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HomeMy WebLinkAbout13147RESOLUTION NO. 13147 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 2015, COMMENCING JANUARY 1 AND ENDING THE LAST DAY OF DECEMBER 2015 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1: The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2015 Vendor Fee Budget, a copy of which is attached hereto, is hereby approved. SECTION 2: The officers and staff of the City are directed and authorized to perform any and all acts consistent with the intent of this Resolution to effectuate the policies and procedures described herein. SECTION 3: This Resolution shall become effective December 31, 2014, nunc pro tunc. INTRODUCED: _ January 12, 2015 BY: Ami Nawrocki City Clerk’s Office Item # M-6 Background Paper for Proposed Resolution COUNCIL MEETING DATE: January 12, 2015 TO: President Stephen G. Nawrocki and Members of City Council CC: Sam Azad, City Manager VIA: Gina Dutcher, City Clerk FROM: John R. Batey, Executive Director Pueblo Urban Renewal Authority SUBJECT: 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 2015, COMMENCING JANUARY 1 AND ENDING THE LAST DAY OF DECEMBER 2015 SUMMARY: This Resolution approves the 2015 Vendor Fee Budget for the Pueblo Convention Center and the Memorial Hall Capital Projects Fund. PREVIOUS COUNCIL ACTION: Council approval of the Vendor Fee Budget for the Pueblo Convention Center and the Memorial Hall Capital Projects fund is done on an annual basis. BACKGROUND: Section 14-4-17 of the Pueblo Municipal Code 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. FINANCIAL IMPLICATIONS: Approval of the resolution will budget $1,725,000 in 2015 Vendor Fee revenue towards the following purposes:  $1,065,963 for the payment of debt service on the Memorial Hall/Pueblo Convention Center bonds;  $664,393 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;  Memorial Hall renovations totaling $167,000  A draw from the bond redemption fund in the amount of $637,965 with proceeds to be used for capital improvements to be determined by the City of Pueblo and the Pueblo Urban Renewal Authority BOARD/COMMISSION RECOMMENDATION: The 2015 Budget was reviewed by the PURA Board at the City Council Work Session on November 25, 2014, and was approved at the Regular Meeting of the PURA Board of Commissioners on December 9, 2014. Pueblo City Council first reviewed this budget at the December 1, 2014 Work Session. STAKEHOLDER PROCESS: None ALTERNATIVES: None RECOMMENDATION: Approval of the resolution. Attachments: PURA approved 2015 Vendor Fee budget. PUEBLO CONVENTION CENTER GLOBAL SPECTRUM FISCAL YEAR 2015(January 1-December 31) INCOME STATEMENT BUDGET PROPOSAL BUDGET PROJECTED BUDGET Variance ACTUAL 2015 2014 2014 2013 0 OF EVENTS 422 421 437 1 422 ATTENDANCE 48,337 45,108 47,230 3,229 45,857 DIRECT EVENT REVENUE RENTAL REVENUE 240,323 168,351 281,989 71,972 232,718 SERVICE REVENUE 170,460 109,577 104,821 60,883 114,911 TOTAL DIRECT EVENT REVENUE 410,783 277,928 386,810 132,855 347,629 [ANCILLARY REVENUE FOOD AND BEVERAGE REVENUE 1,274,100 1,138,554 1,243,221 135,546 1,240,580 AUDIO-VISUAL REVENUE 71,010 41,641 60,917 29,369 51,570 DECORATOR SERVICES REVENUE 1,500 0 21,110 1,500 30,445 MERCHANDISE 0 0 0 0 119 TOTAL ANCILLARY REVENUE 1,346,809 1,180,195 1,325,248 186,414 1,322,714 TOTAL EVENT REVENUE 1,757,392 