operations 11
$100,500.00
$27,206.00
$127,706.00
Public Events
$10,000.00
$0.§1
$10,000.00
Capital improvements
I $17,206.00
($16,206.00)
$1,000.00
Marketing & Research Mebsite]Newsletter)
$31,OD0.00
$0.00
$31,000.00
City Audit Fee
City Administrative Fee
11 $3,000.00
$9,092.013
$0.00
$Q.00
F$ 37000.00
$9,092.00
Totals
$462,474.00J
$11,000.00
$473,474.00
Upon approval of the above recommendations, the total budgeted expenses for FY 2024-2025 will be $473,474.00. This mid -year budget
adjustment will increase the FY25 adopted budget from the unaudited, unassigned fund balance by a total of $11,000.00. The revised budget and
Five -Year Service Plan will take effect upon approval by City Council. The City and FWSI will amend the existing management contract to
reflect the mid -yea r adjustment (City Secretary Contract No.62188).
Funding is available for appropriation in the fund balance of the FWPID #11- Stockyards Fund. The beginning balance is $402,987.03, after this
M&C, available balance will be $391,987.03.
The Stockyards PID is located in COUNCIL DISTRICT 2.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL, INFORMATIONJ CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinance, funds
will be available in the current operating budget, as appropriated, in the FWPID #11 - Stockyards 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 byi Jesica McEachem 5804
Originating Business Unit Head: Kevin Gunn 2015
Additional Information Contact: Crystal Hinojosa 7808
Expedited