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