It is recommended that the City Council:

1.  Authorize the use of fund balance in the Fort Worth Public Improvement District  No.14 - Trinity Bluff Fund in the amount of $25,950.00 for additional expenses incurred in the operation of the Public Improvement District; and

2.  Adopt attached resolution approving the revised Fiscal Year 2015-2016 Budget and Five Year Service Plan for Public Improvement District No.14 - Trinity Bluff, increasing appropriations for Fiscal Year 2016 by $25,950.00 and decreasing the Fort Worth Public Improvement District No. 14 - Trinity Bluff Fund unaudited, unassigned fund balance by the same amount.

The City of Fort Worth administers the City's Public Improvement Districts (PIDs), in accordance with Chapter 372 of the Texas Local Government Code.  The City Policy and Guidelines provides for Staff to conduct a mid-year review of the annual budget of all PIDs and recommend adjustments as needed so the actual expenditures correspond with budgeted expenses.  

The City contracts with Downtown Fort Worth, Inc. (DFWI) to manage the day-to-day operations of the Trinity Bluff PID.  Trinity Bluff recently established a citizens advisory board to provide input and guidance to DFWI regarding desired improvements in the District.  This advisory board has identified the need to increase beautification efforts throughout the District by increasing Capital Improvements, Landscape/Tree Maintenance and Holiday Lighting/Decorations budgets.  DFWI has also identified unexpected utilities expenses related to the recently established advisory board that require an increase in appropriations in order to continue to meet obligations.

According to the City's Policy and Guidelines for Public Improvement Districts, reserves should be maintained to cover the first three months for the fiscal year, approximately 25 percent of assessments, until tax receipts are received. Furthermore, reserves should not exceed 75 percent of average yearly assessments at any time.  At the beginning of the fiscal year, prior year unspent assessments for PID 14 were estimated at the amount of $60,604.00, or 133.8 percent of the most recent three-year average assessment rate.  These unspent revenues from prior years will be utilized to fund the additional expenses in the current fiscal year.  Furthermore, the district is projecting that they will have unspent budget at the end of the fiscal year in the Marketing and Research and Trash Removal line items that will be used to offset some of these additional expenses.  Staff recommends increasing appropriations to bring the district into compliance with the 75 percent cap, while also funding needed repairs and expenses in the district.

Line Items to be Adjusted	Previously Approved FY16 Budget Item	Recommended Mid-Year Adjustment	Amended FY16 Budget Item
Utilities	$        0.00	$  2,000.00	$  2,000.00
Landscape/Tree Maintenance	$24,889.00	$     111.00	$25,000.00
Trash Removal	$  8,161.00	-$ 2,161.00	$  6,000.00
Holiday Light/Decorations (Repairs)	$         0.00	$  2,000.00	$  2,000.00
Marketing & Research	$10,000.00	-$ 9,000.00	$  1,000.00
Capital Improvements	$15,000.00	$33,000.00	$48,000.00
Total Budget Expenses	$62,850.00	$25,950.00	$88,800.00

Staff recommends an increase of $2,000.00 in the Utilities line item, an increase of $111.00 in the Landscape/Tree Maintenance line item, an increase of $250.00 in the Holiday Lighting line item, a decrease of $2,161.00 in the Trash Removal line item, an increase of $2,000.00 in the Holiday Light/Decorations (Repairs) line item, a decrease of $9,000.00 in the Marketing and Research line item and an increase of $33,000.00 in the Capital Improvements line item for a total increase of $25,950.00.
Upon approval, the total budgeted expenses for Fiscal Year 2016 will be $88,800.00.  This increase in expenses will be offset by a corresponding decrease in the unaudited, unassigned fund balance for the Fort Worth PID No.14 - Trinity Bluff Fund.  The revised Budget and Five Year Service Plan will take effect upon approval.

The Trinity Bluff PID is located in COUNCIL DISTRICT 9.