It is recommended that the City Council: 1. Adopt the attached resolution approving the revised Fiscal Year 2018 Budget and Five-Year Service Plan for Public Improvement District No. 6 – Park Glen to reflect amendments associated with a mid-year review; and 2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Fort Worth Public Improvement District 6 – Park Glen Fund in the amount of $45,000.00, in Fiscal Year 2018 from available unreserved fund balance.
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The City of Fort Worth Department of Financial Management Services administers the City's Public Improvement Districts (PIDs), in accordance with Chapter 372 of the Texas Local Government Code. The City's PID Policy outlines the need to proactively work with the PID managers to oversee the services being provided by the PIDs and their associated financial positions. Staff, along with the contracted PID management companies, have conducted mid-year reviews of the annual budget and will recommend adjustments, as needed.
The City contracts (City Secretary Contract (CSC) No. 49785) with FirstService Residential Texas, Inc. (FirstService), to manage Public Improvement District No. 6 - Park Glen PID. FirstService has identified the need to increase the Park Glen PID budget in the amount of $45,000.00 for a capital improvement project. This project includes the installation of outdoor exercise stations along the existing trail on City parkland. Phase One of the project included installing the equipment pads and this has been completed. Phase Two of the projects is to install the exercise stations. Revenue adjustments: Line Items to be Adjusted | Previously Approved FY18 Budget Item | Recommended Mid-Year Adjustment | Amended FY18 Budget Item | Special Assessments | $1,537,587.00 |
$ 0.00
| $ 1,537,587.00 | COFW Payment in lieu of Services | $ 199,556.00 | $ 0.00 | $ 199,556.00 | Use of Fund Balance | $ 87,153.00 | $ 45,000.00 | $ 132,153.00 | Total Budget Revenue | $1,824,296.00 | $ 45,000.00 | $ 1,869,296.00 |
Expenditure Adjustments:
Line Items to be Adjusted | Previously Approved FY18 Budget Item | Recommended Mid-Year Adjustment | Amended FY18 Budget Item | Contractual Services | $1,793,544.00 | $ 45,000.00 | $ 1,838,544.00 | Transfer Out | $ 30,752.00 | $ 0.00 | $ 30,752.00 | Total Budget Expense | $1,824,296.00 | $ 45,000.00 | $ 1,869,296.00 |
Staff recommends an increase of $45,000.00 in the Park Glen PID budget to allow for the installation of exercise stations. 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 2018 will be $1,869,296.00. This mid-year budget adjustment will decrease the unaudited, unassigned fund balance by $45,000.00. The revised Budget and Five-Year Service Plan will take effect upon approval by City Council.
The Park Glen PID is located in COUNCIL DISTRICT 4.
This M&C does not request approval of a contract with a business entity. |
The Director of Finance certifies that approval of the above recommendations will increase the overall Fiscal Year 2018 budget from $1,824,296.00 to $1,869,296.00. After the appropriation of fund balance, PID No. 6 will still maintain compliance with the reserve requirements.
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