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Home My WebLink About10029RESOLUTION NO. 10029 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2004 CONVENTION CENTER AND URA OPERATING BUDGET BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: The Urban Renewal Authority of Pueblo, Colorado's ("Authority") fiscal year 2004 Convention Center and URA Operating Budget ("Budget"), a copy of which is attached hereto, is hereby approved; provided, however, that Excess Proceeds and Total Excess Proceeds shown on the Budget shall not be committed, encumbered or expended by the Authority other than to invest or reinvest same without prior approval of the City Council by Resolution. INTRODUCED December 22, 2003 BY Al Gurule/Councilperson APPROVED: Bill Sova/President of City Council ATTEST: Gina Dutcher/City Clerk Background Paper for Proposed RESOLUTION 10029 DATE: December 22, 2003 DEPARTMENT: Housing and Citizen Services TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2004 CONVENTION CENTER AND URA OPERATING BUDGET ISSUE Approval of the FY 2004 Urban Renewal Authority of Pueblo, Colorado ("URA") Convention Center and URA Operating Budget ("URA Budget"). RECOMMENDATION Approve the URA Budget previously adopted by URA. BACKGROUND The URA is carrying out the Phase One Urban Renewal Plan for Downtown Pueblo and pursuant to its bond indenture, the City Council must approve the URA Budget. The Resolution approves the URA Budget. FINANCIAL IMPACT The URA Fiscal Year 2004 Budget is attached. URBAN RENEWAL AUTHORITY PUEBLO COLORADO PROPOSED CONVENTION CENTER AND URA OPERATING BUDGET CONVENTION CENTER OPERATION 2004 BUDGET 2003 BUDGET REVENUE SALES AND OPERATIONS REVENUE $1,591,462 $1,470,395 OTHER REVENUE Rental 9,000 19,000.00 Advertising 3,450 8,400.00 Sponsorships, Vending, other 22,115 14,850.00 TOTAL OPERATING REVENUE $1,626,027 $1,512,645 OPERATING EXPENSES EVENT EXPENSES F&B Product Expense 299,590 290,101 F&B PT/'remp Labor Expense 353,088 393,708 F&B SALARIES 181,280 122,864 SALARIES P/R TAXES ALLOC TO EVENTS (122,589) (93,259) EMPLOYEE BENEFITS 56,327 33,591 F&B Other Event Expense 37,449 36,263 EVENT EXPENSE - Advertising/Production 23,250 44,300 EVENT EXPENSE - Telecommunications 26,764 22,581 EVENT EXPENSE -Operations Labor 113,978 96,530 EVENT EXPENSE - Equipment/Linen Rental 24,870 27,518 EVENT EXPENSE - Other . 9,624 5,402 TOTAL EVENT EXPENSES 983,631 979,599 INDIRECT EXPENSES Advertising 17,278 20,405 Bank Account Fees 1,500 1,500 Collections/Bad Debt Expense 1,400 1,400 Computer Expense 11,517 14,150 Direct Sales 2,440 5,340 Dues/Subscriptions 6,955 7,338 Employee Benefits 122,325 69,679 Employee Relations 6,930 6,155 Equipment- New 13,702 19,557 Equipment Lease Agreements 11,910 12,150 Equip/Bldg Maintenance Agreements 29,200 31,725 Equipment Rental 3,100 3,050 Insurance - Wc/Bldg/Property 77;058 38,000 Licenses/Permits 2;086 1,980 Linens/Laundry 52,129 56,440 Linens/Laundry AIIoc To Event Expenses (51,687) (54,027) Maintenance/Cleaning Supplies 38,748 33,170 Meetings/Conventions/Trainings 16,510 20,155 Office Supplies 4,350 4,000 Payroll Taxes 45,339 37,787 Postage 3,100 5,500 Printing 7,410 9,180 Professional Fees (Accounting/Legal) 5,500 8,000 Promotional Materials 10,390 14,290 Repairs - BIdg/Equipment 41,567 44,412 Salaries - Administrative 372,270 332,813 Salaries/Pr Taxes AIIoc To Event Expenses (16,282) (15,808) Telephone 33,940 32,920 Travel 6,872 9,662 Uniforms 15,846 14,800 Utilities 120,238 104,282 Utilities AIIoc To Event Expenses (26,714) (22,531) Management Fee 69,792 68,520 Prorated for Urban Renewal Exec Director .... 