HomeMy WebLinkAbout2015/03/17-Minutes-City Council-Special Called CITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING
MARCH 17, 2015
PRESENT:
Mayor Betsy Price
Mayor Pro Tem Sal Espino, District 2
Council Member Zim Zimmerman, District 3
Council Member Danny Scarth, District 4
Council Member Gyna Bivens, District 5
Council Member Jungus Jordan, District 6
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8
Council Member Ann Zadeh, District 9
STAFF PRESENT:
City Manager David Cooke
City Attorney, Sarah Fullenwider
City Secretary, Mary J. Kayser
1) Call to Order
With a quorum of the City Council Members present, Mayor Price called the special
called meeting of the Fort Worth City Council to order at 4:45 p.m. on Tuesday, March
17, 2015, in the Pre Council Chamber of the Fort Worth City Hall, 1000 Throckmorton
Street, Fort Worth, Texas.
2) Opening Comments
City Manager David Cooke turned the meeting over to Aaron Bovos, Chief Financial
Officer for the City of Fort Worth.
3) Presentation of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund.
Mr. Bovos introduced Heidi Coombs, Vice President—Fiduciary Advisory Specialist
with Wells Fargo and Charles Watson—Vice President & Senior Investment Strategist
with Wells Fargo.
Mr. Bovos reviewed the history of the Gas Lease Trust. He outlined the purpose, trustee
responsibility, noted the Trust is a separate entity and noted that only the income can be
distributed.
CITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING
MARCH 17,2015
Page 2 of 2
Mr. Bovos reviewed the recommendation for changes to the Trust.
• Re-defining Income to include realized net gains from the sale of trust assets
• Clarifying the distribution provisions to align with the budget adoption process.
Council will adopt a Trust distribution plan which will be included in the budget
ordinance that includes a distribution schedule. The Trustee will follow the Council
adopted plan and schedule.
Mr. Bovos gave examples of how distributions would be impacted under the new
definition of income. He also reviewed the Trust modification process noting that the
next steps are three (3)public hearings.
4) Discussion of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund
It was confirmed that the method of distribution was not proposed for change only the
definition of income.
5) Adjourn
There being no further business, Mayor Price adjourned the meeting at 4:54 p.m. on
Tuesday, March 17, 2015.
Attest: Approved:
Mary J. I Salvador Espino
City Secret y Mayor Pro tem