HomeMy WebLinkAboutOrdinance 15589Ordinance No ~ `J"~
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE GENERAL FUND BY $8,767 46 AND DECREASING THE UNRESERVED
UNDESIGNATED FUND BALANCE BY $8,767 46 FOR THE PURPOSE OF FUNDING
AN INTERLOCAL AGREEMENT WITH THE TOWN OF NORTHLAKE, MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR 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 2002 2003 in the
Budget of the City Manager there shall also be increased estimated receipts and appropriations in the
General Fund by $8 767 46 and decreasing the unreserved, undesignated fund balance by $8 767 46 for
the purpose of funding an Interlocal Agreement with the Town of Northlake.
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ordinances and appropriations are hereby expressly repealed.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
APPROVED AS TO FORM AND LEGALITY
As istan ity Attorney
ADOPTED AND EFFECTIVE. ~! ~ /'~3
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City of Fort Worth, Texas
~1-~Ayar And Cauncll Cammun~cAt~an
DATE REFERENCE NUMBER LOG NAME PAGE
6/17/03 *G-13992 13NORTHLAKE2002 1 of 2
SUBJECT APPROPRIATION ORDINANCE AND AUTHORIZE THE CITY MANAGER TO PAY THE
TOWN OF NORTHLAKE FOR AN INTERLOCAL AGREEMENT FOR CERTAIN
REVENUES ASSOCIATED WITH THE TEXAS MOTOR SPEEDWAY
RECOMMENDATION
It is recommended that the City Council
Adopt the attached appropriation ordinance increasing appropriations in the General Fund in the
amount of $8 767 46 and decreasing the unreserved, undesignated fund balance by the same
amount; and
2. Authorize the City Manager to pay the Town of Northlake for an Interlocal Agreement in the amount
of $8 767 46
DISCUSSION
On October 2, 1997 (M&C C-16343) City Council authorized an Interlocal Agreement between the
Town of Northlake and the City of Fort Worth
In order to obtain the land necessary for the development of the Texas Motor Speedway the City of
Fort Worth entered into this interlocal agreement with the Town of Northlake The City of Fort Worth
agreed to split certain revenues if any derived solely from the area outside the ring road (Victory
Circle) adjacent to I H 35 with the Town of Northlake on a 50/50 basis This area was formerly in the
Town of Northlake s extra-territorial jurisdiction The revenues derived from this area are to cover
increased expenses incurred by the Town of Northlake as a result of construction activities and
operation of the Texas Motor Speedway facility and the provision of municipal government services
Revenues to be shared are limited to increased ad valorem taxes (excluding the portion of the annual
Fort Worth rate necessary for general obligation debt service) general sales taxes (excluding any
special levy such as the Transportation Authority Crime Control District or future similar special levy)
and new hotel occupancy taxes if any which result from development in the defined area.
On March 19 2002 (M&C G-13548) City Council authorized payment of $39 972.39 to the Town of
Northlake for the years 1997 through 2001 That was the first payment of the Interlocal Agreement.
The Finance Department Revenue Office has researched the revenue collected by the City of Fort
Worth for the calendar year 2002 in the former extra-territorial jurisdiction of the Town of Northlake
The attached speadsheet shows those calculations and the amount of revenue to be shared with the
Town of Northlake is $8 767 46
This project is located in COUNCIL DISTRICT 2.
City of Fort WoYth, Texas
~1-~Ayar And Caunc~l Cammun~cAt~an
DATE
6/17/03 REFERENCE NUMBER
*G-13992 LOG NAME
13NORTHLAKE2002 PAGE
2 of 2
SUBJECT APPROPRIATION ORDINANCE AND AUTHORIZE THE CITY MANAGER TO PAY THE
TOWN OF NORTHLAKE FOR AN INTERLOCAL AGREEMENT FOR CERTAIN
REVENUES ASSOCIATED WITH THE TEXAS MOTOR SPEEDWAY
FISCAL INFORMATION/CERTIFIATION
The Finance Director certifies that upon adoption of the attached supplemental appropriation ordinance
funds will be available in the current operating budget, as appropriated, of the General Fund. After this
action the unaudited unreserved undesignated fund balance of the General Fund will be $32,375 627
RZ. r
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CTTY SECRETARY
Office by: (to)
GG01 539120 0904510 $8,767 46
Charles Bowell 6183
Originating Department Head:
Jim Keyes 8517 (from) APPROVED 06/17/03
GG01 539120 0904510 $8,767 46 ORD.3 15589
Additional Information Contact:
Linda Brown 6030