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File #: ID 20-0105    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 1/23/2020 In control: City Council
On agenda: 2/18/2020 Final action: 2/18/2020
Title: Ordinance in the Amount of $9,825,000 Amending the War Memorial Coliseum Complex Fund
Attachments: 1. 20-0105 ORD Amend WMCC Fund.pdf

 

Title

Ordinance in the Amount of $9,825,000 Amending the War Memorial Coliseum Complex Fund

 

Body

Council Priority: Create an Environment to Promote Economic Development Opportunities and Job Creation

 

Department:  Coliseum 

Council District:  All

 

Public Hearing:  No

Advertising Date/By:  N/A

 

Contact 1 and Phone:  Matt Brown, 373-7406

Contact 2 and Phone:  Curt Parmer, 373-7424

 

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 19-20 Coliseum Fund amended budget totals $28,407,334. Expenditures and obligations through December total $19,780,710. 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 19-20 process, including high attendance concerts in months February through 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 $9,825,000 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 19-20.