HomeMy WebLinkAbout10824RESOLUTION NO. 10824
A RESOLUTION TO AMEND THE 2006 OPERATING BUDGET OF THE URBAN RENEWAL
AUTHORITY OF PUEBLO TO REFLECT UP -TO -DATE FISCAL REVENUE AND EXPENDITURES
WHEREAS, The City Council recognizes the need to amend the adopted fiscal year 2006
Operations Revenues and Expenditures Budget to reflect up -to -date income and expenses and to
more accurately address the current needs of the Authority.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The amended 2006 Operations Revenues and Expenditures Budget, a copy of which is
attached hereto; is hereby approved.
SECTION 2.
This Resolution shall become effective upon final passage.
BY Randy Thurston
Councilperson
APPROVED:
President of Cit Council
ATTESTED BY:
CITY CLERK
INTRODUCED October 10, 2006
�. #/ d8��
n D
Background Paper for Proposed
RESOLUTION
AGENDA ITEM #
DATE: OCTOBER 10, 2006
DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH
URBAN RENEWAL AUTHORITY OF PUEBLO/MIKE TEDESCO
TITLE
A RESOLUTION TO AMEND THE 2006 BUDGET OF THE URBAN RENEWAL
AUTHORITY OF PUEBLO TO REFLECT UP -TO -DATE FISCAL REVENUE AND
EXPENDITURES
ISSUE
Shall the City Council approve a Resolution to amend the 2006 Budget of the Urban
Renewal Authority of Pueblo to reflect up -to -date fiscal revenue and expenditures?
Approve the Resolution.
BACKGROUND
The proposed budget amendment only addresses tax increment revenue of the
Authority; the vendor fee portion of the budget will not be amended. By amending the
Authority's budget the Urban Renewal Authority Board will then be placed in a more
responsive position to address the pressing issues that have surfaced during the last
half of the fiscal year. To date in 2006, the Authority has generated approximately
$367,000 in TIF revenue (including the sales tax TIF). The proposed amended budget
reflects an unexpected increase in TIF revenue as well as a more precise explanation
of "Development and Design Expenses."
FINANCIAL IMPACT
No direct costs associated with amending the budget.
Proposed Original 2006 Revised 2005 Original 2005
2006 Revision Budget Budget Budget
URBAN RENEWAL AUTHORITY OPERATIONS
REVENUE
Property and Sales Tax Increment
Proceeds from Loan
Earnest Morey from Developers
Investment Income
Reimbursments
Temporary Rental Income
Excess TIF (2005)
TOTAL OTHER INCOME
367,000 321,000 303,570 303,570
310,000
10,000
48,000 48,000
52,489
8,000 13,499
177,908 60,000
$ 653,395 $ 429,000 $ 637,069 $ 303,570
URA USE OF FUNDS
Bond Payment Series B (TIF)
URA Board Member Expenses
Executive Director'
URA City Planning Reimbursement
URA Marketing
Special Event Sponsorship
Development and Design Expenses"
Audit Fees
URA Attorney Costs
Parking Structure Schematic Design
Debt Service for Schuster Property
URA Project Area Plan
Acquisition of Property (Schustefs Printing)
Development Construction
Land Acquisition
Parking Structure Reserve Fund
Earnest Money from HARP Authority
TOTAL USE OF FUNDS
EXCESS (LOSS) FOR URBAN RENEWAL AUTHORITY
108,000
18,000
18,000
18,000
18,000
67,831
100,000
100,000
100,000
- NDC 2005 (carryover): $11,500
11,500
10,000
10,000
5,000
10,000
8,000
8,000
10,000
10,000
10,000
10,000
187,790
28,000
50,000
30,570
6,668
5,000
6,000
4,000
45,000
20,000
20,000
15,000
50,000
40,000
40.000
13,499
310,000
100,000
100,000
100,000
10,000
$ 590,289 $ 381,000 $ 555,499 $ 303,570
63,106 $ 81,570
BALANCE CARRIED FORWARD
TIF RESERVE 2006
$ 63,106
`Executive Director/ City Support $57,000 57,009
- Computer: $2,102 2,102
- Moving: $3,880 3,880
- R.S. Wells: To date $4,849 4,849
$ 67,831
- Financial Consultant: $10,000 (NMTC Expense)
10,000
- Master (Framework) Plan: $40,000
40,000
- North Side Plan 8 Conditions Survey: $44,289
44,289
- NDC 2006: $40,000
40,000
- NDC 2005 (carryover): $11,500
11,500
- Parking Structure Schematic: $28,201
28,201
- Real Estate Consultant: $10,000
10,000
- South Santa Fe Conditions Survey: $3,800
3,600
- Urban Core Marketing: $10,000
10,000