HomeMy WebLinkAboutOrdinance 15692
Ordinance No.
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE SEWER CAPITAL PROJECT FUND IN THE AMOUNT OF $1,595,282.44 FROM
IMPACT FEES FOR THE PURPOSE OF TRANSFERRING SAID FUNDS TO THE
WATER AND SEWER OPERATING FUND; MAKING THIS ORDINANCE CUMULATIVE
OF PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED PY 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 2442-2443 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Sewer Capital Project Fund in the amount of $1,595,282.44 from impact fees for the purpose of transferring
said funds to the Water and Sewer Operating Fund.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining
provisions shall be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No. 15184 and all other ordinances and appropriations
amending the same except in those instances where the provisions of this ordinance are in direct conflict
with such other ordinances and appropriations, in which instance said conflicting provisions of said prior
ordinances and appropriations are hereby expressly repealed.
SECTION 4
This ordinance shall take effect upon adoption.
APPRpVED A$ TO FORM AND LEGALITY:
t' •~- ~r
Assistant C ~ Afforney
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DATE REFERENCE NUMBER LC~G NAME___... PAGE
9J23103 **~-~ 4p96 601MPACT 1 of 1
suB.~ECT APPROPRIATION ORDINANCE AND TRANSFER OF IMPACT FEE REVENUES TO
OPERATING BUDGET
RECOMMENDATION:
It is recommended that the City Council:
1. Adapt the attached appropriation ardinance increasing estimated receipts and appropriations of
$1,595,282 in the Sewer Capital Project Fund from impact fees; and
2. Authorize the transfer of $1,595,282 from the Sewer Capital Project Fund to the Water and Sewer
Operating Fund.
DISCUSSION:
During the retail cost of service studies, it was determined that the use of impact fee revenues could
lower the amount of surplus reserve funds needed to have sufficient revenues to saver FY2003
budgeted expenditures. While the impact fee ardinance prohibits use far operating expenses, they can
be used to pay principal and interest on debt associated with projects eligible to be funded by impact
fees.
These impact fee revenues were considered when calculating the amount of debt to be budgeted in the
Water and Sewer Operating Fund and transferred monthly to the Debt Service Fund. By transferring
$1,595,282 from Wastewater Impact Fee revenues to the Water and Sewer Operating Fund, sufficient
revenues will be available to pay principal and interest on existing revenue bonds used to fund impact
fee eligible projects.
FISCAL INFORMATIONICERTIFICATION:
The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be
available in the current operating budget, as appropriated, of the Water and Sewer Operating Fund.
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