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Home My WebLink About10624RESOLUTION NO. 10624 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2006 CONVENTION CENTER AND URBAN RENEWAL AUTHORITY'S OPERATING BUDGET BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: The Urban Renewal Authority of Pueblo, Colorado's ( "Authority ") fiscal year 2006 Convention Center and Urban Renewal Authority 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 January 23, 2006 BY Randy Thurston Councilperson APPROVED: — , President of City Council ATTESTED BY: CITY CLERK ka�,Yi I0002q P `,I E �I ED Background Paper for Proposed ORDINANCE AGENDA ITEM # / DATE: January 23, 2006 DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH URBAN RENEWAL AUTHORITY TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2006 CONVENTION CENTER AND URBAN RENEWAL AUTHORITY'S OPERATING BUDGET ISSUE Should the Pueblo City Council approve the Urban Renewal Authority Budget for 2006? Approve the URA Budget which was adopted as amended by the Urban Renewal Authority on January 10, 2006. BACKGROUND The Authority is implementing the Pueblo Expanded Urban Renewal Plan for Downtown Pueblo. Pursuant to the Cooperation Agreement between the City of Pueblo and the Authority, the City Council must approve the Authority's Budget. The Urban Renewal Authority operating budget includes the operating budget for the Convention Center. The budget operating loss for the Convention Center is funded through the vendor fee. The Urban Renewal Authority operating budget is primarily funded through the tax increment generated within the plan area. FINANCIAL IMPACT The Authority's Fiscal Year 2006 Budget is attached. URBAN RENEWAL AUTHORITY PUEBLO COLORADO CONVENTION CENTER AND URA OPERATING BUDGET 11164tgg8 2006 Carveaan Center URA Budget 1.17.200e Proposed Revised Orglnal 2006 Budget 2095 Budget 2005 Budget CONVENTION CENTER OPERATION REVENUE SALES AND OPERATIONS REVENUE Room Rental $263,095 $277,720 277,720 Other Rgantruwe.rwran. e«..ewvee..se. teemrme) $163,931 $137,991 137,991 Foocl and Beverage $1,000,399 $1,004,975 1,004,975 OTHER REVENUE Rental 9,000 3.000 3,000 Advertising 10,000 2,300 2,300 Sponsorships, Vending, other 15,420 17,820 17,820 TOTAL OPERATING REVENUE $1,481,845 $1,443,806 $1,443,806 OPERATING EXPENSES EVENT EXPENSES F &B Product Elpense 280,112 281,393 281,393 F &B PT/Temp Labor Expense 280.112 301,493 301,493 F&B Salaries 147,351 140,860 140,860 Utilities Equipment Rental Insurance Cieda Cad Fees Solarise PIR Taws Albo to Eventsn) (111,915) (107,016) (107,016) Employee Benefits 32,731 46,793 46,793 F&B Other Event 6pense 30 ,012 30,149 30,149 Operations PTrr mp Labor Expense 106,234 111,822 111,822 Operations FR Solaria 97,975 95,060 Operations Solaria Albceted to Expense (27,132) (25,856) EVENT EXPENSE - Advertising/Production 470 0 EVENT EXPENSE- Teleaommunicatbns 26,177 25,612 25,612 EVENT EXPENSE- Equipment/Linen Rental 25,704 23,306 23,306 EVENT EXPENSE -Other 1.913 690 690 TOTAL EVENT EXPENSES 889,742 924.306 855.102 INDIRECT EXPENSES Advertising 28,750 23,950 23,950 Bank Acoount Feee 2,400 1,500 1,500 CdlectbnarHed Debt Expense 200 1,000 1,000 Computer Extom a 6,000 SAM 9,005 Direct Seta 4,530 6,470 6,470 Duee/Subscriptbrs 8,774 6,985 8,985 Employee Bereft 96,075 106,814 106,814 Employee Relations 10,346 13,846 13,846 Equipment - New 10,045 13,395 13,395 Equipment Lase Agreerrene 10,820 12,858 12,858 EgUlp/Blog Malntersnee Agreements 29,700 27,380 27,380 Equipment Rental 2,075 2,550 2,550 Insurance - WdBlogrProperty 42,333 55,205 55,205 Lbeneee/Permda 2,196 2,196 2,196 UnenaO -sundry 39,000 41,840 41,840 LlnensfLaundry Aibc To Event Expensowl) (34,328) (42,911) (42,911) Melntenance/Owning Supplies 31,171 31,400 31,400 MeetingUConventbneffralnings 