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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