HomeMy WebLinkAbout2002-038 Appropriation; Public Facilities District Revenue Fund ORDINANCE NO. 2002- 38
AN ORDINANCE amending the 2002 budget for the City of Yakima; and
making appropriations of $480,000 within the 172 -
Public Facilities District Revenue Fund for expenditure
during 2002 to provide for debt service and other costs
related to expansion of the Convention Center.
WHEREAS, the amount of $480,000 must be appropriated within the 172
- Public Facilities District Revenue Fund for expenditure during 2002 to provide
for debt service and other costs related to expansion of the Convention Center,
and
WHEREAS, at the time of the adoption of the 2002 budget it could not
reasonably have been foreseen that the appropriation provided for by this
ordinance would be required; and the City Council finds 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. Appropriations are hereby made, for expenditure during 2002,
from the Unappropriated Fund Balance in the 172 - Public Facilities District
Revenue Fund to the various accounts, as specified in Schedule 1 attached hereto
and incorporated herein.
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.
PASSED BY THE CITY COUNCIL, signed and approved this 18th
day of June 2002.
f,Z
MARY PLACE, MAYOR
A
CITY CLERK
First Reading: 6 - - 2002
Publication Date: 6 - 21 - 2002
Effective Date: 6 - 21 - 2002
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SCHEDULE I
Public Facilities District Revenue Fund
Revenue Revenue Expenditure
Public Facilities District Revenue
172 -3- 172 - 327 - 0000 - 338.79 -PFD $480,000
Appropriations
Miscellaneous Expense
172 -4 -172- 327 - 0000 - 57110 -491 $28,500
Operating Transfer (Debt Service /Capital)
172 -4- 172 - 327 -0000- 59700 - 550 $451,500
FUND TOTAL $480,000 $480,000
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT C�
Item No. ! 1
For Meeting of June 4, 2002
ITEM TITLE: (1) An Ordinance creating the Public Facilities District Revenue Fund;
(2) An Ordinance Amending the 2002 Budget and Making
Appropriations Within the Public Facilities District Revenue Fund for
Debt Service and Other Costs Related to the Expansion of the Yakima
Convention Center
SUBMITTED BY: Finance Department 4
CONTACT PERSON/TELEPHONE: Rita Anson, Finance Director/575-607
Cindy Epperson, Fin. Services Manager/575-607
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. (Ordinance 2001 -28 and Resolution
2001 -102 were passed by Council on June 19, 2001.) When the 2002 budget was being developed, the
ultimate method of accounting for the PFD sales tax credit was undetermined. To ensure the
revenue and related expenditures were included in the 2002 budget, they were added in the Yakima
Center /Tourist Promotion fund 170. Now that the Center Expansion Project is progressing, staff has
determined that a new special revenue fund should be established in the City's budget to account
for this revenue. Separating these transactions into a fund would simplify accounting for revenue
from the PFD, and would not artificially inflate the Yakima Center budget.
This is an administrative adjustment to the 2002 budget. In effect, the PFD revenue and expenditure
budget of $480,000 originally included in fund 170 is proposed to be transferred to new fund 172.
This action will also approve staff to administratively reduce fund 170 by the same amount as this
appropriation.
Attached is a summary of how the funds relating to the PFD will flow in the City's records.
(Continued)
Resolution Ordinance X Other (Specify)
Funding Source: Public Facilities District Revenue
APPROVED FOR SUBMITTAL:
City Manager
STAFF RECOMMENDATION: (1) Pass Ordinance establishing the new fund.
(2) Read Appropriation Ordinance by title only at the June 4, 2002, meeting. Pass
Ordinance after second reading at the June 18, 2002 meeting.
BOARD /COMMISSION RECOMMENDATION:
COUNCIL ACTION: (A) Ordinance passed. ORDINANCE NO. 2002 -36 (PFD Fund)
(B) First reading of ordinance; second scheduled 6 -18 -2002.
Ordinance. passed. ORDINANCE NO. 2002 -38
(PFD Agenda, Continued)
City of Yakima
Convention Center Expansion
Flow of Funds (Amounts Rounded)
Source Use
Fund 370- Convention Center Capital Improvement Fund
Public Facilities District (PFD)Establishment $ 95,000
(Includes Market Analysis, Appraisal, Feasibility Study)
Transfer from PFD Sales Tax Credit $ 95,000
Construction Project $ 6,600,000
Bond Proceeds $6,600,000
Fund 172 - Public Facilities District Revenue Fund
Transfer to Debt Service Fund (272) $ 480,000
Sales Tax Credit from PFD(Annual Estimate) $ 480,000
Fund 272 -PFD Convention Center 2002 Gen. Obligation Debt Service
Debt Service Payment (Maximum Annual) $ 480,000
Transfer from PFD Revenue Fund (172) $ 480,000
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