HomeMy WebLinkAbout26-28708 - City Council - OrdinanceORDINANCE 26-28708
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE VEALE RANCH PID CUSTODIAL FUND BY A
TOTAL OF $1,953,961.00, FROM FUTURE ASSESSMENT REVENUE;
PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE
CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL ORDINANCES IN
CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
SECTION 1.
In addition to those amounts allocated to the various City departments for Fiscal Year 2025-2026
in the Budget of the City Manager, there shall also be increased estimated appropriations in the Veale Ranch
PID Custodial Fund by a total of $1,953,961.00, from future assessment revenue.
SECTION 2.
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.
This ordinance shall be cumulative of Ordinance 27979-09-2025 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of said prior ordinances and appropriations are hereby expressly repealed.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:
cue A .,�1�Qe.C4
Assistant City Attorney
ADOPTED: August 25.2026
EFFECTIVE: August 25. 2026
Jannette S. Goodall
City Secretary
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Ordinance No. 26-28708
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FORT WORTH
MAYOR AND COUNCIL COMMUNICATION
7.1.4 03PID22 FY27
DATE: 08/25/26 M&C FILE NUMBER: M&C 26-0681
DEPARTMENT: FWLAB
SUBJECT
(CD 3 and ETJ) Adopt Appropriation Ordinance Increasing Estimated Receipts and
Appropriations in the Veale Ranch Public Improvement District No. 22 Fund by $1,953,961.00, to
be Received from Assessment Revenue
RECOMMENDATION
It is recommended that the City Council adopt the attached appropriation ordinance
increasing estimated receipts and appropriations in the Veale Ranch PID Custodial Fund by a
total of $1,953,961.00, from future assessment revenue.
DISCUSSION
The purpose of this Mayor and Council Communication (M&C) is to appropriate funds in the
amount of $1,953,961.00, to be received from levying special assessment on Improvement
Areas No. 4 and 5 within the Veale Ranch Public Improvement District (PID).
In August 2023, the City Council approved the creation of the Veale Ranch Public
Improvement District, as a vehicle to finance certain authorized improvements for the benefit
of the property in the PID (M&C 23-0628). PIDs are governed by Chapter 372 of the Texas
Local Government Code, which requires review and update of a PID's Service and Assessment
Plan (SAP) on an annual basis and establishment of an annual budget.
On April 28, 2026, the City Council approved the initial Service and Assessment Plan (SAP)
and assessment levy for Improvement Area Nos. 4 and 5, along with a reimbursement
agreement for each Improvement Area identifying the maximum reimbursement amount for
that phase (M&C 26-0286). The Improvement Area No. 4 reimbursement agreement (City
Secretary Contract (CSC) No. 65362) provides that $16,630,000, plus interest and
administrative costs, will be funded out of special assessments on Improvement Area No. 4 of
the PID. The Improvement Area No. 5 reimbursement agreement (CSC No. 65362) provides
that $6,809,000, plus interest and administrative costs will be funded out of assessment on
Improvement Area No. 5.
On August 11, 2026, the City Council approved the amended Service and Assessment Plan
(SAP) and issued Fort Worth, Texas Special Assessment Revenue Bonds, Series 2026 in the
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aggregate amount of $23,018,000.00 to replace Improvement Area #4 Reimbursement
Agreement and Improvement Area #5 Reimbursement Agreement (M&C 26-0560).
The Fiscal Year 2027 budget for the PID is summarized in the following table:
Line Item
Special
Assessment
Revenue
Total Revenue
Line Item
Debt Interest
Payment
Debt Principal
Payment
City Admin Fee
(2%)
Admin Expenses
Additional Interest
for Reserves
Total Expense
Improvement Area Improvement Area
#4 #5
$1,331,811.00
$1,331,811.00
$622,150.00
$ 622,150.00
Improvement Area Improvement Area
#4 #5
TOTAL
$1,953,961.00
$1,953,961.00
TOTAL
$893,568.00 $370,180.00 $1,263,748.00
$264,000.00 $124,000.00 $388,000.00
$26,636.00 $12,443.00 $39,079.00
$68,364.00 $82,557.00 $150,921.00
$79,243.00 $32,970.00 $112,213.00
$1,331,811.00 $622,150.00 $1,953,961.00
Funding will be budgeted within the Veale Ranch PID Custodial Fund for Fiscal Year 2027.
This M&C does not request approval of a contract with a business entity.
FISCAL IN FORMATION/CERTIFICATION
The Director of Finance certifies that upon approval of the above recommendations and
adoption of the Fiscal Year 2027 Budget by the City Council, funds will be available in the
Fiscal Year 2027 operating budget, as appropriated, in the Veale Ranch PID Custodial Fund.
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Prior to an expenditure being incurred, the FWLab Department has the responsibility to
validate the availability of funds.
SUBMITTED FOR CITY MANAGER'S OFFICE BY:
ORIGINATING BUSINESS UNIT HEAD:
ADDITIONAL INFORMATION CONTACT:
ATTACHMENTS
1. 03PID22 FY27 AO [7.1.4.1 - 1 page]
Christianne Simmons, # 6222
Christianne Simmons, # 6222
Brady Kirk, # 8712
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