25,000 0 TOTAL INDIRECT EXPENSES 1,061,719 935,994 Temporary Parking Lot Improvements 64,800 Capital Outlay and Replacement 75,100 31,300 Replacement Reserve 50,000 Advertising for Self Promoted Events 5,000 TOTAL OPERATING EXPENSES 2,195,449 2,011,693 OPERATING INCOME (Loss) ($569,422) ($499,048) OTHER (EXPENSES) AND INCOME Debt Service on Series A and B Bonds (740,000) (740,000) PDF Equipment Lease and City debt (129,200) (155,867) Vender Fees 1,383,360 1,403,500 Property and Sales Tax Increment 91,570 108,000 Management Incentive Fee (44,425) Investment Income 117,311 101,500 TOTAL OTHER INCOME $678,616 $717,133 NET PROCEEDS FROM CONVENTION CENTER OPERATION $109,193 $218,085 URA BOARD OPERATION BUDGET URA SOURCE OF FUNDS Property and Sales Tax Increment ** $212,000 Net proceeds from Convention Center Operation 109,193 TOTAL FUNDS AVAILABLE $321,193 URA USE OF FUNDS Item Description I Travel expenses for URA Board Members 5,000 2 Executive Director .... 100,000 3 URA Undertakings(Planning) 10,000 4 Marketing 5,000 5 Drawing of Expansion 80,000 6 Audit Fees 2,000 7 URA Attorney Costs 10,000 TOTAL USE OF FUNDS $212,000 URA EXCESS PROCEEDS FOR PERIOD ENDING MARCH 2003*** $109,193 ESTIMATED BEGINNING EXCESS PROCEEDS $1,000,000 PROJECTED ENDING TOTAL EXCESS PROCEEDS*** $1,109,193 ** total TIF revenue estimated at $303,500 of which $108,000 is budgeted for payment on Series B Bond, the *** balance of $212,000 is directly available to the Board for Board activity. May also be budgeted upon Council Approval based on UPA Recommendation PROPOSED CONVENTION CENTER AND URA OPERATING BUDGET 2004 CONVENTION CENTER OPERATION REVENUES Sales and Operations Revenue $1,591,462 Other Revenue 151,878 Total Operating Revenue $ 1,743,338 OPERATING EXPENSES Event Expenses 983,631 Indirect Operating Expenses 1,081,719 Capital Outlay and Equipment Replacement 75,100 Replacement Reserves 50,000 Advertising for Self Promoted Events 5,000 Total Operating Expense 2,195,449 OPERATING INCOME (Loss) (452,111) OTHER (EXPENSES) AND INCOME Debt Service (740,000) PDF Equipment Lease Purchase (129,200) Management Incentive Fee (44,425) Vendor Fees 1,383,360 Property and Sales Tax Increment 91,570 TOTAL OTHER INCOME 581,305 Net Proceeds From Convention Center Operation 109,193 Urban Renewal Board Operations URA SOURCE OF FUNDS Property and Sales Tax Increment 212,000 Net Proceeds from Convention Center Operation 109,193 Total Funds Available $ 321,193 URA USES OF FUNDS Travel for URA Board 5,000 Executive Director 100,000 URA Project Plan 10,000 Marketing 5,000 Drawing of Expansion 80,000 Audit Fees 4,000 URA Attorney Costs 8,000 Total Uses of Funds 212,000 URA Excess Proceeds for 2004 109,193 Estimated Beginning Excess Proceeds 1,000,000 Projected Ending Total Excess Proceeds 1,109,193 ** Assumes a portion of Debt Service is paid with Tax increment Funds. *** May also be budgeted upon Council Approval Based on URA Recommendation.