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RESOLUTION NO. 14338
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 December 23, 2019
BY: Mark Aliff
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
DEPUTY CITY CLERK
City Clerk’s Office Item # M-2
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: December 23, 2019
TO: President Dennis E. Flores and Members of City Council
CC: Nicholas A. Gradisar, Mayor
VIA: Brenda Armijo, 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 2020,
COMMENCING JANUARY 1, 2020 AND ENDING THE LAST DAY OF
DECEMBER 2020
SUMMARY:
This resolution approves the 2020 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 $2,300,000 in 2020 Vendor Fee revenue towards
the following purposes:
$1,064,212.50 for the payment of debt service on the Memorial Hall ($110,000
principle and $504,262.50 interest)/Pueblo Convention Center bonds ($290,000
principle and $159,950 interest);
$1,219,606.00 for the Operation and Maintenance of the Pueblo Convention
Center ($1,014,811), the Asset Management Fee ($184,000), 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 2020 Budget was reviewed by the PURA Board and was approved at the Regular
Meeting of the PURA Board of Commissioners on November 12, 2019. Pueblo City
Council first reviewed this budget at the December 23, 2019 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution.
Attachments:
PURA approved 2020 Vendor Fee budget.
Vendor Fee
192 y
2020 budget
1111
J 4 , 2019 budget 2018 actuals
Operational Revenue
Vendor Fees $ 2,300,000.00 $ 2,109,395.00 $ 2,109,395.00 $ 2,163,429.00
4020 Interest $ - $ - $ - $ 22,234.00
Total $ 2,300,000.00 $ 2,109,395.00 $ 2,109,395.00 $ 2,185,663.00
Operational Expenses
Maintenance Memorial Hall $ 16,000.00 $ 16,000.00 $ 16,000.00 $ 5,399.00
Operations&Maintenance Subsidy $ 1,014,811.00 $ 824,661.00 $ 824,661.00 $ 770,257.00
Asset Management Fee $ 184,000.00 $ 183,784.00 $ 183,784.00 $ 182,302.00
Interfund Loan payment to Convention $ 20,795.00 $ 20,795.00 $ 20,795.00 $ 20,795.00
Interest Expense $ - $ - $ - $ -
Miscellaneous $ - $ - $ - $ 54,360.00
Total $ 1,235,606.00 $ 1,045,240.00 $ 1,045,240.00 $ 1,033,113.00
Other Funding Sources
Prior Year Carryover $ - $ - $ - $ -
Redemption Account Excess caryover $ 201,000.00 $ 131,792.00 $ 131,792.00 $ 400,000.00
Total $ 201,000.00 $ 131,792.00 $ 131,792.00 $ 400,000.00
Other Expenses
Memorial Hall Debt Service Principle $ 110,000.00 $ 604,012.50 $ 604,013.00 $ 603,513.00
Memorial Hall Debt Service Interest $ 504,262.50
Pueblo Convention Center Debt Service Principle $ 290,000.00 $ 459,200.00 $ 459,200.00 $ 462,950.00
Pueblo Convention Center Debt Service Interest $ 159,950.00
TBD Capital Expenditures $ 201,000.00 $ 132,734.50 $ 132,735.00 $ 400,000.00
Transfer to Redemption Account $ 181.50 $ - $ - $ 86,087.00
Total $ 1,265,394.00 $ 1,195,947.00 $ 1,195,948.00 $ 1,552,550.00
Excess(Loss) $ - $ - $ (1.00) $ -