1,458,123 1,712,058 299,269 1,670,343 OTHER REVENUE 13,500 10,000 10,000 3,500 8,384 TOTAL GROSS REVENUE 1,770,892 1,468,123 1,722,058 302,769 1,678,707 EVENT EXPENSE I SERVICE EXPENSE (133,880) (120,606) (119,529) (13,274) (118,383) FOOD B BEVERAGE EXPENSE (383,824) (320,167) (490,407) (63,657) (442,901) AUDIO-VISUAL EXPENSE (5,403) (3,691) (2,618) (1,713) (1,724) DECORATOR SERVICES EXPENSE (75) 0 (959) (75) (540) TOTAL EVENT EXPENSE (523,183) (444,484) (613,513) (78,719) (563,548) TOTAL EVENT INCOME 1,234,209 1,013,659 1,098,545 220,550 1,106,795 TOTAL INCOME WITH OTHER REVENUE 1,247,709 1,023,659 1,108,545 224,050 1,115,159 INDIRECT EXPENSES EXECUTIVE 231,964 139,829 179,426 92,135 144,988 FINANCE 187,487 172,709 172,754 14,777 153,358 MARKETING&SALES 332,330 180,406 243,997 151,923 193,773 EVENTS 118,454 85,004 116,652 33,449 81,937 OPERATIONS 167,339 170,743 149,166 (3,404) 152,565 OVERHEAD*" 530,022 490,513 453,787 39,509 423,285 FOOD&BEVERAGE OVERHEAD 279,087 225,355 258,398 53,732 220,438 TOTAL INDIRECT EXPENSES 1,848,683 1,464,560 1,574,180 382,123 1,370,324 Revenue Reimbursement for Memorial Hall Salaries 152,800 110,400 137,033 42,400 0 NET INCOME (446,173) (330,501) (328,602) (115,673) (255,165) Capital Espeditures (75,000) 0 0 0 (62,174) SURPLUSI(SUBSIDY)FOR CONVENTION CENTER (521,173) (330,501) (328,602) (1,899) (326,703) VENDOR INCOME .,62`....,i','"':,'",.. _ t - ,-' 1 Contribution from Bleck Hills for LED retrofit 0- .`_ 0 0 0 24,270' Transferin'from Mem Hell for,DebtSeMce '537,200 537,700 537,700 0: 534,512 ;Transferr in;from Mem Hall for O&M and;Asst Mgmt 884,393. 489,035 , '489,035 "195,358 544,449 `Memorial,Hall Loan Repayment ,+- 20,795 ..20;795 ` -20,795, 0 '20;487 '= TOTAL,VENDOR FEE,, 1,222,888'. 1,027,530 1,027,530" 195,358 1,123,698, 'OTHER VENDOR FEE�EXPENSES'�x ' 1 Debt Service on Convention Center Bond(P81); • , 537,700 537,700 , 537 700 . 0,'- 534,512, .. ,143,220. 140,433 '1'40,433 2,787 155,087; AsaeLManegementFee i Misc.EopensesiTniitee Fees ' ' 0 0 r 1 ws ,TOTAL OTHER VENDOR FEE EXPENSES 680,920y 678,133 678,133 2,787- 689,599'1. SURPLUS/SHORT FOR VENDOR:FEE, ,, 20,795 • 18,896 "20,795 ` 180,673 ' -107,396 "'Overhead includes management fee end incentive fee Vendor Fee-Memorial Hall&PCC 2015 Budget ;201, • 2014 7013„ REVENUE rVcndo1 1�� Voiufur FCC Vendor„f ccs; Buck�t r„R�ICIg t 'Actual Prior Year Carryover - 196,615 Contributions - 0 72,165 Interest Income - 300 3,060 Vendors'Fees 1,725,000 1,692,134 1,677,301 Redemption Account Excess Revenue To be requested by City of Pueblo 637,965 0 0 Carryover Memorial Hall Renovation Funds 167,000 0 6,676,377 TOTAL REVENUE 2,529,965 1,889,049 8,428,903 OPERATIONS EXPENSES Transfer to PCC for O&M and D/S 1,202,093 1,006,735 1,099,428 Debt Service 537700 O&M Subsidy 521,173 Asset Mgmt Fee 143,220 Debt Service Payment-MH 528,263 528,263 528,263 Trustee Fees 3,000 3,000 0 Inter-Fund Loan Pymt to Convention Center 20,795 20,795 0 TOTAL OPERATIONS EXPENSES S 1,754,150 1,558,793 1,627,691 CAPITAL EXPENSES Transfer to Redemption Acct at Bond Trustee Excess to be used to payoff bonds or other use as determined by City of Pueblo TBD Capital Expenditures 608,815 Memorial Hall Renovations 167,000 196,615 6,676,377 TOTAL CAPITAL EXPENSES S 775,815 196,615 6,676,377 TOTAL EXPENSES $ 2,529,965 $ 1,755,408 S 8,304,068 EXCESS(LOSS) (0) 133,641 124,835