HomeMy WebLinkAboutOrdinance 27749-06-2025Ordinance No. 27749-06-2425
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE FORT WORTH PUBLIC IMPROVEMENT
DISTRICT II - STOCKYARDS FUND IN THE A1IIOUNT OF $30,000.00, FROM
AVAILABLE, UNRESERVED FUND BALANCE, FOR THE PURPOSE OF
FUNDING MID -YEAR BUDGET AD.LLTSTMENTS; PROVIDING FOR A.
SEVERABILITV CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES; REPEALING ALAI, ORDINANCES IN CONFLICT
HEREWITH; AND PROVIDING: AN EFFECTIVE DATE.
13E IT ORDAINED uY 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 1 1 - Stockyards Fund in the amount of $30,000.00, from available,
unreserved fund balance, for the purpose of funding mid -year budget adjustments.
SECTION 2.
Plat 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 corn petent jurisdiction, such decision, opinion or judgment shad 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 these 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said prior ordinances and appropriations are hereby expressly repealed.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:
Assistant City Attorney
ADOPTED AND EFFECTIVE: June 24, 2025
CITY SECRETARY
1Ur� 4 - t �' �
Jannette S. Goodall
City Secretary
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City of Fort worth
Five Year Service Plan FY25 � FY29
Public Improvement District No. 11 - Stockyards
MID -YEAR ADJUSTMENT 2nd Update
FY24125
FY25126
FY26127
FY27128
FY28129
REVENUES
P I D Assessments
$
444,145
$ 457,469
$ 471,193
S 485,329
S 499,889
City Payment in -lieu of Assessments
$
10,458
$ 9,149
$ 9,424
$ 9,707
$ 9,998
Budgeted Revenues
$
454,603
$ 466,619
$ 480,617
$ 495,036
$ 509,887
Use of Fund Balance
5
48,871
S 7,794
$ 8,028
$ 8,269
$ 8,517
Total Budgeted Revenues
$
503,474
$ 474,413
$ 488,645
5 503,305
$ 518,4D4
EXPENSES
Management Fee
$
90,676
$ 91,494
$ 94,239
S 97,066
S 99,978
Security
$
211,000
$ 210,000
$ 220,000
$ 220,000
$ 230,000
Maintenance & Operations
$
147,706
$ 100,500
$ 110,000
$ 115,000
$ 115,000
Public Events
$
10,000
$ 10,000
S 10,000
$ 10,000
$ 1000
Capital Improvements
$
1,000
$ 19,087
$ 6,794
$ 8,338
$ 10,228
Marketing & Research (Website/Newsletter)
$
31,000
5 3100
5 35,000
$ 40,000
$ 40,060
City Audit Fee
$
3,000
5 3,000
$ 3,000
$ 3,000
$ 3,000
City Administrative Fee
$
9,092
S 9,332
$ 9,612
$ 9,901
$ 10,198
Total Budgeted Expenses
$
503,474
$ 474,413
S 488,645
$ 503,305
$ 518,404
Net Change in Fund Balance
$
(48,871)
$ (7,794)
$ (8,028)
$ (8,269)
$ (8,517)
Beginning Fund Balance, Estimated (Yrs 2.5)
$
299,958
$ 251,087
$ 243,293
$ 235,265
$ 226.996
Estimated Fund Balance, End of Year
$
251,087
$ 243,293
$ 235,265
$ 226,996
$ 218,479
Reserve Requirement
$
79,085
$ 81,457
$ 83,901
$ 86,418
$ 86,416
Over (Under) Reserve
5
172,002
S 161,836
$ 151,364
$ 140,578
$ 132,061
'FY2025 Assessment Rate = $.12
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 06/24/25 M&C FILE NUMBER: M&C 25-0560
LOG NAME: 03PID11 MIDYEAR FY25 — AMENDMENT NO- 2
SUBJECT
(CD 2) Adopt Ordinance Amending Fart Worth Public Improvement District 11 — Stockyards Fiscal Year 2024-2025 Adopted Budget and Five -
Year Service Plan to Reflect Additional Mid -Year Adjustments, Authorize the Execution of a Second Amendment to the Associated Management
and Improvement Services Agreement with Fort Worth Stockyards, Inc., and Adopt Appropriation Ordinance
RECOMMENDATION'
It is recommended that the City Council:
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 (71h) day after adoption by the City Council. -
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
Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District
11 - Stockyards Fund in the amount of $30,000.00, from available unreserved fund balance, forthe purpose of funding mid -year budget
adjustments.
DISCUSSION:
The City of Fort Worth's FWLab oversees the administration of Public Improvement Districts (PIDs), including coordination with PI management
entities to monitor performance and financial alignment throughout the fiscal year.
On April 22, 2025, City Council approved a mid -year budget adjustment for FWPID #11 — Stockyards (M&C 25-0371), incorporating limited
funding changes to reflect revised service needs at that time. Following further review and coordination with Fort Worth Stockyards, Inc., additional
adjustments have been identified to fully align the FY25 budget with the district's current service priorities and financial obligations.
This second amendment allows for the appropriation of additional funds to support services not previously reflected in the mid -year update. These
adjustments are necessary to ensure continuity of service delivery and compliance with the City's Public Improvement District Policy. Upon
adoption, the updated budget will be reflected in the Five -Year Service Plan and incorporated into the amended Management and Improvement
Services Agreement. The table below reflects the proposed additional adjustments to the FY25 budget:
Revenue Adjustments:
'Line Item
PID Assessments
City Payment In -lieu
of Assessments
Use of Fund
Balance
Total Revenue
-1
Previously Additional Revised,
Ameded FY25 FY25
Budget, Adjustments Budget.
Expenditure Adjustments:
$444,145,00, $0.00; $444,145.00
$10,458-00' $0.00I1 $10;458.00
$18,871:40 $30,000.00'1 $48;871.00
$473,474.0(] $30,000.001[ $503,474.00
Line Item
Previously Amended.
Additional
Revised
FY25 Budget,
Amendment FY25 Budget
$90,676,00
$0.00
$90,676.00i
Feeagement
ecurity
$201,000.00
$10,000.00�
$211,000.00
Maintenance &
$127,706.00
1
$20,000.00
$147,705.00
Operations
Public Events
$10,000.00
$0.00
$10,000.00;
Capital
$1,000A0
Improvements
Marketing &
$31,000.001 —
Research
City Audit Fee
-
$3,000.00
(City
Administrative
$9,092.00
Fee
Total
Expenditures
$473,474.00i
$0.001 $1,000.00
I
$0.00 $31,000.00
$0.00
_ $3,000.00
$0.00'
$9,092,00
$30,000.001
$503,474.Of1
Upon approval of the above recommendations, the total budgeted expenses for FY 2024-2025 will be $503,474.00. This additional mid -year
budget adjustment will increase the FY25 adopted budget from the unaudited, unassigned fund balance by a total of $30,000,00. The revised
budget and Five -Year Service Plan will take effect upon approval by City Council. The City and FVVSI will amend the existing management contract
to reflect the mid -year adjustment (City Secretary Contract No.62188). This amendment supersedes the prior draft amendment (62188-A1), which
was not executed.
Funding is available for appropriation in the fund balance of the FWPIi3 #11- Stockyards Fund. The current balance is $333,997,29, after this
M&C, available balance will be $330,997.09,
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION f 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 FWLab has the responsibility to validate the availability of funds.
Submitted for Citv Manaoer's Office bv:
Oriainatina Business Unit Head
Christianne Simmons 6222
Additional Information Contact: Crystal Hinojosa 7808