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RESOLUTION NO. 13580
A RESOLUTION APPROVING THE PUEBLO URBAN
RENEWAL AUTHORITY VENDOR FEE BUDGET FOR THE
PUEBLO CONVENTION CENTER AND THE MEMORIAL
HALL CAPITAL PROJECTS AND MAINTENANCE FUND,
FOR THE CALENDAR YEAR 2017, COMMENCING
JANUARY 1, 2017 AND ENDING THE LAST DAY OF
DECEMBER 2017
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1:
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2017 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 immediately upon final passage and
approval.
INTRODUCED: December 12, 2016
BY: Ed Brown
City Clerk’s Office Item # Q-1
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: December 12, 2016
TO: President Stephen G. Nawrocki and Members of City Council
CC: Sam Azad, City Manager
VIA: Gina Dutcher, City Clerk
FROM: Pueblo Urban Renewal Authority
Jerry M. Pacheco, Executive Director
SUBJECT: A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL
AUTHORITY VENDOR FEE BUDGET FOR THE PUEBLO CONVENTION
CENTER AND THE MEMORIAL HALL CAPITAL PROJECTS AND
MAINTENANCE FUND, FOR THE CALENDAR YEAR 2017,
COMMENCING JANUARY 1, 2017 AND ENDING THE LAST DAY OF
DECEMBER 2017
SUMMARY:
This resolution approves the 2017 Vendor Fee Budget for the Pueblo Convention Center
and the Memorial Hall Capital Projects and Maintenance fund.
PREVIOUS COUNCIL ACTION:
Council approval of the Vendor Fee budget for the Pueblo Convention Center and
Memorial Hall Capital Projects and Maintenance fund is completed annually.
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 and Memorial Hall, subject to City Council
approval.
FINANCIAL IMPLICATIONS:
Approval of the resolution will budget $2,050,000 in 2017 Vendor Fee revenue towards
the following purposes:
$1,063,713 for the payment of debt service on the Memorial Hall
($608,013)/Pueblo Convention Center bonds ($455,700);
$897,904 for the Operation and Maintenance of the Pueblo Convention Center
($731,110), the Asset Management Fee ($145,999), and the repayment of an
internal loan from PCC Operating Reserve to Memorial Hall Capital Project
($20,795);
Trustee fees for the bonds $3,000;
$16,000 for the Maintenance of the Memorial Hall
BOARD/COMMISSION RECOMMENDATION:
The 2017 Budget was reviewed by the PURA Board at the October 25, 2016 PURA Board
of Commissioners Work Session, and was approved at the Regular Meeting of the PURA
Board of Commissioners on November 8, 2016. Pueblo City Council first reviewed this
budget at the December 5, 2016 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution.
Attachments:
PURA approved 2017 Vendor Fee budget.
PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2017(January 1-December 31)
INCOME STATEMENT
BUDGET PROPOSAL
17 to proj 16
BUDGET PROJECTED BUDGET VARIANCE
2017 2016 2016 FAV!(UNFAV)
Ifi OF EVENTS 398 249 493 149
ATTENDANCE 45,986 36,831 56,405 10,156
DIRECT EVENT REVENUE I
RENTAL REVENUE 265,929 226,477 286,058 39,452
SERVICE REVENUE 144,165 167,210 156,469 (23,046)
TOTAL DIRECT EVENT REVENUE 410,094 393,687 442,627 16,407
'ANCILLARY REVENUE I
FOOD AND BEVERAGE REVENUE 1,255,455 843,715 1,288,959 411,740
AUDIO-VISUAL REVENUE 97,655 85,637 63,319 12,018
PARKING REVENUE 0 0 0 0
DECORATOR SERVICES REVENUE 4,600 5,024 14,350 (424)
NOVELTIES REVENUE 0 0 0 0
TOTAL ANCILLARY REVENUE 1,357,710 934,375 1,366,628 423,335
TOTAL EVENT REVENUE 1,767,804 1,328,062 1,809,166 439,741
OTHER REVENUE 15,700 11,900 13,500 3,800
TOTAL GROSS REVENUE 1,783,604 1,339,962 1,822,655 443,641
'EVENT EXPENSE
SERVICE EXPENSE (160,153) (174,128) (145,841) 13,975
FOOD&BEVERAGE EXPENSE (388,411) (238,101) (455,245) (150,310)
AUDIO-VISUAL EXPENSE (4,781) (15,100) (12,394) 10,319
PARKING EXPENSE 0 0 0 0
DECORATOR SERVICES EXPENSE (460) (685) (1,435) 225
NOVELTIES EXPENSE 0 0 0 0
TOTAL EVENT EXPENSE (553,805) (428,014) (614,916) (125,791)
TOTAL EVENT INCOME 1,213,998 900,048 1,194,240 313,950
TOTAL INCOME WITH OTHER REVENUE 1,229,698 911,948 1,207,740 317,760
INDIRECT EXPENSES
Includes Revenue Reimburse-Memorial Hall Salaries
EXECUTIVE 142,969 121,315 147,365 21,654
FINANCE 142,629 130,402 143,324 12,227
BOX OFFICE 9,950 10,365 11,908 (415)
MARKETING&SALES 282,130 204,099 284,795 78,031
EVENTS 114,683 63,467 123,181 51,217
OPERATIONS 227,768 170,482 206,971 57,287
OVERHEAD 553,139 504,276 531,575 48,863
FOOD&BEVERAGE OVERHEAD 237,540 187,265 239,731 50,275
TOTAL INDIRECT EXPENSES 1,710,809 1,391,671 1,688,850 319,138
0 0 0 0
Info:PCC total for MH Included above indirects
NET INCOME (481,110) (479,723) (481,110) (1,387)
Prior year capital reserve carryover 150,000 160,000
CAPITAL EXPENSE (260,000) (150,000) (150,000) (100,000)
SURPLUS/(SUBSIDY) (731,110) (479 723 1481,110 261 387)
Vendor Fee-Memorial Hall&PCC
2017 2016 20 1 2(115
REVENUE Budget Budget fshc)(ae( I ural
Interest Income - - 0 396
Vendors'Fees 2,050,000 1,900,000 1,725,000 1,645,483
Redemption Account Excess Revenue 606,000 587,000 637,965
Ca over Memorial Hall Renovation Funds 40,000 167,000
TOTAL REVENUE $ 2,656,000 $ 2,527,000 $ 2,529,965 $ 1,645,879
OPERATIONS EXPENSES
Transfer to PCC for O&M and D/S -- 1,202,093
Debt Service 455,700.00 331,950.00
O&M Subsidy 731,110 736,725
Asset Mgmt Fee 145,999 129,611
Debt Service Payment-MH 608,013 528,263 528,263
Maintenance Memorial Hall 16,000 ---
Trustee Fees 3,000 3,000 3,000
Inter-Fund Loan Pymt to Convention Center 20,795 - 20,795
Interest Ex.ense --- 1,730,683
TOTAL OPERATIONS EXPENSES $ 1,980,616 $ 1,729,549 1,754,151 1,730,683
CAPITAL EXPENSES
TBD Capital Expenditures)Redemption Account) 675,384 587,000 608814 297909
Memorial Hall Renovations 40,000 167,000
TOTAL CAPITAL EXPENSES $ 675,384 $ 627,000 $ 775,814 $ 297,909
TOTAL EXPENSES $ 2,656,000 $ 2,356,549 $ 2,529,965 $ 2,028,592
EXCESS LOSS) $ (0) $ 170,452 $ - $ (382,713)