HomeMy WebLinkAbout06/16/2009 23 Public Facilities District - Capitol Theatre Fund Creation; Approprition of Funds BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
• Item No. ' 3
674/./ '6, 260y
For Meeting Of Jul iu 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 - 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 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 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):
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Phone:
Funding Source Public Facilities District State Sales Tax Credit
APPROVED FOR SUBMITTAL: 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
• 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 0
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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ORDINANCE NO. 2009
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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
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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.
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Cje PFD - Capitol theatre Fund`Approp Ord 09 5/28/2009 1
PASSED BY THE CITY COUNCIL, signed and approved this day of
•
, 2009.
DAVID EDLER, MAYOR
ATTEST:
CITY CLERK
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First Reading:
Publication Date:
Effective Date:
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Cje PFD - Capitol theatre Fund Approp Ord 09 5/28/2009 2