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RESOLUTION NO. 13893
A RESOLUTION RESCINDING RESOLUTION NO. 13833
AND APPROVING THE PUEBLO URBAN RENEWAL
AUTHORITY AMENDED 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.
Resolution No. 13833, adopted by the Pueblo City Council on November 27, 2017,
shall be and hereby is rescinded.
SECTION 2.
The Pueblo Urban Renewal Authority (the “Authority”) Amended fiscal year 2018
Vendor Fee Budget, a copy of which is attached hereto, is hereby approved.
SECTION 3.
The officers and staff of the City are authorized and directed to perform any and
all acts consistent with this Resolution to implement the policies and procedures
described herein.
SECTION 4.
This Resolution shall become effective immediately upon final passage and
approval.
INTRODUCED February 26, 2018
BY: Ed Brown
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
ACTING CITY CLERK
City Clerk’s Office Item # M-2
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE:
February 26, 2018
TO: President Christopher A. Nicoll 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 RESCINDING RESOLUTION NO. 13833 AND
APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY AMENDED
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 rescinds Resolution No. 13833 and approves the Amended 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. The original
2018 Vendor Fee Budget for the Pueblo Convention Center and the Memorial Hall Capital
Projects and Maintenance fund was approved by Resolution No. 13833 on November 27,
2017. Resolution No. 13833 contained certain errors which are being corrected by this
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 and Memorial Hall, subject to City Council
approval.
FINANCIAL IMPLICATIONS:
Approval of Resolution #13833 approved a budget of $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
$315,921 transfer to the Redemption Account for any legal use
Approval of this Resolution will correct and amend the budget to reflect a 2018 Vendor
Fee revenue of $2,056,460 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);
$973,354 for the Operation and Maintenance of the Pueblo Convention Center
($770,257), the Asset Management Fee ($182,302), and the repayment of an
internal loan from PCC Operating Reserve to Memorial Hall Capital Project
($20,795);
$16,000 for the Maintenance of the Memorial Hall
$643 transfer to the Redemption Account for any legal use
BOARD/COMMISSION RECOMMENDATION:
The Amended 2018 Budget was reviewed by the PURA Board and was approved at the
Regular Meeting of the PURA Board of Commissioners on February 13, 2018.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the Resolution.
ATTACHMENTS:
Proposed Resolution and PURA approved Amended 2018 Vendor Fee budget.
Vendor Fee-Memorial Hall & PCC
201820182017201720162016
REVENUE Amend Budget UnAudited BudgetActualBudget
Interest Income - - - - -
Vendors' Fees 2,056,460 2,560,460 2,031,320 2,050,000 1,932,148 1,900,000
Redemption Account Excess Revenue 535,291 450,623 837,588 606,000 859,463 587,000
Carryover Memorial Hall Renovation Funds - - - 14,500 40,000
$ 2,591,751$ 3,011,083$ 2,868,908$ 2,656,000$ 2,806,111$ 2,527,000
TOTAL REVENUE
OPERATIONS EXPENSES
Transfer to PCC for O&M and D/S
Debt Service 462,950 462,950 455,700 455,700 331,950 331,950
O&M Subsidy 770,257 955,979 731,110 731,110 507,468 736,725
Asset Mgmt Fee 182,302 182,302 145,999 145,999 129,611 129,611
Debt Service Payment-MH 603,513 603,513 608,013 608,013 733,263 528,263
Maintenance Memorial Hall 16,000 16,000 16,000
Trustee Fees - 3,000 3,000 2,500 3,000
Inter-Fund Loan Pymt to Convention Center 20,795 20,795 20,795 20,795 20,795 -
Interest Expense -
TOTAL OPERATIONS EXPENSES$ 2,055,817$ 2,244,539$ 1,961,617$ 1,980,616$ 1,725,587$ 1,729,549
CAPITAL EXPENSES
TBD Capital Expenditures ( Redemption Account) 530,534 450,623 535,291 675,384 1,066,025 587,000
Capital Expenditures 5,400 315,921 372,000
Memorial Hall Renovations - 14,500 40,000
TOTAL CAPITAL EXPENSES$ 535,934$ 766,544$ 907,291$ 675,384$ 1,080,525$ 627,000
TOTAL EXPENSES$ 2,591,751$ 3,011,083$ 2,868,908$ 2,656,000$ 2,806,111$ 2,356,549
EXCESS (LOSS)$ -$ 0$ 0$ 0$ -$ 170,452