05-1167Council File #
Green Sheet #
Presentetl By:
Referretl To:
RESOLUTION
SAINT PAUL, MINNESOTA
�h' 11��
3029003
y�
Committee: Date
s WHEREAS, pursua�t to authority granted in Laws of Minnesota 2005, Chapter 152, Article 1, Sections 1 and 38, (the "Special LaW'),
a the City of Saint Paul, Minnesota, a municipal corporation (the "City") entered into an Agreement, made effective on October 1,
s 2005 (the "AgreemenY') with the Saint Paul RiverCentre Convention & Vsitors Authority, a Minnesota non-profit corporation
s (the "RCVA"), whereby the City contracted with the RCVA to equip, maintain, manage, and operate all or a portion of those certain
� properties and facilities commonly known as the RiverCentre complex and to manage and operate a convention bureau to
s market and promote the City as a tourist or convention center; and
io WHEREAS, Section 6.7 of the Agreeement requires that the RCVA's "Approved Operating Budget and Approved Capital Budget
>> shatl be transmitted to the City Council as paR of the City's annual budget approvai process"; and
iz
ia WHEREAS, Section 6.7 of the Agreement further requires that "[t}he City Council may modify the Approved Operating Budget
ia and Approved Capitai Budget only with respect to those amounts contained therein that are proposed to be f nanced by generai
ie revenues of the City or bond proceeds; and
i6
i� WHEREAS, on October 26, 2005, the RCVA Board of Directors adopted the 2006 RCVA budget, RCVA resolution #05-010, and
is transmitted said budget for $9,511,155 to the City pursuant to Section 6.7 of the Agreement;
is
zo NOW, THEREFORE, BE IT RESOLVED, that pursuant to Section 6.7 of the Agreement, the RCVA budget for the fiscal year beginning
zi January 1, 2006 as adopted by the RCVA Board of Directors on October 26, 2005, is hereby approved as modifed by the City
2z Council during their 2006 budget deliberations as described in Attachment A; and
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za BE IT FURTHER RESOLVED, that the Director of the Financial Services Office be and is hereby authorized to prepare the final 2006
zs budgets in accordance with the actions taken herein and to equalize, balance or set the final department revenue sources and
zs department appropriations a necessary.
z�
za
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34
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36
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Requestetl by Department of:
Financial Services Office
Atlopted by Council: Date
Adoptio
BY .
Approve
By .
By� Matt Smith
Approval Rec Financi Services Director:
By:
v�
1�i�����Y� ����o
Form Approved by City Attomey:
By:
Approvetl by Mayor for Submission to Counal:
By .
om�eo�r�a�oaisem�es a�sn ema� een�Yaoos�ca����n w.e�ee�o-ezoosa�naevResoiwan ws
D�-//l��
2006 Budget Balancing Status
RiverCentre
Office of Financial Services
Report dateRime:
Page 1 of 1
72/22/2005 1:39 PM
Spending
Recommended Budget...
Budget Total
Gap: Excess / (Shortfall)
Council Changes to the Recommended Budget...
RiverCentre
RiverCentre
RiverCentre
RiverCentre
RiverCentre
RiverCenire
RiverCentre
RiverCentre
Budget After Technical Changes
Gap: Excess / (Shortfall)
9,511,155
Half Cent Sales Tax
Contribution to Fund Balance
Transfer of Sales Tax Proceeds from Arena Escrow, Fund 961
Transfer to HRA Debt Service, Fund 139 285,000
Surety Bond ($500,000) 25,000
RCVA Contingency pending deferral plan 190,000
Hotel-Motel Tax Support
Use of Fund Balance
70,011,155
Financing
9,511,755
0
126,070
(126,070)
500,000
(2,040)
2,040
10,011,755
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
DepartmenVoffice/council: Date InitiaMd: �� � ���
FS -F�,��SeM� o�-0E� Green Sheet NO: 3029003
Contact Person & Phone:
Matt Smith c `�
266�8796 -.
Must Be on Council Agenda by
ContractType:
AR•RESOLLITION W!$ 7RANSAGT70N
. � Deoartrnent SentToPerson
0
Assign i rai e t '
Number Z •� ' ancial
For
Routing 3 f A
Order 4 avor' ce or n
5 ounul o
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Totai # ot Sig Pages _(Clip AII Locations for Signature)
Action RequesMtl:
Accept the Saint Paul RiveiCentre Visitors' Authoriry 2006 budget, as modified by ihe Ciry Covncil.
Approi,se (A) or Reject (ft}:
Planning Commission
CIB Committee
CiW SeMce Commission
Questions:
1. Has this personlfirm eeer arorked under a contract for this depaAment?
Yes No
2. Has this pereoNfirm e�er heen a cRy employee?
Yes No
3. Does this personlfirm possess a skill nW nortnaily possessed by any
cucreM city empioyee?
Yes No
F�cplain ait yes answers on separete sheet and attach to green sheet
InitiaHng Problem, Issues, Opportunity (YYho, What, When, Where, Why}:
The City has the responsihility to approve the RiverCentre Anthority budget for the yaaz 2006, and modify it as necessary with regard
co those amounts that are proposed to be financed by generai reviews of the City or bond proceeds.
The City needs to have a spending and fmancing plan that reflects financing and payments the Ciry must make on behalf of the RC VA.
AdvantagesifApproved:
The RCV A and Ciry will have approved budgets for 2006.
Disadvantages HApproved:
None.
Disadvankages If Not Approved:
The Ciry will not have complied with Laws of Minnesota 2005, Chapter 152, and the Agreement with the RCVA Boazd.
7ota1 Amount of
Transaction:
Fundino Source: FUnd 900
CosURevenueBudgeted: N
ActHity Number: 90p
(Ezplain)
December7, 20057:O6AM Page 1