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 the Stockyards Preservation Foundation of Fort Worth Inc. (Foundation), to manage the Stockyards PID.  The Foundation has identified the need to increase the marketing and outreach efforts for the District by creating a newly updated website showcasing the various attractions and businesses in the District.  This website will help bring additional customers to the Stockyards with additional mobile viewing functionality and information not currently available, thereby increasing the value to business owners within the District.  This increase in appropriations will be completely offset by a use of $36,560.00 in funds from the District's cash on hand balance.  The Foundation has also identified an unexpected savings in the Website & Other Marketing line item that will be used to eliminate the originally projected use of fund balance and to contribute $1,561.00 to fund balance maintained by the City at the end of the fiscal year.

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.  At the beginning of the fiscal year, prior year unspent assessments for PID 11 were estimated at $12,959.00 or 19.2 percent of the most recent three-year average assessment rate.  In order to bring the PID's fund balance closer into compliance with the City's Policy and to create a more sustainable budget, the District will utilize savings in the Website & Other Marketing line item to eliminate the projected use of $1,689.00 in fund balance and to contribute to this balance in the amount of $1,561.00.  
  

Staff recommends an increase of $36,560.00 in the Website Revision and Update line item and a decrease of $3,250.00 in the Website & Other Marketing line item, for a total net increase of $33,310.00.  All other previously approved line items not mentioned above will remain the same.  Upon approval of the above recommendations, the total budgeted expenses for Fiscal Year 2016 will be in the amount of $111,419.00.  This net increase in expenses will be completely offset by a use of cash on hand in the District's internally maintained accounts.  The revised Budget and Five-Year Service Plan will take effect upon approval by City Council.

This M&C does not request approval of a contract with a business entity.

The Stockyards PID is located in COUNCIL DISTRICT 2.