HomeMy WebLinkAbout2002-036 Public Facilities District Revenue Fund ORDINANCE NO. 2002- 36
AN ORDINANCE relating to funds and accounts; creating a Public Facilities
District Revenue Fund; designating the sources of revenue
and permissible expenditures from such fund; and
enacting Chapter 3.116 "Public Facilities District Revenue
Fund" as a new Chapter and Sections 3.116.010, 3.116.020
and 3.116.030 as new sections of the City of Yakima
Municipal Code.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. Chapter 3.116 "Public Facilities District Revenue Fund" and
Sections 3.116.010, 3.116.020 and 3.116.030 thereof are hereby enacted as a new
chapter and new sections of the City of Yakima Municipal Code to read as
follows:
Chapter 3.116
Public Facilities District Revenue Fund
Sections:
3.116.010 Fund created -- Purposes.
3.116.020 Source of Funds
3.116.030 Expenditures
3.116.010 Fund created -- Purposes. There is created a fund to be known
as the "Public Facilities District Revenue Fund." Money in this fund shall
be expended to pay debt service for and other costs of the Yakima
Convention Center and /or Yakima Regional Public Facilities District.
3.116.020 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.
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Ordinances
PubFacDistrictRevenueOrd
3.116.030 Expenditures. Expenditures from such fund shall be only for
the purposes mentioned in Section 3.116.010. 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 City
Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 4
day of June , 2002.
MARY ACE, MAYOR
ATTEST:
CITY CLERK
Publication Date: 6 -7 -2002
Effective Date: 7 -7 -2002
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Ordinances
PubFacDistrictRevenueOrd
(PFD Agenda, Continued)
City of Yakima
Convention Center Expansion
How 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
cje 05/30/2002
O
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
c-
Item No.
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
CONTACT PERSON/TELEPHONE: Rita Anson, Finance Director/575-607 /`
Cindy Epperson, Fin. Services Manager /575- 6070ti -"
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.