HomeMy WebLinkAbout13833
RESOLUTION NO. 13833
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 2018, COMMENCING
JANUARY 1, 2018 AND ENDING THE LAST DAY OF
DECEMBER 2018
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1:
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2018 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 November 27, 2017
BY: Robert Schilling
City Clerk’s Office Item # Q-1
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: November 27, 2017
TO: President Stephen G. Nawrocki and Members of City Council
CC: Sam Azad, City Manager
VIA: Brenda Armijo, Acting 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 2018,
COMMENCING JANUARY 1, 2018 AND ENDING THE LAST DAY OF
DECEMBER 2018
SUMMARY:
This resolution approves the 2018 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 $2,560,460 in 2018 Vendor Fee revenue towards
the following purposes:
$1,066,463 for the payment of debt service on the Memorial Hall
($603,513)/Pueblo Convention Center bonds ($462,950);
$1,159,076 for the Operation and Maintenance of the Pueblo Convention Center
($955,979), the Asset Management Fee ($182,302), 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 2018 Budget was reviewed by the PURA Board and was approved at the Regular
Meeting of the PURA Board of Commissioners on November 14, 2017. Pueblo City
Council first reviewed this budget at the November 20, 2017 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution.
Attachments:
PURA approved 2018 Vendor Fee budget.
PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2018(January 1-December 31)
INCOME STATEMENT
BUDGET PROPOSAL
at Sept 2017 18 to proj 17 18 to 16 Act
BUDGET Projected BUDGET VARIANCE ACTUAL VARIANCE
2018 2017 2017 FAV/(UNFAV) 2016 FAV/(UNFAV)
Itt OF EVENTS 265 270 398 (5)J 260 5
ATTENDANCE 32,405 29,584 45,985 2,821 I 37,755 (5,350)
'DIRECT EVENT REVENUE
RENTAL REVENUE 134,811 120,731 265,929 14,080 192,400 (57,589)
SERVICE REVENUE 148,749 137,933 144,165 10,816 164,632 (15,883)
TOTAL DIRECT EVENT REVENUE 283,560 258,864 410,094 24,896 357,032 (73,472)
ANCILLARY REVENUE 1
FOOD AND BEVERAGE REVENUE 891,744 867,482 1,255,455 24,262 829,312 62,432
AUDIO-VISUAL REVENUE 107,158 82,678 97,655 24,480 84,732 22,426
PARKING REVENUE 0 0 0 0 0 0
DECORATOR SERVICES REVENUE 1,400 1,250 4,600 150 4,171 (2,771)
NOVELTIES REVENUE 0 0 0 0 0 0
TOTAL ANCILLARY REVENUE 1,000,302 951,410 1,357,710 48,892 918,215 82,087
TOTAL EVENT REVENUE 1,283,862 1,210,074 1,767,804 73,788 1,275,247 8,615
OTHER REVENUE 15,920 21,242 15,700 (5,322) 13,109 2,811
TOTAL GROSS REVENUE 1,299,782 1,231,316 1,783,504 68,466 1,288,356 11,428
IEVENT EXPENSE 1
SERVICE EXPENSE (154,659) (107,505) (160,153) (47,154) (160,977) 6,318
FOOD&BEVERAGE EXPENSE (286,322) (271,036) (388,411) (15,286) (236,996) (49,326)
AUDIO-VISUAL EXPENSE (10,718) (9,938) (4,781) (780) (11,938) 1,220
DECORATOR SERVICES EXPENSE (140) (250) (460) 110 (538) 398
TOTAL EVENT EXPENSE (451,839) (388,729) (553,805) (63,110) (410,449) (41,390)
TOTAL EVENT INCOME 832,023 821,345 1,213,999 10,678 864,798 (32,775)
TOTAL INCOME WITH OTHER REVENUE 847,943 842,587 1,229,699 5,356 877,907 (29,964)
INDIRECT EXPENSES
Includes Revenue Reimburse-Memorial Hall Salaries
EXECUTIVE 146,426 126,694 142,969 19,732 118,040 28,386
FINANCE 141,749 118,877 142,629 22,872 130,534 11,215
BOX OFFICE 11,040 9,950 9,950 1,090 9,790 1,250
MARKETING&SALES 254,661 243,953 282,130 10,708 209,579 45,082
EVENTS 112,597 103,013 114,683 9,584 65,176 47,421
OPERATIONS 222,464 193,194 227,768 29,270 174,741 47,723
OVERHEAD 509,111 498,363 553,140 10,748 456,510 52,601
FOOD&BEVERAGE OVERHEAD 255,874 201,772 237,540 54,102 194,452 61,422
TOTAL INDIRECT EXPENSES 1,653,922 1,495,816 1,710,809 158,106 1,358,822 295,100
NET OPERATION INCOME(LOSS) 805,979) 8653)229) (481110) 02,750) (480,915) _1320.14
PARKING/SHUTTLE EXPENSES (50,000) (50,000)
BUSINESS DISCOUNT EXPENSES (100,000) (100,000)
CAPITAL EXPENSE 0 (190,000) (250,000) 190,000 (141,868) 141,668
SURPLUS/(SUBSIDY) (955,979) (843,229) (731,110) (112,750) (822,583) (183,396)
,
10/27/201710:26 AM