HomeMy WebLinkAbout12865RESOLUTION NO. 12865
A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL
AUTHORITY VENDOR FEE BUDGET FOR THE PUEBLO
CONVENTION CENTER AND THE MEMORIAL HALL CAPITAL
PROJECTS FUND, FOR THE CALENDAR YEAR 2014,
COMMENCING JANUARY 1 AND ENDING THE LAST DAY OF
DECEMBER 2014
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2014 Vendor Fee
Budget, a copy of which is attached hereto, is hereby approved.
INTRODUCED: December 23, 2013
BY: Eva Montoya
Background Paper for Proposed
RESOLUTION
DATE: AGENDA ITEM # Q-2
December 23, 2013
DEPARTMENT:
PUEBLO URBAN RENEWAL AUTHORITY
JOHN R. BATEY, EXECUTIVE DIRECTOR
TITLE
A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY
VENDOR FEE BUDGET FOR THE PUEBLO CONVENTION CENTER AND THE
MEMORIAL HALL CAPITAL PROJECTS FUND, FOR THE CALENDAR YEAR 2014,
COMMENCING JANUARY 1 AND ENDING THE LAST DAY OF DECEMBER 2014
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
Section 14-4-17 of the City of Pueblo’s Code of Ordinances authorizes the use of the
“Vendor Fee” or 3.3% of City’s sales tax revenue, for the purposes of operations and
maintenance of the Pueblo Convention Center, subject to City Council approval.
This resolution will approve the 2014 Vendor Fee Budget for the Pueblo Convention
Center and the Memorial Hall Capital Projects fund, as reviewed by the PURA Board at
Work Session on November 26, 2013 and approved December 10, 2013 at the PURA
Board of Commissioners Regular Meeting. Pueblo City Council first reviewed this
budget at the December 2, 2013 Work Session.
FINANCIAL IMPACT
Approval of the resolution will budget $1,692,134 in 2014 Vendor Fee revenue towards
the following purposes:
$1,065,963 for the payment of debt service on the Memorial Hall/Pueblo
Convention Center bonds;
$469,035 for the Operation and Maintenance of the Pueblo Convention Center
and the Asset Management Fee;
$20,795 for the repayment of an internal loan from the Convention Center
operating reserve to the Memorial Hall Capital project (necessary to close out the
project);
Trustee fees for the bonds; and,
a fund balance/operating reserve surplus of $133,641.
PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2014 (January 1- December 31)
INCOME STATEMENT
BUDGET PROPOSAL
BUDGET Projected BUDGET Variance
2014 2013 2013
I # OF EVENTS 438 419 454 (35)
ATTENDANCE 47,530 44,419 53,205 (8,786)
'DIRECT EVENT REVENUE
RENTAL REVENUE 281,989 227,717 267,387 (39,670)
SERVICE REVENUE 104,821 112,109 133,401 (21,292)
TOTAL DIRECT EVENT REVENUE 386,810 339,826 400,788 (60,962)
ANCILLARY REVENUE
36,268
FOOD AND BEVERAGE REVENUE 1,243,221 1,213,765 1,177,497
AUDIO - VISUAL REVENUE 60,917 52,043 54,339 (2,296)
PARKING REVENUE 0 0 0 0
DECORATOR SERVICES REVENUE 21,110 28,580 27,285 1,295
MERCHANDISE 0 119 800 (681)
TOTAL ANCILLARY REVENUE 1,325,248 1,294,507 1,259,921 34,586
TOTAL EVENT REVENUE 1,712,058 1,634,333 1,660,709 (26,376)
OTHER REVENUE 10,000 8,000 28,000 (20,000)
TOTAL GROSS REVENUE 1,722,058 1,642,333 1,688,709 (46,376)
EVENT EXPENSE
SERVICE EXPENSE (119,529) (109,232) (137,580) 28,348
FOOD & BEVERAGE EXPENSE (490,407) (398,066) (469,509) 71,443
AUDIO - VISUAL EXPENSE (2,618) (1,798) (2,355) 557
PARKING EXPENSE 0 0 0 0
DECORATOR SERVICES EXPENSE (959) (539) (543) 5
BUSINESS CENTER EXPENSE 0 0 0 0
TOTAL EVENT EXPENSE (613,513) (509,634) (609,987) 100,353
TOTAL EVENT INCOME 1,098,545 1,124,699 1,050,722 73,977
TOTAL INCOME WITH OTHER REVENUE 1,108,545 1,132,699 1,078,722 53,977
INDIRECT EXPENSES
EXECUTIVE 179,426 156,983 168,308 (11,325)
FINANCE 172,754 160,462 162,180 (1,718)
MARKETING & SALES 243,997 194,430 236,974 (42,544)
EVENTS 116,652 68,432 115,889 (27,457)
OPERATIONS 149,166 158, 722 142,208 16,514
OVERHEAD*** 453,787 470,169 487,910 (17,741)
FOOD & BEVERAGE OVERHEAD 258,398 226,484 266,380 (39,896)
TOTAL INDIRECT EXPENSES 1,574,181 1,455,683 1,579,84 (124,166)
Revenue Reimbursement for Memorial Hall Salaries (137,033) (85,200)
NET INCOME (328,602) (322,984) (415,927) 178,143
Capital Expeditures
SURPLUS /(SUBSIDY) FOR CONVENTION CENTER (328,602) (322,984) (415,927) 178,143
VENDOR FEE INCOME
Transfer m From Memori Hall fo r De bt S 537 700 5 34 515 5 34 5 1 5 0 ,
t . I n : F r om M emorial Hal O &M and Asset M 4 69 03 593 1 593 1 78 0
Memorial Hall Loan Re `" , x ' 20,795 0 0
* O , t=, d P 1 4 TOTAL OTHER REVENUE 1 027 530 1, 12 7, 693 1 127 693 0 -
a+
OTHER V FEE E XP E N SE S x "'`
1 C Ex a 0 W 8000 8 00 0
tDe bt Ser on Convention Cente Bond 537 700 534 515 53 0
A sset Man Fee x i 140 433 155 087 s 1 087 0'
�` E xpenses/Trustee F ees i ` * v A x i ; 0 c 3 000 .' n 3,000 0
Maintenance Reserve ; � mi _,,. ` " r,-... ..r. �' u , ._ n ,.. .�� ? 0 0; •. 0 s 0`
Promotions Expense ' , �� ? 0 0. 0
TOTAL OTHER VENDOR FEE EXPENSES 678133 700 602 700 602 0
Y n
;. 4 r n = of • . , ': .
SUPLUSBHORT FO R VENDOR FEE „ . , 20;785 , 104,107 2 . E1 1,184 . 178,143
"'Overhead includes management fee and incentive fee