HomeMy WebLinkAbout14525RESOLUTION NO. 14525
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 2021, COMMENCING
JANUARY 1, 2021 AND ENDING THE LAST DAY OF
DECEMBER 2021
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1:
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2021 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 14, 2020
BY: Ed Brown
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
City Clerk’s Office Item # M-4
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: December 14, 2020
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 2021,
COMMENCING JANUARY 1, 2021 AND ENDING THE LAST DAY OF
DECEMBER 2021
SUMMARY:
This resolution approves the 2021 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 $2,206,850 in 2021 Vendor Fee revenue towards
the following purposes:
$1,064,212.50 for the payment of debt service on the Memorial Hall and Pueblo
Convention Center Bonds $735,500 principle and $324,162.52 interest
$1,131,187.48 for the Operation and Maintenance of the Pueblo Convention
Center ($936,706), the Asset Management Fee ($184,084), and the repayment of
an internal loan from PCC Operating Reserve to Memorial Hall Capital Project
($10,398);
$16,000 for the Maintenance of the Memorial Hall
BOARD/COMMISSION RECOMMENDATION:
The 2021 Budget was reviewed by the PURA Board and was approved at the Regular
Meeting of the PURA Board of Commissioners on November 10, 2020. Pueblo City
Council first reviewed this budget at the December 14, 2020 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution.
Attachments:
Proposed Resolution and proposed PURA 2021 Vendor Fee budget.
PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2021 (January 1- December 31)A
INCOME STATEMENT
BUDGET PROPOSAL
21 to budg 2021 to 19 Act
BUDGETBUDGETVARIANCEACTUALVARIANCE
20212020FAV/(UNFAV)2019FAV/(UNFAV)
# OF EVENTS208298(90)279(71)
ATTENDANCE 30,67037,245(6,575)52,079(21,409)
DIRECT EVENT REVENUE
RENTAL REVENUE143,038217,546(74,509)198,975(55,938)
SERVICE REVENUE79,250135,014(55,764)128,836(49,586)
TOTAL DIRECT EVENT REVENUE222,288352,560(130,273)327,811(105,524)
ANCILLARY REVENUE
FOOD AND BEVERAGE REVENUE917,5001,243,642(326,142)1,231,230(313,730)
AUDIO-VISUAL REVENUE90,12090,935(815)115,834(25,714)
DECORATOR SERVICES REVENUE0002,399(2,399)
TOTAL ANCILLARY REVENUE1,007,6201,334,577(326,957)1,349,463(341,843)
TOTAL EVENT REVENUE1,229,9081,687,137(457,230)1,677,274(447,367)
OTHER REVENUE8,36012,355(3,995)13,164(4,804)
TOTAL GROSS REVENUE1,238,2681,699,492(461,225)1,690,438(452,171)
EVENT EXPENSE
SERVICE EXPENSE(128,214)(162,338)34,124(179,182)50,968
FOOD & BEVERAGE EXPENSE(334,485)(454,690)120,205(395,299)60,814
AUDIO-VISUAL EXPENSE(450)(9,100)8,650(11,583)11,133
DECORATOR SERVICES EXPENSE000(379)379
TOTAL EVENT EXPENSE(463,149)(626,128)162,979(586,443)123,294
TOTAL EVENT INCOME766,7591,061,009(294,251)1,090,831(324,073)
TOTAL INCOME WITH OTHER REVENUE775,1191,073,364(298,246)1,103,995(328,877)
INDIRECT EXPENSES
Includes Revenue Reimburse-Memorial Hall Salaries
EXECUTIVE145,704154,147(8,443)145,285419
FINANCE148,180151,418(3,238)143,0965,084
BOX OFFICE9,3178,6346838,1531,164
MARKETING & SALES151,310225,618(74,308)234,041(82,731)
EVENTS99,925104,930(5,005)118,015(18,090)
OPERATIONS210,470226,330(15,860)223,597(13,127)
OVERHEAD 587,778639,903(52,125)586,7211,057
FOOD & BEVERAGE OVERHEAD221,579297,499(75,920)251,392(29,813)
TOTAL INDIRECT EXPENSES1,574,2641,808,479(234,215)1,710,300(136,036)
NET OPERATION INCOME (LOSS)(799,146)(735,115)(64,031)(606,305)(192,841)
000(3,962)3,962
PARKING GARAGE-Revenue17,00017,000011,7335,267
PARKING GARAGE-Expenses(37,296)(43,302)6,006(14,590)(22,706)
PBR-FANZONE-Revenue18,00018,00009,6008,400
PBR-FANZONE-Expenses(87,600)(123,897)36,297(73,071)(14,529)
CAPITAL EXPENSE0(100,000)100,000(67,967)67,967
DEBT PAYMENTS-DISHWASHER/JOHNSON CONTR(47,664)(47,496)(168)0(47,664)
SURPLUS/(SUBSIDY)(936,706)(1,014,810)78,104(744,562)(192,144)
10/22/20203:59 PM