HomeMy WebLinkAbout2009-029 Capitol Theatre Expansion; YMC Amendment and Appropriations ORDINANCE NO 2009 - 29
AN ORDINANCE amending the 2009 budget for the City of Yakima, and making
appropriations of $498,000 within the 174 — Public Facilities
District - Capitol Theatre Fund for Costs Related to the Expansion of
the Capitol Theatre
WHEREAS, the Yakima Regional Public Facilities District Board approved the
establishment of a new fund to account for the Washington State Sales Tax Credit designated
to be used for the expansion /improvement of the Capitol Theatre , and
WHEREAS, the amount of $498,000 was originally appropriated within the 172 - Public
Facilities District Fund for costs related to the expansion of the Capitol Theatre, and
WHEREAS, upon the establishment of the new fund 174 — Public Facilities District —
Capitol Theatre, the amount of $498,000 originally appropriated within the 172 - Public Facilities
District Fund must be transferred from Fund 172 to this new Fund 174, and
WHEREAS, at the time of the adoption of the 2009 budget it could not reasonably have
been foreseen that the appropriation provided for by this ordinance would be required; and the
City Council declares that an emergency exists of the type contemplated by RCW 35 33 091
and that it is in the best interests of the City to make the appropriation herein provided, now,
therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA.
Section 1: The amount of $498,000 is hereby appropriated from the Washington State
Sales Tax Credit in the 174 — Public Facilities District - Capitol Theatre Fund to the following
accounts as a 2009 appropriation
Resources.
State Sales Tax Credit ---- - - - - -- 174 - 174 - 327 - 0000 - 338.75 -PFD -- $498,000
Expenditures
PFD Administration - -- --- - -- 174 - 174 - 327 - 0000 - 575.21 -491 -- $ 16,000
Operating Transfer---------------- 174 - 174 - 327 - 2231 -597 75 -550 -- $482,000
Total Expenditures -Fund 174 $498,000
Section 2: This ordinance is one making an appropriation and shall take effect
immediately upon its passage, approval and publication as provided by law and by the City
Charter
Cje ORD NO. 2009 -29 Capitol Theatre appropriation.doc 7/28/2009
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PASSED BY THE CITY COUNCIL, signed and approve. is 16 day o June, 2009
ID EDLE MAYOR
ATTEST
CITY CLERK
First Reading June 2, 2009
Publication Date June 19, 2009
Effective Date June 19, 2009
Cje ORD NO 2009 -29 Capitol Theatre appropriation.doc 7/28/2009
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
• Item No 4 %t5
n7tt/ve , 42, Zaoy
For Meeting Of June 2, 2009
ITEM TITLE (1) An Ordinance creating the Public Facilities District - Capitol
Theatre Fund, (2) An Ordinance amending the 2009 budget and
transferring appropriations from the Public Facilities District Fund to
the Public facilities District - C apitol Theatre Fund for debt service and
other costs related to the expansion of the Capitol Theatre
SUBMITTED BY Finance Department
CONTACT PERSON/TELEPHONE Cindy Epperson, Dep Director of Accounting &
Budgeting /575 -6070 C
SUMMARY EXPLANATION
The Yakima Regional Public Facilities District (PFD) was established in the summer of
2001 to create a funding mechanism to expand the Yakima Convention Center In
late 2007, an additional sales tax credit was authorized and established to provide a
dedicated source of revenue for the Capitol Theatre expansion, and the City began
receiving those resources in April of 2008 Initially, those funds were recerpted into a
• separate account within the existing PFD fund (Fund 172) and used for Capitol
Theatre expansion project which began with the relocation of utilities As the
appropriate documents setting forth the relationship between the City and the PFD
were being drafted, Finance and PFD staff determined that a new special revenue
fund should be established to account for this revenue The proposed new fund would
be Fund 174 - Public Facilities District - Capitol Theatre Fund, and would be authonzed
by the attached ordinance (The documents setting forth the agreements between the
City and the PFD are going to Council at this meeting under a separate agenda.)
Continued
Resolution Ordinance 2 Other (Specify)
Contract Mail to (name and address).
Phone
Funding Source Public Facilities District State Sales Tax Credit
APPROVED FOR SUBMITTAL. 74)7 City Manager
STAFF RECOMMENDATION (1) Pass Ordinance establishing the new fund (2) Read
Appropriation Ordinance by title only at the June 2, 2009 meeting Pass Ordinance after
second reading at the June 16, 2009 meeting.
BOARD /COMMISSION /COMMITTEE RECOMMENDATION The Yakima Regional Public
110 Facilities District Board approved the creation of as new fund at their May 21, 2009 meeting.
COUNCIL ACTION
Continued— Public Facilities District - Capitol Theatre Agenda
An administrative adjustment to the 2009 budget will be required to transfer previously •
appropriated funds from Fund 172 into Fund 174, as set forth in the attached
appropriation ordinance This action will authorize staff to reduce both the revenue
and expense accounts in Fund 172 by $498,000 and increase Fund 174 by the same
amount. There is no increase in the overall 2009 budget. It should be noted that staff
,administratively transferred the 2008 activity to the new fund, so that the first year's
activity would be properly segregated in the 2008 Comprehensive Annual Financial
Statement. We are respectfully requesting that this action be rated by Council
concurrent with the approval of these ordinances
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