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Home My WebLink About10883RESOLUTION NO. 10883 A RESOLUTION TO AMEND THE 2006 CONVENTION CENTER AND OPERATING BUDGET OF THE URBAN RENEWAL AUTHORITY OF PUEBLO TO REFLECT UP -TO -DATE FISCAL REVENUE AND EXPENDITURES WHEREAS, City Council recognizes the need to amend the adopted fiscal year 2006 Convention Center and 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 December 11, 2006 Background Paper for Proposed RESOLUTION AGENDA ITEM # 11 DATE: DECEMBER 11, 2006 DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH URBAN RENEWAL AUTHORITY OF PUEBLO /MIKE TEDESCO TITLE A RESOLUTION TO AMEND THE 2006 CONVENTION CENTER AND OPERATING 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. The proposed budget amendment addresses both the Pueblo Convention Center's Budget, which is funded through the use of vendor fees, and the Urban Renewal Authority's Operating Budget, which is funded through tax increment financing. Should this resolution be adopted by City Council, it will represent the second occasion this fiscal year the Urban Renewal Authority has amended their budget. An amendment to the Budget is needed to reflect a more accurate projection of Convention Center 2006 gross sales, as well as to reflect the receipt of $9.5 million in bond proceeds pursuant to the Main Street Parking Garage. FINANCIAL IMPACT No direct costs associated with amending the budget. URBAN RENEWAL AUTHORITY PUEBLO COLORADO ADITION CENTER AND URA OPERATING BUDGET Ewa1b6 Flo)W PRawt PwN� WRWW AmaMa4 Orh*w 2405 A 2450 ludoW Ana 2404 8ma mBS M14NI MNI BUdp mOa Nl4aa AMRI CONVENTION CENTER OPERA nON REVENUE 4ALE6 ft foo4 OT ER R R TOTAL O /ERIITM0 EVENT IXP F4B FBBNT EVENT EVFM EVENT EVEN NRECT E ro E N% ATgN Bank E C-pA pM Enpby E E OBw PaNmIT poRw Pm6w ProM1wi R. pan Stluiw T Tr LHICm® ueteea URBVs TOTAL MTAL NON PROJECT BERORE DebISaW c.pw Caput R V-kM w TOTAL O TNO WHIR R COEIE I/MWneti Vasa F ER m( NO OFEMTNRL4 REVENUE oam RaVN 203 171 283095 283085 197 oN��a... r. m. ve ....mm.• =v..�,,.,...,m.,.w�� 159 148882 183932 163 140468 ^^�B^� +E• 1056702 894243 1000399 1000399 925181 EVENUE aYl AAwkiw - - EPaRnaiPS. 8 14 34420 34420 18 OPERATND WEVENUE 7428197 1250000 1461848 1481846 1 BcPt01REa ENSES cor or0aaes sd4 295317 280897 280112 280 315 Raw LaGV Bpaw 24Z581 242 188197 168187 140 gprmor Pnlaw taker Ewrpa 38 49 79 79102 93 EYPB13E- A4wEiWROJpEan 489 1 470 470 2463 EAPENSE- Ttlsmnaliullaw 1 1 28177 28177 2100 EAPENSE -E%Rm M �Ra 4 1 25 25 18 EAPEME - o 6 12 1 1911 6 EVBIT IXPBBEE 588729 570 587873 581573 698098 PFREEB Ada4NYp 18 18 28 28 25276 Ct SaNCS 1 590 CreM Ca4 Fws BOOD 8 2400 2 6 CCIMIaWBa4 CM4 Ewaae 200 200 1414 a Ewwpa 7 9 6 8000 9911 !Slw 32(10 192 4530 4530 439 GspowBbe 13 15 02 DurlSlasvplpa 80 8821 8 8774 3727 Eapbrw BarMh 108 78 128808 128808 137574 Ewbyw NRWRecapNm ceNe 5508 4249 10348 10348 8447 w lwaiuras 55 9 Www4 -Nw 6BM1VrM 1090.5 8124 10 10 13985 EWpneN LwwAPwMa 10080 11,589 10,820 10,820 11,752 EWgele4 W. Wsaw+s 248 22123 29 29700 24041 WPIw4R l 875 1 2075 2 088 wuara- WaN4PReprly 44450 42 42 42 40 lhawa'PemNS 196 2 2 2198 7509 naprta�My 39 33379 39000 39000 45342 UrVnYLauOy Abc TC E Eawww - - 328 75 N4rkaw.dcm.ap Spo- 25 24605 31 31 24989 kMetln9NCaratlaw/9akiiwC 11 6 15 15 3448 6ss Apo 4 3 4 4 4 pw 64 70 48 48 - 3 4882 2 2760 3529 50 6 3 5 5 8 nplFw(MCwtlwrtgpp 6 8 5 