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Home My WebLink About11463RESOLUTION NO. 11463 A RESOLUTION APPROVING AN AMENDMENT TO THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2008 OPERATING BUDGETS FOR PHASE 1 URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE 1 URBAN RENEWAL PROJECT AREA, AND THE PUEBLO CONVENTION CENTER. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Urban Renewal Authority of Pueblo fiscal year 2008 Operating Budget Revisions as presented in the attached budget are approved. SECTION 2. This Resolution shall become effective upon final approval and adoption. INTRODUCED November 24. 2008 BY Vera Ortegon Councilperson PRt i I I T'�l rtw d]UH� :s r) a { CLE E �� L Background Paper for Proposed RESOLUTION AGENDA ITEM # 3 DATE: NOVEMBER 24, 2008 DEPARTMENT: Robert F. Hain, Finance Director TITLE A RESOLUTION APPROVING AN AMENDMENT TO THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2008 OPERATING BUDGETS FOR PHASE 1 URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE 1 URBAN RENEWAL PROJECT AREA, AND THE PUEBLO CONVENTION CENTER. ISSUE Should City Council approve the changes made to this budget? RECOMMENDATION Approve this action. BACKGROUND The Urban Renewal Authority operation has undergone change during the year. The revised budget reflects the operating changes in the Northside Area Budget, the Lake Minnequa Area Budget, the Santa Fe Area Budget, the Expanded Area Budget, and the Phase 1 Area Budget. This amendment also makes changes in the Pueblo Convention Center Budget. You are being asked to approve amendments to that portion of the budget, which pertains to the URAP budget for the Phase 1 Urban Renewal Project Area, the Expanded Phase 1 Urban Renewal Area, and the Pueblo Convention Center. These changes include an increase in TIF revenue that was not projected in the original budget. Significant changes on the expense side the budget include an increase of $30,000 to finance the Convention Center ballot question, $30,000 for retail development consulting (Buxton), and $30,000 for a contract with the National Development Council. Changes in the Pueblo Convention Center Budget are addressed in the attached memo. FINANCIAL IMPACT The Authority's fiscal year 2008 Amended Budget is attached. , o 0 ° r CD C)o 00 Lo N LL U L N 0 O O a` z j i « w N L m E E co 00 O O N O z N 7 a 0 O L w+ 7 Q f6 c C N c f0 .a m 0 0 0 0 0 0 Q m 0 0 0 d co 0 Q U 0 !D r C_ LO V � N m Y O W m a` J wmvrit r- LL m � c Q CU U c O 0 N N O N 0 m co o co 0 m M N , O dQ mocoo CO M 0 d (OM MLO U 0 !D r � O as m L W w v 9 m c BOO �M m c L) CO rn IT rn W 0 N r N M N a c U- U- 2 N �m a c c o m N X N Of W N U m m U m O O X O F F-W F rn0rno M N , O co LO � d N M N LO N N Q N m L a w v 9 m c BOO �M m c L) CO rn IT rn W 0 N r N M N a c U- U- 2 N �m a c c o m N X N Of W N U m m U m O O X O F F-W F Urban Renewal Authority of Pueblo 2008 Revised Project Area Budqet -- All Project Areas Web Site and Aaounnne Sob,ni e WL Rebn i iii m TOTAL EXPENSES EXCESS (LOSS) URAP OPERATIONS CAPITAL PROJECT ACCOUNTS G Nel PUMb lmprmmpN g m, O u ea Pink, ..2 , Ma Cepkl 6pen aee- FUr Mn ern! Mp HARP L.3&4 I.. Hwae Fund F Bede lmPrweinmrt Lde Furd+: _.. PeM1inp GenOe TOTAL CAPITAL PROJECTS 'At el- mb. -ma .n, aei.rer lath nF. Me, vendorT Fee 16,000 Revhea 2090 Rened 2000 Rewea 20Ce Ramhud 2W8 Ranound 2We Sum 2008 2W7 URAP REVENUE NOM Side Nee Budget LNia MNnpue But, Ionia Fe Area Budget Expanded Nea Budget P,me t km BuEpal AN BudOele Budget 11Y O ..._..