HomeMy WebLinkAbout8594RESOLUTION NO. 8594
A RESOLUTION CONSENTING TO THE ADOPTION OF THE
URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S RESOLUTION
ADOPTING THE FISCAL YEAR 1999 BUDGET INCLUDING AN OPERATION AND
MAINTENANCE BUDGET
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO
that:
SECTION 1.
The Council hereby consents to the adoption of the Urban Renewal Authority's
Resolution 98 -12) dated. December 8, 1998 adopting the Fiscal Year 1999 Budget
including an Operation and Maintenance Budget.
SECTION 2
The President of the City Council is hereby authorized to approve the adoption of
the resolution.
INTRODUCED December 28, 1998
BY AWE: &Z
Rich Golenda °d
Councilperson
ATTEST:
v? 1q
COUNCILAGENDA
Title A RESOLUTION CONSENTING TO THE
ADOPTION OF THE URBAN RENEWAL
AUTHORITY OF PUEBLO, COLORADO'S
RESOLUTION ADOPTING THE FISCAL YEAR
1999 BUDGET INCLUDING AN OPERATION
AND MAINTENANCE BUDGET
Department: Housing, _& Community Development
Ti 12 -2-�-
Agenda Item #
Date: December 28. 1998
COUNCIL BACKGROUND PAPER
I
M WI , 1 . 1 . .
A. Issue:
A Resolution consenting to the adoption of the Urban Renewal Authority's resolution
adopting the Fiscal Year 1999 Budget, which includes the Operation and Maintenance
Budget submitted by the Globe Facility Services.
B. Recommendation:
Adopt the Resolution by the Urban Renewal Authority.
II
ISM M!9
At the December 8, 1998 Meeting, the Urban Renewal Authority adopted resolution 98 -12
adopting a Fiscal Year 1999 Budget including an Operation and Maintenance Budget for the
Pueblo Convention Center.
III
FINANCIAL IMPACT
The Budget will establish line items based on the current estimates of revenue, expenditures
and available funds for the Pueblo Convention Center project.
IV
ALTERNATIVES
A. The City could elect not to consent to the resolutions.
B. The City could not approve.
Pueblo Urban Renewal Authority Budget Including The
Operations and Maintenance Budget
for the Fiscal Year Ending December 31, 1999
REVENUE:
Carryover of City Advance Res 8513 180,000
Tax Increment (Hotel & Centel bldg.) 205,000
Sales Tax Vendor Fee 1,300,000
Convention center Income 893,933
Total Revenues: 2,578,933
EXPENDITURES:
Globe Facility Services Operations & Maintenance Budget (see Attachment) 1,269,317
City of Pueblo Advance Pmt 127,316
PDF Operating Lease Annual Pmt. 132,500
Carryover of city Advance per Res. 8513 180,000
Depreciation Expense 109,800
Bond Debt Service 760,000
Total Expenditures: 2,578,933
Pueblo Convention Center /GFS
Proposed Operations /Maintenance Budget 1999
Revised 1214198
1999 Budget
Events
Attendance
422
60,930
Revenue
Event Income - Rentals
118,131
Event Income - F &B
610,198
Event Income - Public Foods
54,052
Event Income - Equipment
61,608
Event Income - Utilities
5,450
Event Income - Labor
11,894
Event Income - Other
10,000
Off Season /Other Revenue
22,600
Total Revenue
893,933
Expense
Advertising
24,115
Audit/Investment Fees
3,400
Bank /Credit Card /Collection Fees
3,300
Computer /Internet
4,600
Copier Lease
2,580
Direct Sales
3,600
Dues/Subscriptions
4,048
Equipment -New
20,510
Equipment Rental
1,800
Event Equipment/Utilities
6,360
Event Labor (Temps/Securit
18,000
Event Other
7,200
FedEx /UPS
960
Food & Beverage Cost
484,182
GFS Management Fees
90,000
GFS Wages & PR Expense
340,832
Legal Fees
2,000
Liability/Property Liability/Property Insurance
26,500
Licenses /Fees /Permits
1,800
Maintenance & Repairs
39,240
Miscellaneous
900
Office Supplies
4,800
Postage /Meter Rental
4,560
Printing & Promotion
32,000
Seminars/Training /Conferences
4,800
Telephone /Cellular
24,200
Travel & Entertainment
10,420
Uniforms & Laundry
20,400
Utilities
82,210
Operating Expenses
1,269,317
Projected Deficit Subtotal
(375,384)
OTHER EXPENSES
Depreciateion Expense
109,800
PDF Interest/Lease
132,500
Res. # 8121 Lease Repayment
37,316
Res. # 8513 Lease Repayment
90,000
Total Other Expenses
369,616
Projected Deficit Total
(745 ,000)