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Home My WebLink AboutOrdinance - 2011-O0049 - Amending The 2010-11 Budget For Municipal Purposes. Lubbock Sport Authority - 05/31/2011First Reading May 31, 2011 Item No. 6.4 ORDINANCE NO. 2011-00049 Second Reading June 9, 2011 Item No. 5.2 AN ORDINANCE AMENDING THE FY 20 I 0-11 BUDGET FOR MUNICIPAL PURPOSES RESPECTING THE OPERA TING BUDGET FOR MARKET LUBBOCK, INC. (MLI) -LUBBOCK CONVENTION AND VISITORS BUREAU (VISIT LUBBOCK), MLI -LUBBOCK SPORTS AUTHORITY, AND AMENDING THE ADOPTED 2010-11 OPERATING BUDGET FOR LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE (LEDA). WHEREAS, Section 102.010 of the Local Government Code of the State of Texas authorizes the City Council to make changes in the budget for municipal purposes; and WHEREAS, in accordance with the City Budget Ordinance the City Council shall approve all transfers between funds and departments; and WHEREAS, the City Council deems it advisable to change the FY 2010-11 Budget for municipal purposes and reallocate funds as follows; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION I. THAT the City Council of the City of Lubbock hereby approves changes to the City of Lubbock Budget FY 20 I 0-11 (Budget Amendment # 11) for municipal purposes, as follows: I. Approve the amendments to the Adopted FY 20 I 0-11 Operating Budget for MLI -Lubbock Convention and Visitors Bureau, as illustrated by Exhibit A. II. Approve the amendments to the Adopted FY 20 I 0-11 Operating Budget for MLI -Lubbock Sports Authority, as illustrated by Exhibit A. III. Approve the amendments to the Adopted FY 20 I 0-11 Operating Budget for LEDA, as illustrated by Exhibit B. SECTION 2. THAT a copy of the changes made to the City of Lubbock Budget pursuant to this Ordinance shall be filed with the City Secretary and County Clerk of Lubbock as required by law. SECTION 3. THAT should any section, paragraph, sentence, clause, phrase or word of this Ordinance be declared unconstitutional or invalid for any reason, the remainder of this Ordinance shall not be affected thereby. AND IT IS SO ORDERED Passed by the City Counci I on first on May 31, 2011 Passed by the City Cou ncil on second reading on June 9, 2011 TOM M/\RTIN, MAYOR ATTEST: j)~.u ,~ ~nGarz,; Ci t) Secretary APPROVED AS TO CONTENT: Andy 8~),am Chief Finam:ial Officer APPROVED AS TO FORM: Amy S · Ass~;::mey ~~,fo~)/13 udgc1FY l () 11 /\mend 11 urJ Ordinance No. 2011-00049 Exhibit A Visit Lubbock (Convention and Vl1lton Bureau and Lubbock Sports) Approvod Rovlaocl Budgot Flacal Yoar 2010-2011 Approved Appf'OVlld Approved App,oved Revised Appnwed Revla ed 811d9et eve Sports Budget CV8 2010-11 FY2010-11 FY2010-11 2010-11 FY2010-11 REVENUES Hotel/Motel Tu Revenue $ 2,091,355 1,587,835 503,520 2,091,355 1,587,835 FY10 HOT True-Up· CVBILSA 54,525 39,878 Investment Income 8,250 6,270 1,980 8,250 6,270 Sale of Prcmotlonal ltema 2,000 2,000 2,000 2,000 Advertlalng Income 35,000 35,000 43,350 2 43,350 Event Revenue 41,500 41,500 59,500 