``I,an. r; 50000 I ' i - i ,, c , 525,200 1,2]8,]00 , Y:10,tld0'. ImWmenl income nF S 77 - - - 15 000 15,000 12,000 Men 9vM "a ImeieMPgyiNYM 1 60 60000 ,.210:000 Goy a Preebb imcobt Se e i g1Nn' - 3360D0 ,!.338000 URAP AJngignite, Fro, ": 306CQ i!30 CC6 Man Steel Garage Rent 12,000 - - Puyy Lm Rentogil tl - 7200 .. y- .160 500 000 Prmr veer TIF 28000 ':220,000. 210,000 Prapmry is lrcnmem - 84791 "" ' "' 577 * .;196882 '.214788 '213,000' M s e tae Imm 120,000 120,000 4000 =,_19.000: TOTAL REVENUE E 84,791 E b00000 E 577 f 660,882 E 576,369 E 800,000 URAP EXPENSES _" r? 8,300 -3.200 nR re n 1 5000 'ASS, 7 s00 _ 63000 sp,0o6 Gemavdw cepm Bwd OU Wort" I t ,Ir30000 90.000. Boers ea E pene - °:25,000 25000 22,000 RekAO woodaeingneMC uXNpi 5000 n - r + 1 25000 30000 "- CoyRedn" r 001 1 '9CId1 ` CM Reimbumemem— Lotegaa G wtq end owq wvmaMnem_1 4U.000 40 00D 40,00D :80,000. .22000' �:82.OW 68,000= Debi So-ce So— on L emsrnuslere DtM Sent on PmkX,p OmeBe 40 4p 000 40 DOD ., ' , 1 835000 oerelapmem CPuuk ,ng - 0.000 cy EmPley. n RNmburwmem 6000 4D 000 148,000 - V170,000; smn.a em nerik• B. 45060 -, .53000 HARP IGA ,:: nnw+wuai�IrN.neee. .t - 20,000 20,000 NWonmOevNOp mCOUMI - - 60.000 Pereing Be'.,. Eepem<a 5000 25 Y 30 - 120000 120000 92,349 PmpKMeReEercWpm mFUrN .,1 -. K S b mina PropaM Expenses _ .100,000; &Aka Pergq LMEq new " , i� ;' fii 1 ,_. 't i URA Ed --ruin Web Site and Aaounnne Sob,ni e WL Rebn i iii m TOTAL EXPENSES EXCESS (LOSS) URAP OPERATIONS CAPITAL PROJECT ACCOUNTS G Nel PUMb lmprmmpN g m, O u ea Pink, ..2 , Ma Cepkl 6pen aee- FUr Mn ern! Mp HARP L.3&4 I.. Hwae Fund F Bede lmPrweinmrt Lde Furd+: _.. PeM1inp GenOe TOTAL CAPITAL PROJECTS 'At el- mb. -ma .n, aei.rer lath nF. Me, vendorT Fee 16,000 50,000 S S 50,000 6,000,000 1 9,500,000 7,246,000 J f 9,600,000 Fes., - - - 4,000- 4,000 4,500 a7oop 58,000 50000 I 500 635,000 525,200 1,2]8,]00 691,778 f 6181 f S 77 ]3681.6a f 17169 f b61,918 f 108222 50,000 S S 50,000 6,000,000 1 9,500,000 7,246,000 J f 9,600,000 Fes., PUEBLO CONVENTION CENTER GLOBAL SPECTRUM FISCAL YEAR 2008 (January l - DeRember 311 INCOME STATEMENT BUDGETPROPOSAL PROPOSED BUDGET ANCILLARY REVENUE FOOD AND BEVERAGE REVENUE AUDIO- VISUAL REVENUE PARKING REVENUE DECORATOR SERVICES REVENUE BUSINESS CENTER REVENUE TOTAL ANCILLARY REVENUE 1,097,415 AMENDMENT BUDGET PROJECTED ACTUAL 43,057 2008 2006 2007 2008 IN OF EVENTS 563 56J $47 606 ATTENDANCE 70228 70,226 &5993 55 DIRECT EVENT REVENUE 1,170,332 1,035,243 985.420 5 74,094) RENTAL REVENUE 208,040 208,040 234,227 167.612 SERVICE REVENUE 156 ,446 15S446 191,074 142,659 TOTAL DIRECT EVENT REVENUE 864,486 364 425 310 ANCILLARY REVENUE FOOD AND BEVERAGE REVENUE AUDIO- VISUAL REVENUE PARKING REVENUE DECORATOR SERVICES REVENUE BUSINESS CENTER REVENUE TOTAL ANCILLARY REVENUE 1,097,415 1097415 1035,243 905,420 43,067 43,057 0 0 0 0 0 0 29.850 29.850 0 0 0 0 0 0 1,130,332 1,170,332 1,035,243 985.420 TOTAL EVENT REVENUE OTHER REVENUE TOTAL GROSS REVENUE EVENT EXPENSE SERVICE EXPENSE FOOD & BEVERAGE EXPENSE AU016VISUAL EXPENSE PARKING EXPENSE DECORATOR SERVICES EXPENSE BUSINESS CENTER EXPENSE TOTAL EVENT EXPENSE TOTAL EVENT INCOME TOTAL INCOME WITH OTHER REVENUE INDIRECT EXPENSES FULL -TIME SALARIES/BENEFITS/PR TAXES DEPARTMENT OPERATING EXPENSES EXECUTIVE OPERATING EXPENSES FINANCEIADMIN OPERATING EXPENSES MARKETING & SALES OPERATING EXPENSES EVENTS OPERATING EXPENSES OPERATIONS OPERATING EXPENSES OVERHEAD OPERATING EXPENSES FOOD & BEVERAGE OPERATING EXPENSES AUDIO VISUAL OPERATING EXPENSES TOTAL