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File #: ID 19-0361    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 5/10/2019 In control: City Council
On agenda: 5/21/2019 Final action: 5/21/2019
Title: Ordinance in the Amount of $5,000,000 Amending the War Memorial Coliseum Complex Fund
Attachments: 1. 19-0361 Coliseum BO 5-21-19.pdf

Title

Ordinance in the Amount of $5,000,000 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, (336) 373-2291

Contact 2 and Phone: Jon Decker, (336) 373-4181                                                               

 

PURPOSE:

The attached ordinance serves to amend the War Memorial Coliseum Complex Fund to allow for additional expenses and revenues related to more events and activities than anticipated during budget adoption. A budget ordinance needs to be approved to fund the additional expenses and revenues appropriations necessary for the remainder of the fiscal year.

 

BACKGROUND:

The FY 18-19 Coliseum Fund amended budget totals $31,236,088. Expenditures and obligations through April total $28,811,153. Additional appropriations are necessary to allow operations through the end of the fiscal year. Projected additional expenses and revenues are due to better than anticipated event activity than budgeted for in the FY 18-19 process, including high attendance concerts in the months of April, May, and June. 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 by $5,000,000 allowing for the necessary appropriation of expenses and offsetting revenues.

 

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 18-19.