15,210 16,235 18,235 Ofibe Supplies 4,360 3.600 3,600 Payroll Tams 48,713 43,184 43,184 Postage 2,760 3,100 3,100 Printing 5,910 5,060 5,060 Professional Feds(A=unbnglLegap 5,500 5,500 5,500 Promotional Materiels 7,200 7,490 7,490 Repairs - BldplEqulpmemu 29,050 34,345 34,345 Salaries - AdminletratMe 322,618 276,382 371,442 Solaria allocated to event a pensa (25,856) Telephone 27,840 25,780 25,780 Travel 13,028 7,134 7,134 Unlorms 12,300 12,846 12,846 Utftlss 126,456 104,352 104,352 I.fBalss Alto To Event Expeosewt) (37937) 125562) (25562) TOTAL INDIRECT EXPENSES D79 833 961 TOTAL NENT AND (OVERHEAD) INDIRECT EXPENSES PROMOTE) OPERATING DEFICIT (30),994) (314,029) (314,029) BEFORE RC40 NE FEE CALCULATION 11164tgg8 2006 Carveaan Center URA Budget 1.17.200e URBAN RENEWAL AUTHORITY PUEBLO COLORADO CONVENTION CENTER AND URA OPERATING BUDGET Debt Service of Bonds Management Fee Management Incentive Feep) Prorated for Urban Renewal Exec Director Cep0el Outlay and Replacement Replacement Reserve McMetlrm for Pueblo Convention Center OPERATING INCOME (Lass) OTHER INCOME Investment Income Vendor Fees URBAN RENEWAL AUTHORITY OPERATII REVENUE Property and Sass To Increment " Proceeds from Loan Earnest Money from Developers Investment Income Temporary Rental Income TOTAL OTHER INCOME URA UN OF FUND$ Bad Payment Sena B (TIFF) URA Bead Member Expenses Executive Director URA City Planning Reimbursement URA Marketing Special Event Sponsorship Drevvin0 of Elpansion Design Development and Expenses Audit Fees URA Attorney Coate Parking Structure Schematic Design Debt Service for Schuster Property URA Project Area Plan Acquisition of Property (Schuster$ Priming) Parldng Structure Reserve Fund Eamest Money from HARP Authority TOTAL USE OF FUNDS EXCESS (LOSE) FOR URBAN RENEWAL AUTHORITY BALANCE CARRIED FORWARD TIP RESERVE 2808 72,000 1,=,00D 1, 417,944 1,417,945 321,000 303,570 303,570 0 310,000 0 10,000 48,000 100,000 0 13,499 $389000 $537,069 5303,570 0 310,000 100,000 0 0 10.000 $381 000 5555,499 303,570 (512,000) $81,570 $0 $81,570 f88,S70 ° TolaITIFrawnueeshmatedat$321,000 "^ The total Executive Director Elperee is $125,000 per agrsemera with the city.. $100,000 is coming out o TIF funds and $25,000 will come from the Vendors FW(Pueblo Convention Center opeMing funds). - ACwwtlexoess TIF ON Vendee Fee ante 1997 ^"2W88cMS TIF Funds (1) A peroestpe wires r0aw(eslelw, UMN. ft) are allocated swot InCOMe b Meer retscl event h DORM rd far cepweb PJP010$ (2)The Management tcwem Fee Is based on to contraetW sQeeoent Mween M Management Camper, and art Urban Remewl AWCrIIy. This tents lase In 9le contract under Arlde 10.4(Pay lmcent" Fee). TOW MaNgVM, Ine 85 plus alit 124 a2A98,119 111812008 2006 Canvwam Center URA Sug7w 1.17.2008 2,517,119 2,478,722 2,757,809 108,000 18,000 18,000 18,000 100,000 100,000 100,000 0 10,000 10,000 10,000 8,000 8,000 10,000 10,000 10,000 28,000 50,000 30,570 5,000 8,000 4,000 20,000 20,000 15,000 50,000 0 40,000 13499 0 310,000 100,000 0 0 10.000 $381 000 5555,499 303,570 (512,000) $81,570 $0 $81,570 f88,S70 ° TolaITIFrawnueeshmatedat$321,000 "^ The total Executive Director Elperee is $125,000 per agrsemera with the city.. $100,000 is coming out o TIF funds and $25,000 will come from the Vendors FW(Pueblo Convention Center opeMing funds). - ACwwtlexoess TIF ON Vendee Fee ante 1997 ^"2W88cMS TIF Funds (1) A peroestpe wires r0aw(eslelw, UMN. ft) are allocated swot InCOMe b Meer retscl event h DORM rd far cepweb PJP010$ (2)The Management tcwem Fee Is based on to contraetW sQeeoent Mween M Management Camper, and art Urban Remewl AWCrIIy. This tents lase In 9le contract under Arlde 10.4(Pay lmcent" Fee). TOW MaNgVM, Ine 85 plus alit 124 a2A98,119 111812008 2006 Canvwam Center URA Sug7w 1.17.2008 2,517,119 2,478,722 2,757,809