S 5500 8381 wYk wb 10500 8 7200 7 4408 BN9£p9pWm 14 11138 29 29 11888 - Aam.wan+ 540253 468 W7.m 597956 333602 slsNpw 21 19030 27840 27890 389 12 558 17,894 13,028 13R26 15 274 00 30 5 12 12 9 137,072 131,00) 728 458 120,458 137 xyapw A WT. E E 7 37 NBRECT EXPENSES 121 281 1,051,900 1 187 187 1,181,187 87 859 EVBRAROIOVEINN10) 1 1 OOD 1 1 1588757 ECT E %PE119EB W OPERATNp OERCG COIN. CENTER 390793 090 390994 994 189 NCBBN[ FE! CALCUUITMMI w WBams 348000 34800D 348050 348000 233 dFw 96 72 72 72 110 14fta Fw(1) 24000 60771 60711 00 br4 Raaatl EwCO .02) 25 25 25000 25 7 WYy M RakYeaaa4 300200 175235 175235 175235 4 aolenanat R. 50 5000) 50000 50 a PUtlocaNwmlCrla 28500 25 25000 25000 Z458 887 754 754280 754280 358 OP[IGTN9 BtPBYip 2 2378370 2 251712D 1927522 EICOBE ILwsI 1248 109837 1055774 105521 41 (U7 IncwsVaka Fw 72000 72000 72000 ]2000 99885 1 704783 7 680388 1,50D 7500000 7 510973 BIO 1-088) MR VOR FEE FON9 529280 M,M7 516 516728 674 'Ml..20RM.dlP0Q.l.N1) 1 tlA yAp1 'Ml..20RM.dlP0Q.l.N1) 1 tlA yAp1 ftp i FrMj t P 1 PrWRC1 R.V Pmarstl odol" 1088 Ap11O] P =7 MbM ]006 Bb, 2108 1M6 ELKNW P REM8RIE Rcpwty RMS Tm Imamt MtarnM IaawTK Pa0tla W R� Tanpv , RRVLLStlxY.h&YM, Rtlm4vfRroits (lab MmWa O Y) EaaRl.IansY PBa Y. MF Cepypa(ME) Rwr YtMF CRrypw(20061 BardP Cw,. TOTAL OMMK RUMOR 1R1A118EOFFIRIDB BRtl Peyn BM. 8 MF Fes) Ptlway Cab PlFar ( CR YO Man0a F>prM. C WlS RtlnOpe N CaarNtp Sm1cn Not NW) DeN Scala Qi LaR�BtlYRtefe Dwstlra Bp D WVD W.Wn FaMRSe Dntbpa Ca . EvaPtie Waco Seby Rtl Caw(2) LRMAMJMO hffi a a EbaiMe NDD Cabap F PRMa ORRa EpPRRea Prbry 6wWa RasRw FuM PUMIO SwrdMV SMRallc DMO� PDF ftrm RafaNRW Fea Ropoly Aq] la(Ltle 38 P, FI StluMa18 PmpeRy E YRRSs B .PR ,Lat aw. TRa. P LM Rrymaanmte URP MRWOO URll0.eeytlas U spe Eat 3poauMlp TOTAL OSE OF Rms EXCESS "M FOR W BEFORE CAPOAL UP. Bono Raee06 BRM PRCaede TIF ReFRUe Futl ORM iR Peary SbuNRe Tavel Roma CAflTAL MOPECTS CamN Na Caw W PeMry S s(3) Carty o (O Tad EkpeMpeee Eveea (Lac) Tad Re TF FMO BALARCE CARRYOVER (1) TW MeayRmt 1a Fa b Wee0 a DR Do MvmgR Cw RO 6RM RS "WRY.. M an W fopM kIW mOed aJlr AMtls 10MPry OrRNw Fa). (2) TW dM EnnYiepWafigRSFb212 0. 000 pRapaaMwMMe ry.. S18D.00DkcaiO aR a1TIFNM nM f13A00 Yrame0ap tlb VRMYS Fa (RRMp CapatM C6sapRMYO Nm). (!) TWf3].PIIb2006 Rea pOy NSC MlMwkiMbnalhMM Dptlww06. 1ww. tlinnOROae not tttaui fRm apwRee.leOM RPeaw. RtlsnRRM aawk Opsnm, r al0 w Ms. g) TWS3i.50pfpr ZOO Rb atlw WA4b Netl YW paR�wepRbYtla MtlR MwIwY0nw1 Is) TW taperM relaM Me WMRatl1N31O8k�0,000 ni0tllMt�%MW5100,OOO VepMeenRO reelnab ROaerTtn RPeeeee) RopoRammRRaPCC.MRyt)n.vae z tznzma Exp r nqw ..Jd I aa6 w M a r eam., x.. M bo as euao. ae suftm as amaa xaa. Pueblo Urban Renewal Authority Schedule of TIF Revenues and Expenses Year Ended December 31, 2005 2005 sales/property tax revenues $ 322,472 2005 expenses/expenditures $ 700,569 $ (249,910) $ (233,053) $ (106,029) $ 6,259 $ 26,710 $ 144,566 FxmsldY)af na.ws oer a�eraeWayeMeaea $ 177,906 neoaawq Haan a tanarmn Vendor Fee TIF Reserve Fund Balance Fund Balance 0 Cob Tnst a C_Safe Balance 4D 12/31/0.5 per Audit $1,241,890 $ 992,566 Estimated Excess for FYE 12/31/06 $ 636,017 $ 116,106 Estimated Fund Balance at 12/31!06 $1,877,907 $1,108,672 Estimated Excess for FYE 12/31/07 $ 526,290 $ 140,105 Outlay for Hotel $2.406,197 $(1700,000) Estimated Fund Balance @ 12/31/07 $ 2,406,197 $ 148,777 neoaawq Haan a tanarmn