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Home My WebLink About06/02/2009 18 Capitol Theatre Fund Creation and Appropriations; Budget Amendment BUSINESS OF THE CITY COUNCIL , O YAKIMA, WASHINGTON AGENDA STATEMENT Item No. ' 18 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 - 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 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 0 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): • Phone: Funding Source Public Facilities District State Sales Tax Credit APPROVED FOR SUBMITTAL: 44)y 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. 40 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. • • • • • ® ORDINANCE NO. 2009 - 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. S 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 Cepperson Establish PFD -Cap Theatre Fund Ordinance 5/28/2009 1 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 approved this day of 2009. DAVID EDLER, MAYOR ATTEST: CITY CLERK First Reading: Publication Date: Effective Date: Cepperson Establish PFD -Cap Theatre Fund Ordinance 5/28/2009 2 ORDINANCE NO. 2009 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 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 0 City Charter. 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 First Reading: Publication Date: Effective Date: • Cje PFD - Capitol theatre Fund Approp Ord 09 5/28/2009 2