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O-2024-02 Amending Ordinance 2023-60 (FY 2023-2024 Annual Budget)TOWN OF PROSPER, TEXAS ORDINANCE NO.2024-02 AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS, AMENDING ORDINANCE NO. 2023-60 (FY 2023-2024 BUDGET) TO FUND INCREASED EXPENDITURES OF $795,430 IN THE DEBT SERVICE FUND BUDGET AND INCREASED EXPENDITURES OF $1,150,000 IN THE PARK DEVELOPMENT FUND BUDGET; PROVIDING FOR REPEALING, SAVINGS AND SEVERABILITY CLAUSES; AND PROVIDING FOR AN EFFECTIVE DATE OF THIS ORDINANCE. WHEREAS, the Town Council of the Town of Prosper, Texas ("Town Council'), has investigated and determined that it will be beneficial and advantageous to the residents of the Town of Prosper, Texas ("Prosper"), to amend Ordinance No. 2023-60 (FY 2023-2024 Budget) for the purposes listed in Exhibit "A," attached hereto and incorporated herein by reference; and WHEREAS, the changes will result in budgeted funds being allocated and an overall net increase in the budget for funding from fund balance. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, THAT: SECTION 1 Findings Incorporated. The findings set forth above are incorporated into the body of this Ordinance as if fully set forth herein. SECTION 2 Amendment to Ordinance No. 2023-60 FY 2023-2024 Budget). Ordinance No. 2023-60 (FY 2023-2024 Budget) is hereby amended to allow for increases to appropriations as shown in Exhibit "A," attached hereto and incorporated herein by reference. SECTION 3 Savings/Repealing Clause. All provisions of any ordinance in conflict with this Ordinance are hereby repealed, but such repeal shall not abate any pending prosecution for violation of the repealed Ordinance, nor shall the repeal prevent prosecution from being commenced for any violation if occurring prior to the repeal of the Ordinance. Any remaining portions of conflicting ordinances shall remain in full force and effect. SECTION 4 Severabilitv. Should any section, subsection, sentence, clause, or phrase of this Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions of this Ordinance shall remain in full force and effect. Prosper hereby declares that it would have passed this Ordinance, and each section, subsection, sentence, clause, or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, or phrases be declared unconstitutional or invalid. SECTION 5 Effective Date. This Ordinance shall become effective immediately upon its passage. DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, ON THIS 9TH DAY OF JANUARY, 2024. TOWN OF PROSPER, TEXAS David F. Bristol, Mayor ATTEST TO: Michelle Lewis Sirianni, Town Secretary APPROVED AS TO FORM AND LEGALITY: J)L- Terrence S. Welch, Town Attorney a� OF PROs.� o 1914 TEXAS Ordinance No. 2024-02, Page 2 FUND CATEGORY Debt Service Fund EXPENDITURES EXHBIT "A" BUDGET AMENDMENT FISCAL YEAR 2022-2023 January 9, 2024 DESCRIPTION Debt Service on Future Issue Correction Park Development Fund EXPENDITURES Transfer Out Correction AMENDMENT $ 795,430.00 Net Budget Amendment $ 795,430.00 $1,150,000.00 Net Budget Amendment $1,150,000.00 Ordinance 2024-02, Page 3 General Fund FY2023-2024 Budget Amendment and PO Roll REVENUE Adopted Budget Amendments PO Roll Amended Budget Property Taxes 21,146,121 - 21,146,121 Sales Tax 11,091,492 11,091,492 Franchise Fees 3,221,816 3,221,816 Licenses, Permits, and Fees 5,792,150 5,792,150 Charges for Services 1,296,024 1,296,024 Fines & Warrants 300,500 300,500 Investment Income 750,000 750,000 Transfers In 1,297,102 1,297,102 Miscellaneous 144,150 144,150 Park Fees 821,600 821,600 Grants 37,840 37,840 (blank) - - TOTAL REVENUE 45,898,795 - 45,898,795 EXPENDITURES Adopted Budget Amendments PO Roll Amended Budget Administration 9,800,919 8,175 9,809,094 Police Services 9,583,528 416,623 10,000,151 Fire Services 10,562,449 - 10,562,449 Public Works 4,727,062 90,681 4,817,743 Community Services 7,355,779 42,337 7,398,116 Development Services 4,139,855 2,057 4,141,912 Engineering 2,684,047 4,393 2,688,440 Capital Dedicated - - Transfer to Long-term Special Projects - 433,883 433,883 TOTAL EXPENDITURES 48,853,639 998,149 49,851,788 Net Change in Fund Balance (2,954,844) (3,952,993) Beginning Balance 12,616,823 15,273,142 Ending Balance 9,661,979 11,320,149 Ordinance 2024-02, Page 4 Water Sewer Fund FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendment PO Roll Amended Budget Water Charges for Service 23,114,755 - 23,114,755 Sewer Charges for Service 11,892,552 - 11,892,552 Sanitation Charges for Services - Licenses, Permits, and Fees 377,705 - 377,705 Penalties 1,900 - 1,900 Utility Billing Penalties 185,000 - 185,000 Investment Income 350,000 - - 350,000 Other 3,494,342 - - 3,494,342 TOTAL REVENUES 39,416,254 - - 39,416,254 EXPENDITURES Administration 1,138,064 17,856 1,155,920 Debt Service 4,610,464 - 4,610,464 Franchise Fee Expense 689,851 689,851 Water