Title
Ordinance in the Amount of $2,600,000 Amending the War Memorial Coliseum Complex Fund
Body
Department: Budget & Evaluation
Council District: All
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Larry Davis, 373-2291
Contact 2 and Phone: Rick Lusk, 373-2077
PURPOSE:
The attached ordinance serves to amend the War Memorial Coliseum Complex Fund to allow for additional expenses and revenues related to more activities than anticipated during budget adoption. A budget ordinance needs to be approved to fund the additional expenses and revenues.
BACKGROUND:
The FY 16-17 Coliseum Fund Budget was adopted with expenses and revenues totaling $25,701,015. Expenditures through May total $24,154,234. Additional appropriations are necessary to allow operations through the end of the year. Projected additional expenses and revenues are due to better than anticipated activity than budgeted for in the FY 16-17 process, including high attendance concerts in the month of June like Chance the Rapper and Journey. The budget ordinance will provide the additional appropriations necessary to maintain operations for events through the end of the year. Additional revenues received by the War Memorial Coliseum Fund will offset these appropriations. No additional General Fund support is necessary.
BUDGET IMPACT:
This ordinance will increase the Coliseum Operating Fund as follows:
521-7510-02.5729 $1,600,000
521-7525-01.5428 $50,000
521-7535-06.5419 $500,000
521-7535-04.5414 $450,000
$2,600,000
RECOMMENDATION / ACTION REQUESTED:
It is requested and recommended that the City Council adopt the attached budget ordinance amending the War Memorial Coliseum Complex Fund budget for FY 16-17.