INDIRECT EXPENSES 1,5341818 1,534,818 1.46D.W 1,295,722 8,400 8,400 5404 14,179 1,343,219 1.543,218 1,438,945 1,309,901 (85,152) (85,152) (119,292) (83.799) (481,729) (401,729) (505,750) (526,441) (4,617) dE17) 0 0 0 0 0 0 (2,597) (2,597) 0 0 0 0 0 0 5 74,094) (574,0911 (625042) (510.241) 960,723 9601723 835,502 885,481 969.123 969,123 843,906 699,660 813,882 7115,182 727512 604,150 34,761 20.853 39,465 19,775 73,166 380,178 95819 0 1,477,749 14,761 20 653 30465 19,775 73,166 360,178 71,774 0 1,415,154 30,090 25,284 31,074 10112 101,090 39,754 57,261 0 1,311057 15038 18,663 33,123 13,077 44,245 329,525 81,490 0 1140302 NET INCOME (506.8261 (4w,a31) _M97,1811 1110,6131 CAPITAL EXPENSE (291,331) (60,000) (298,4281 (176,976) SURPLUSI(SUBSIDY) FOR CONVENTION CENTER (788,857) (525,031) (783,5091 (617,515) VENDOR FEE INCOME Vendor Fee Revenue from City of Puebla 1,595,516 1,595,516 1554231 1,533,560 Inv -v-1t lncOma fmm R..erve A.t end AN B 140000 140000 139720 131876 TOTAL VENDOR FEE INCOME 1,735,518 1,335,516 1,703,959 1,665,436 OTHER VENDOR FEE EXPENSES Debt Service on Bond 700,450 700,450 703,650 350,487 McAelin9 for Convention Center 2,145 0 25,500 22,642 Reimburse THE for 20% Board Member Expenses 4,600 0 Prorated Selery /Benefils for Executive Director 25 000 25.000 25.M 15,945 Prorated Selary)Benefla for OR¢e Me,,., 2,138 0 0 0 Prorated for Office Expenses 6628 0 0 0 TOTAL OTHER VENDOR FEE EXPENSES 70,961 725,450 755150 389,074 SUPLUW MORT, FOR VENDOR FEE , , '496598 � e181.035� 155,400=. 858.M5= PutbLo Convenfion Center, M E M O Dean Dennis General Manager, Pueblo Convention Center 320 Central Main Street Pueblo, CO 81003 Office: 719.583.4959 Cell: 719.240.6368 Fax: 719.583.9351 ddennis(s global -spec trum.c om www.g loba I -spec tru rmc om To: Dave Galli and Bob Hain From: Dean Dennis CC: Mike Tedesco, Christine McCarthy Re: Background Information for 2008 Pueblo Convention Center Budget Amendment Date: September 2, 2008 Sent Via E -Mail w /attachment The Pueblo Convention Center has made the following adjustments to the 2008 Operating Budget: 1. Salaries and Benefits, related to adjustments for three positions, General Manager, Assistant General Manager and Executive Chef ( Total of all $18,700) 2. Executive Operating Expenses related to the relocation expenses for the new General Manager (Total - not to exceed $20,000) 3. Food and Beverage Operating Expenses related to purchase of smallwares, replacement dishes, and glassware (Total $23,895) 4. Capital Items budget revisions to finance numerous maintenance and equipment improvements (see attached list) Please let me know if you have any further questions. Sincerely, Dean Dennis 2008 Capital List Total 291,331 Original Budget 80,000 Requested Increase 211,331 Amended Capital Budget Desktop computers 7,495 Updated electrical 11,500 Window treatments BBR 10,000 Portable bars 3,400 Pipe /Drape /Skirting 1,555 Kitchen slicer 3,605 Scissor lift 4,691 Carpet 22,723 Desks for marketing 743 Wild West bar set 350 URAP office remodel -20% 13,479 Landscaping design 5,871 Payroll software -URA 250 Plants /Trees /Bushes 25,000 New lighting system 104,000 Sound system upgrades 10,000 Carpet extractor 16,000 Computer & Fund Software 7,500 Conv Center office remodel 12,000 Outside Christmas lighting 10,000 Pipe /Drape /Skirting 1,670 LCD Projector 1,000 Cook and hold oven 2,000 ' 6 burner stove 4,000 Broiler 2,000 Hot box 8,000 Banquet display 2,500 Total 291,331 Original Budget 80,000 Requested Increase 211,331