06-1117Council File # 06-1117
Greensheet# 3035250
Presented By;
Referred To:
Committee: Date
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s WHEREAS, pursuant to authority granted in Laws of Minnesota 2005, Chapter �52, 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 eHective on October 1,
s 2005 (the "Agreement") with the Saint Paul RiverCentre Convention & Visitors Authority, a Minnesota non-profit corporation
e (the'RCVA"), whereby the City contracted with the RCVA to equiq maintain, manage, and operate aIl or a portion of those certain
� properties and facilities commonly known as the RiverCentre complex and to manage and operate a convention bureau to
a 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
�� shalf be lransmitled to the City Councif as part of the City s annual budgei approval process' ; and
iz
�a WHEREAS, Section 6.7 of the Agreement further requires that "[t}he Cifij Council may modify the Approved Operating Budget
ia and Approved Capital Budget only with resped to those amounts contained therein that are proposed to be financed by general
i5 revenues of the City or bond proceeds; and
is
i� WHEREAS, on October 24, 2006, the RCVA Board of puectors adopted the 2007 RCVA budget, RCVA resolution #06-016, and
ia transmitted said budget for $10,235,724 to the City pursuant to Section 67 of the Agreement;
is
zo NOW, THEREFORE, BE IT RESOLVED, that pursuant to Section 6.7 of the Agreement, the RCVA budget for the fiscal year beginning
zi January 1, 2007 as adopted by the RCVA Board of Directors on October 24, 2006, is hereby approved as modified by the City
zz Council during their 2007 budget detlberatlons as described in Attachment A; and
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za BE IT FURTHER RESOLVED, that the Director of the Financial Services Offce be and is hereby authorized to prepare the fnal 2007
zs budgets in accordance with the actions taken herein and to equalize, balance or set the final department revenue sources and
zs department appropriations as necessary.
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Requested by Department of:
Adoption Certified by Council Secretary:
BY / i
Approved by Mayor t 1 L- �;�
/
By.
RESOLUTION
iAINT PAUL, MINNESOTA
Financial Services Office
By: Matt Smith
Approval R c' ices Director
By:
Fortn Approved by City / A � tt rney: 9
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Approved ayo for ubmissi t ounci �
By:
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Adopted by Council: Date �c�� �jJ�
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
FS — Financiai Secvices
Contact Person & Phone:
Matt Smith
266-8796
Must Be on Council Aqen
Doc. RESOLUTION W!$TRANSAC
E-Document Required: Y
Document Contact: Scott Cordes
Contact Phone: 266-8833
OS-DEG06
y
Assign
N�mber
For
Routing
Order
Totai # of Signature Pages _(Clip All Locations for Signature)
Green Sheet NO: 3035250
0 �nancial Services
1 manaalServices De artmeutDirector
2 ancial Serv�cu ce Flnancial Services
3 ' Attorne
4 a or's O�ce Ma odAssistant
5 ouncii Ci Council
6 ' C7erk Ci Cterk
Approve the Saint Paul RiverCentre Convention & Visitors Authority 2007 Budget.
i u :
�;.,
iaanons: npprove �v,7 or r
Planning Commission
CIB Committee
Civil Service Commission
1. Has this persoNfirm ever worked under a contract for this department�
Yes No
2. Has this person/firm ever been a ciiy employee?
Yes No
3. Does this person/firm possess a skill not normally possessed by any
current city employee?
Yes No
Erzplain all yes answers on sepazate sheet artd attach to greert sheet
Initiating Prob(em, Issues, Opportuniry (Who, What, When, Where, Why):
The City is required, by the Law of Minnesota 2005, Chapter 152, Article 1, Secfions 1 and 38, to approve the annual spending and
financing budget for the Saint Paul RiverCentre Convention & Visitors Authority.
The Ciry needs to have a spending and financing plan that reflects Fmancing and payments the City must make on behalf of the
RCVA.
Advantages If Approved:
The Saint Paul RivexCentre Convenfion & Visitots Authority will have an appmved plan fot spending and financing.
Disadvantages If Approved:
None.
Disativantages If Not Approved:
The City will not have complied with Minnesota I.aw.
Transaction:
Funding Source:
CosVRevenue Budgeted: Y
Activity Number:
Fnancia4lnformation:
(Expiain)
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��������' i��w'�t�e.
December 11, 2006 8:10 AM
Page 1
Dl� 7
2U07 Budget Batancing Status
RiverCentre
Dollar T2cker-December 13, 2007 Budget Meeting
Office of Finandal Services
Report dateltime:
Page 1 of 1
Recommended Budgei..
Butlget Total
Gap: Fxcess l (Shortfall)
12/22/2006 2:00.00 PM FINAL
Council Changes to the Recommended Budget...
RrverCenVe
RrverCentre
RiverCentre
RiverCenire
RrverCemre
RiverCentre
8udget After Technical Chan9es
Gap� Excess / (Shortfall)
Increase Builtling Repairs
Reduce Lease Payment Interest
Increase Lease Payment Prinapal
Increase HoteFMOteI Revenue
Use of interest on STAR ativance (trensfer)
I�rease Intratund Transfer Revenae
Spending Financing
1,230,657 7,230,651
0
703,028
(8.495)
8,494
4,590
97,219 97.219
98.437
1.430,897 1,430.897