M&C Review


COUNCIL ACTION:  Approved on 8/30/2016 - Resolution No. 4667-08-2016

DATE: 8/30/2016 REFERENCE NO.: **G-18800 LOG NAME: 13FMS PID1MIDYEARFY16
CODE: G TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Adopt Resolution Approving the Revised Fiscal Year 2015-2016 Budget and Five-Year Service Plan for Public Improvement District No. 1, Downtown (COUNCIL DISTRICT 2)

RECOMMENDATION:

It is recommended that the City Council adopt the attached resolution approving the revised Fiscal Year 2015-2016 Budget and Five-Year Service Plan for Public Improvement District No. 1 - Downtown.

 
DISCUSSION:

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 Downtown PID.  DFWI has identified the need to increase the budgeted Management Fee line item due to the reclassification of administrative expenditures at the City's direction.  Additionally, DFWI has requested to shift funds to the Insurance line item due to an unforeseen increase in their insurance rates. Finally, DFWI has identified a potential year end cost overrun in the Annual Review (Audit) line item related to tax documentation preparation for the District.  This increase in appropriations will be completely offset by projected end of year savings and a corresponding decrease in budget, in the Trash Removal (Other Maintenance), Marketing (& Research), Communications/Newsletters, Landscape/Tree Maintenance, Utilities and Security Enhancement line items.

Line Items to be Adjusted

Previously Approved FY16 Budget Item

Recommended Mid-Year Adjustment

Amended FY16 Budget Item

Management Fee

       $270,750.00

$22,000.00

     $292,750.00

Utilities

         $12,500.00

               -$2,000.00

              $10,500.00

Trash Removal (Other Maintenance)

     $1,157,390.00

             -$13,000.00

        $1,144,390.00

Security Enhancement

                     $67,125.00

               -$2,000.00

              $65,125.00

Communications/Newsletters

                       $5,000.00

               -$2,300.00

                $2,700.00

Marketing (& Research)

                  $396,507.00

               -$5,200.00

           $391,307.00

Insurance

            $4,700.00

    $1,000.00

         $5,700.00

Annual Review (Audit)

          $15,000.00

    $1,500.00

       $16,500.00

Total Budget Expenses

    $2,345,598.00

            $0.00

  $2,345,598.00


Staff recommends an increase of $22,000.00 in the Management Fee line item, an increase of $1,000.00 in the Insurance line item, an increase of $1,500.00 in the Annual Review (Audit) line item, a decrease of $2,000.00 in the Utilities line item, a decrease of $13,000.00 in the Trash Removal (Other Maintenance) line item, a decrease of $2,000.00 in the Security Enhancement line item, a decrease of $2,300.00 in the Communications/Newsletters line item and a decrease of $5,200.00 in the Marketing (& Research) line item for a total net increase of $0.00.  All other previously approved line items not mentioned above remain the same.  Upon approval of the above recommendations, the total budgeted expenses for Fiscal Year 2016 will remain $2,345,598.00.  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 Downtown PID is located in COUNCIL DISTRICT 2.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that approval of the above recommendation will have no material effect on the City's funds.

TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Susan Alanis (8180)
Originating Department Head:
Lynda Johnson (6222)
Additional Information Contact:
David Reitz (7807)

 
 
ATTACHMENTS
  2016 PID1 Amended 5 Year Plan.pdf
  Ex A.pdf
  PID 1 Resolution.doc
  PID-1_Downtown_orthos.pdf