Page 291 - City of Fort Worth Budget Book

Fiduciary Funds Rock Creek Trust

FUND SUMMARY

FY2023 FY2024 FY2024 FY2025 Chg from PY Adopted
Final Adopted Adjusted Rec. Amount %
Revenues
Property Tax $ — $ — $ — $ — $ — 0.0 %
Sales Tax — — — — — 0.0 %
Other Tax 1,656,737 1,763,775 1,763,775 — (1,763,775) -100.0 %
License & Permits — — — — — 0.0 %
Intergovernmental — — — — — 0.0 %
Charge for Service — — — — — 0.0 %
Fines & Forfeitures — — — — — 0.0 %
Use of Money & Property 175,816 — — 1,572,669 1,572,669 0.0 %
Special Assessments — — — — — 0.0 %
Other — — — — — 0.0 %
Transfer In — — — — — 0.0 %
Use of Fund Balance — 11,226 11,226 — (11,226) -100.0 %
Total Revenues 1,832,553 1,775,001 1,775,001 1,572,669 (202,332) -11.4 %
Expenses
Salaries & Benefits — — — — — 0.0 %
Gen Operating &
Maintenance — — — — — 0.0 %
Capital Accts — — — — — 0.0 %
Debt Service Accts 1,575,169 1,775,001 1,775,001 1,572,669 (202,332) -11.4 %
Transfer Out & Other — — — — — 0.0 %
Contra Accounts — — — — — 0.0 %
Project Budget Account — — — — — 0.0 %
Total Expenses 1,575,169 1,775,001 1,775,001 1,572,669 (202,332) -11.4 %
Grand Total $ 257,384 $ — $ — $ — $ — 0.0 %

FUND PURPOSE AND GOALS

Rock Creek Ranch PID continues with development on 1,755-acres located in southwest Fort Worth off the
Chisholm Trail Parkway. The development will include commercial, mixed-use, and residential properties, as well
as an 80-acre campus for Tarleton State University. The campus opened in August 2019 and is expected to have
2,500 students. The Rock Creek PID Debt Service Fund was originally created to pay for debt issued to finance
the improvements related to the development. The debt takes the form of special assessment revenue bonds that
are secured by pledged revenue of annual installments levied against the property within the PID. The debts are
special and limited obligations of the city, and shall never be payable out of funds raised or to be raised by
taxation or from any other revenues, properties, or income of the city. The city is acting as the property owner's
agent within the district in collecting future assessments, forwarding collections to trustees, approving bond
proceed disbursements, and initiating any future foreclosures. Beginning FY2022, the Rock Creek debt is
presented in the Rock Creek Trust Fund.

Previously, debt for Rock Creek Ranch PID was budgeted as a governmental debt service fund. During FY2021, it
was determined that the Rock Creek PID Debt Service Fund should be classified and accounted for as a fiduciary
fund in adherence with GASB. FY2021 debt activity and balances were transitioned from the Rock Creek PID
Debt Fund to the Rock Creek Trust Fund mid-year. All current and future actions will occur in the Rock Creek Debt
Trust Fund. Historical activity can be found in the Governmental Fund - Debt Service section in budget documents
prior to FY2021.

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