Page 386 - FortWorthFY23AdoptedBudget

Gas-Related Revenue &
Expense/Expenditure

Policy

will be empowered to make fund management decisions and
recommendations consistent with an adopted investment policy of the City
Council. The Chief Financial Officer/Director of Finance shall serve as the
financial guardian of the Trust ensuring fiscal stability, overseeing the trustee
appointed by the City Council, monitoring fund performance and
recommending to the City Council the amount of funds available for
disbursement annually, in accordance with this policy and the trust documents.
The Chief Financial Officer/Director of Finance shall be precluded from
making specific expenditure decisions. Such decisions will be made by the
City Council upon recommendation by the City Manager.

3. The Trust instrument may be substantively amended upon the completion of
the process outlined within the trust documents.

4. To the extent not in conflict with common law or any other statutes applicable
to the Trust Fund, the trustee shall retain all powers granted to trustees by
the Texas Trust Code, and particularly is to have the power to invest and
reinvest the trust estate in accordance with the goals and stipulations of the
governing Trust instrument.

5. The determined percentage of bonus and royalty revenue from various sources
are to be held in a consolidated account which will be divided into different
sub-accounts including, but not limited to, the General Endowment Gas Lease
Fund, the Aviation Endowment Gas Lease Fund, the Park System Endowment
Gas Lease Fund, the Nature Center Endowment Gas Lease Fund, and the
Water and Sewer Endowment Gas Lease Fund. Other sub-accounts may be
created in order to account and track for funds as approved within this policy.

6. The goal of the Trust Fund is to produce income from investments and be
a long-term income source for the benefit of both present and future Fort
Worth citizens. The trustee, in close cooperation with the Chief Financial
Officer/Director of Finance, will recommend to the City Council distribution
procedures for the different funds of the Trust consistent with the goal to
preserve, as well as increase, the trust principal. The amount of income
available to be distributed each year from a particular fund of the Trust shall
be determined by the trustee and the Chief Financial Officer/Director of
Finance consistent with the Trust agreement approved by the Mayor and City
Council. In the event investment regulations prohibit the

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