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RESOLUTION NO. 14138
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 2019, COMMENCING
JANUARY 1, 2019 AND ENDING THE LAST DAY OF
DECEMBER 2019
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1:
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2019 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 January 14, 2019
BY: Ed Brown
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
ACTING CITY CLERK
City Clerk’s Office Item # M-4
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: January 14, 2019
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 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 2019,
COMMENCING JANUARY 1, 2019 AND ENDING THE LAST DAY OF
DECEMBER 2019
SUMMARY:
This resolution approves the 2019 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 $2,109,395 in 2019 Vendor Fee revenue towards
the following purposes:
$1,063,213 for the payment of debt service on the Memorial Hall
($604,013)/Pueblo Convention Center bonds ($459,200);
$1,029,240 for the Operation and Maintenance of the Pueblo Convention Center
($824,661), the Asset Management Fee ($183,784), 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
BOARD/COMMISSION RECOMMENDATION:
The 2019 Budget was reviewed by the PURA Board and was approved at the Regular
Meeting of the PURA Board of Commissioners on November 13, 2018. Pueblo City
Council first reviewed this budget at the January 14, 2019 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution.
Attachments:
PURA approved 2019 Vendor Fee budget.
Vendor Fee-Memorial Hall & PCC
2019201820182017201720162016
Draft Amend no.1 Budget Actual BudgetActualBudget
REVENUE
Interest Income---4,646--
Vendors' Fees2,109,3952,056,4602,560,4602,032,2222,050,0001,932,1481,900,000
Redemption Account Excess Revenue131,792535,291450,623606,000859,463587,000
Carryover Memorial Hall Renovation Funds----14,50040,000
$ 2,241,187$ 2,591,751$3,011,083$ 2,036,868$2,656,000$2,806,111$ 2,527,000
TOTAL REVENUE
OPERATIONS EXPENSES
Transfer to PCC for O&M and D/S
Debt Service459,200462,950462,950455,700455,700331,950331,950
O&M Subsidy824,661770,257955,979731,110731,110507,468736,725
Asset Mgmt Fee183,784182,302182,302145,999145,999129,611129,611
Debt Service Payment-MH604,013603,513603,513608,013608,013733,263528,263
Maintenance Memorial Hall16,00016,00016,00016,000
Trustee Fees--3,000-3,0002,5003,000
Inter-Fund Loan Pymt to Convention Center20,79520,79520,79520,79520,79520,795-
Interest Expense--
TOTAL OPERATIONS EXPENSES$ 2,108,453$ 2,055,817$2,244,539$ 1,961,617$1,980,616$1,725,587$1,729,549
CAPITAL EXPENSES
TBD Capital Expenditures ( Redemption Account)132,735530,534450,623100,861675,3841,066,025587,000
Capital Expenditures5,400315,921372,000
Memorial Hall Renovations--14,50040,000
TOTAL CAPITAL EXPENSES$ 132,735$ 535,934$766,544$ 472,861$675,384$1,080,525$627,000
TOTAL EXPENSES
$2,241,187$2,591,751$ 3,011,083$2,434,478$ 2,656,000$2,806,111$ 2,356,549
$ -$-$0$(397,610)$0$-$ 170,452
EXCESS (LOSS)