Purchases 12,704,415 12,704,415 Sewer Management Fees 4,560,895 - 4,560,895 Public Works 9,410,363 - 9,410,363 TOTAL EXPENDITURES 33,114,052 - 17,856 33,131,908 OTHER FINANCING Transfers Out 8,071,650 8,071,650 Net Change in Fund Balance (1,769,448) (1,787,304) Beginning Net Assets 11,488,750 15,497,416 Ending Net Assets 9,719,302 13,710,112 Ordinance 2024-02, Page 5 DEBT SERVICE FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendment PO Roll Amended Budget Property Taxes 15,184,531 - - 15,184,531 Investment Income - - - Other 20,000 - 20,000 TOTAL REVENUES 15,204,531 15,204,531 EXPENDITURES Adopted Budget Amendment PO Roll Amended Budget Administrative Fees 20,000 20,000 Principal 6,840,722 6,840,722 Interest 5,458,264 - 5,458,264 Debt Service on Future Issue 2,633,450 795,430 3,428,880 TOTAL EXPENDITURES 14,952,436 Net Change in Fund Balance 252,095 Beginning Fund Balance 540,443 Ending Fund Balance 792,538 795,430 - 15,747,866 (543,335) 1,341,641 798,306 Ordinance 2024-02, Page 6 PARK DEVELOPMENT FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendment PO Roll Amended Budget Park Dedication Fees 300,000 - - 300,000 Park Dedication -Interest 2,000 - - 2,000 Park Improvement Fees 220,000 - - 220,000 Park Improvement -Interest 4,050 - - 4,050 Grants -Improvement Fund - - - TOTAL REVENUES 526,050 526,050 EXPENDITURES General -Park Dedication General -Park Improvement Park Dedication Transfer to CIP (Lakewood) Park Improvement Transfer to CIP (Lakewood) TOTAL EXPENDITURES Net Change in Fund Balance Beginning Fund Balance Ending Fund Balance 963,800 963,800 750,000 - 750,000 - 400,000 400,000 750,000 750,000 1,713,800 1,150,000 (1,187, 750) 3,583,784 2,396,034 2,863,800 (2,337,750) 2,963,827 626,077 Ordinance 2024-02, Page 7 VERF Fund FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendments PO Roll Amended Budget Charges for Service 1,478,966 - 1,478,966 Other 150,000 - 150,000 Interest Income 250,000 - 250,000 TOTAL REVENUES 1,878,966 - 1,878,966 EXPENDITURES Adopted Budget Amendments PO Roll Amended Budget Technology Expenses 145,200 - - 145,200 Vehicle Expenses 772,500 - 434,189 1,206,689 Equipment Expenses 203,870 - 55,336 259,206 TOTAL EXPENDITURES 1,121,570 - 489,525 1,611,095 Net Change in Fund Balance 757,396 267,871 Beginning Fund Balance 4,505,130 4,988,631 Ending Fund Balance 5,262,526 5,256,502 Ordinance 2024-02, Page 8 WATER IMPACT FEE FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendments PO Roll Amended Budget Impact Fees 3,250,000 - 3,250,000 Investment Income 200,000 - 200,000 TOTAL REVENUES 3,450,000 3,450,000 EXPENDITURES Operations -Developer Agreements 2,180,644 - 2,180,644 Capital 124,250 - 93,361 217,611 TOTAL EXPENDITURES 2,304,894 93,361 2,398,255 Transfers In - - - - Transfers Out (3,100,000) - - (3,100,000) Total Other Financing Sources (Uses) (3,100,000) - (3,100,000) Net Change in Fund Balance (1,954,894) (2,048,255) Beginning Fund Balance 4,364,498 10,187,246 Ending Fund Balance 2,409,604 8,138,991 Ordinance 2024-02, Page 9 WASTEWATER IMPACT FEE FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendments PO Roll Amended Budget Impact Fees 2,000,000 - - 2,000,000 Equity Fees 300,000 - - 300,000 Investment Income 100,000 - - 100,000 TOTAL REVENUES 2,400,000 2,400,000 EXPENDITURES Operations -Developer Agreements 1,630,091 - 1,630,091 Capital 112,000 - 584,246 696,246 TOTAL EXPENDITURES 1,742,091 - 584,246 2,326,337 Transfers In - - - - Transfers Out - - - Total Other Financing Sources (Uses) - - - - Net Change in Fund Balance 657,909 73,663 Beginning Fund Balance 2,535,117 4,619,805 Ending Fund Balance 3,193,026 4,693,468 Ordinance 2024-02, Page 10 EAST THOROUGHFARE IMPACT FEE FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendments PO Roll Amended Budget Impact Fees 1,200,000 - - 1,200,000 Investment Income 100,000 - - 100,000 TOTAL REVENUES 1,300,000 - 1,300,000 EXPENDITURES Operations -Developer Agreements 475,000 - - 475,000 Capital - - 408,893 408,893 TOTAL EXPENDITURES 475,000 - 408,893 883,893 Transfers In Transfers Out Total Other Financing Sources (Uses) - - - Net Change in Fund Balance 825,000 416,107 Beginning Fund Balance 1,420,159 2,849,272 Ending Fund Balance 2,245,159 3,265,379 Ordinance 2024-02, Page 11 WEST THOROUGHFARE IMPACT FEE FUND FY2023-2024 Budget Amendment and PO Roll REVENUES Adopted Budget Amendments PO Roll Amended Budget Impact Fees 4,000,000 - 4,000,000 Investment Income 150,000 - 150,000 TOTAL REVENUES 4,150,000 4,150,000 EXPENDITURES Operations -Developer Agreements 2,675,160 - - 2,675,160 Capital 300,000 - 41,354 341,354 TOTAL EXPENDITURES 2,975,160 - 41,354 3,016,514 Transfers In - - Transfers Out - - Total Other Financing Sources (Uses) - _ - Net Change in Fund Balance 1,174,840 1,133,486 Beginning Fund Balance 2,385,418 6,321,772 Ending Fund Balance 3,560,258 7,455,258 Ordinance 2024-02, Page 12