HomeMy WebLinkAbout2009-023 Establish Public Facilities District Capitol Theatre Fund; YMC Addition ORDINANCE NO 2009 -23
AN ORDINANCE relating to funds and accounts; creating a Public Facilities District - Capitol
Theatre Fund, designating the sources of revenue and permissible
expenditures from such fund; and enacting Chapter 3 119 "Public Facilities
District - Capitol Theatre Fund" as a new Chapter and Sections 3 119 010,
3 119 020 and 3 119 030 as new sections of the City of Yakima Municipal
Code
BE IT ORDAINED BY THE CITY OF YAKIMA.
Section 1 Chapter 3.119 "Public Facilities District - Capitol Theatre Revenue Fund" and
Sections 3 119 010, 3 119 020 and 3 119 030 thereof are hereby enacted as a new chapter and new
sections of the City of Yakima Municipal Code to read as follows:
Chapter 3.119
Public Facilities District - Capitol Theatre Fund
Sections:
3 119 010 Fund created – Purposes
3 119 020 Source of Funds
3 119 030 Expenditures
3 119 010 Fund created — Purposes. There is created a fund to be known as the "Public
Facilities District - Capitol Theatre Fund" Money in this fund shall be expended to pay debt
service for and other costs of the Capitol Theatre and /or the Yakima Regional Public Facilities
District.
3 119 020 Source of Funds. From time to time, the City Council shall budget, appropriate or
otherwise authorize the transfer of money from any available source into such fund These
may include the sales tax credit received from the Public Facilities District, and other resources
as deemed appropriate by Council.
3 119 030 Expenditures. Expenditures from such fund shall be only for the purposes
mentioned in Section 3 119 010 No expenditures shall be made from such fund unless the
City Council approves such expenditures by passing an ordinance appropriating money within
the fund for the purpose for which the expenditure is to be made, or by including an
appropriation for such purpose in the budget.
Section 2. This ordinance shall be in full force and effect thirty (30) days after its passage,
approval and publication as provided by law and by the City Charter
PASSED BY THE CITY COUNCIL, signed and - . rov - d this 2 • _ of June, 2009
rwid Edler, ayor
ATTEST
-
City Clerk
Publication Date 6/5/09
Effective Date 7/5/09
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BUSINESS OF THE CITY COUNCIL
• YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No ' 1 8
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 Distnct- Capitol 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
SUMMARY EXPLANATION
The Yakima Regional Public Facilities Distnct (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
41) receiving those resources in Apnl of 2008 Initially, those funds were receipted 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 authorized
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. h - 4 r 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.
0 BOARD /COMMISSION /COMMITTEE RECOMMENDATION The Yakima Regional Public
Facilities District Board approved the creation of a 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 ratified by Council
concurrent with the approval of these ordinances.
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