l Total Revenue Sources 2,178,105 1,631,105 547,000 2,258,980 1,679,131 Utilization of Net Assets 298,467 294,115 4,352 339,371 4 291,144 Grant from CVB 84,585 84,585 68,272 5 TOTAL REVENUES $ 2,581,137 1,925.220 635,917 2,664,823 1,970,275 EXPENSES Salaries $ 772,000 658,200 115,800 750,000 • 834,200 Employee Benellta 334,200 284,070 50,130 322,200 • 272,070 Maintenance & O peratlons 251,100 213,435 37,665 240,251 7 204,213 Profeulonal Services 79,000 67,150 11,850 70,000 59,500 Capilal Alllet Purchase 21,000 17,850 3,150 15,500 13,175 Spedal Pnljects 1,000 850 150 7 Mal1teting & P IVll10tlons 589,000 447,600 121,400 694,900 • 587,425 Incentives 153,500 153,500 153,500 153,500 Sports Servicing 295,772 295,772 352,000 • Grant la Lubbock Sports 84,565 84,565 66,272 10 66,192 TOTAL EXPENSE $ 2,581.137 1,925.220 635,917 2,864,823 1,970i£5 1 FY10 HOT TNO-Up Funds. 2 M(IIII ~ reftden ol81M111ising il'Qffll t0f FY11. 3 MOIII IICICIJrlllo roftoefion oltpo,ISNI\IS IIIYOl!UO b'FY11. 4 Tho lnalllO cf 140,90411'1 Ulllzalon d Hal Allloll la 11111 rosultol lho CMUill nudl'I wrt!lcaUcn d a hlghGt fundbOIBIICO at 1131111011\anWlll o.Umn!Gd wllen lho INcli;ICII WIii prepared. lhltlglllOIII of VII fund bl!arlCIII will a.'lllw Vllll Lutlbcldl to prDll10IQ ll'tO Cily cf Lubboclc to Ille canwnllon, tour11111 and lfl0l1I mal1r.tJII wltJd\ lihould lffl:nlase 1M nuntlef of \lllllcra to Lullbock Even wllh 1118 ncllllMd use of net i!H8111, Visit LubbOCk WU~ IC lnae1110 1118 caril msmve by $14.1151. 5 CVB wat llblll IO IQd\Jce lhegllllll to LLDbock Spol1I. II RoaJcjjan., ~ and bllnolill WIit II mull d delayed ralsoa ond II doCnllllll In bJdplad ~ llffll bonollls far llllfllod potlllcnl. 7 VUOUIIM 'ICIIW-lllduoild In cn!ofto UIIIII 111 til!lt cflha f858MI fund QI poulblll, and lllllft ~• to 111181 and IIIIIM!ng etrarll In ORIGt IC lncrellle lho run11otcf "911in IOl.llllllOCIC. 8Thelnaoa818118da 1111 flllllhaslsonoll:lds ID llllnlCl canwntials. lcullsmlll'ld 1pa,ts 11111111S IO Ul!:lbocx. 9 Suoceu In reG\ll1lng 1f1C111S --11 haareqund l\al lhO funds to 118M:8 own!Sc:orrmillsdtol.idlbadc be lncnlase4. 1D Adjustmentl In VD bullgd redua1d Iha lfflOUllldlho raquied gnlll1 flol!ICVB to LllllbockSports. Appn:,vod Reviled Sports FY2010-11 503,520 12,582 1,980 591500 577,582 50,494 66,192 894,288 115,800 50,130 36,038 10,500 2,325 127,475 352,000 894,268 Ordinance No. 2011-00049 Exhibit B Lubbock Economic Development Alliance, Inc. Approved Revised Budget Fiscal Year 2010-2011 Approved FY10-11 Approved Revised FY10-11 REVENUES Sales Tax Funding Interest Income Grant from Market Lubbock, Inc. Other Income Total Revenue Sources Loan Proceeds Utilization of Net Assets TOTAL REVENUES EXPENSES Compensation Benefits Maintenance & Operations Professional Services Marketing & Sales Special Projects Incentive Fund -Direct Business Incentives Debt Service Capital Outlay TOTAL EXPENSES $ $ $ $ 4,228,676 10,350 2,670,000 330,000 7,239,026 200,000 1,407,882 8,846,908 938,000 596,100 615,446 352,700 512,100 166,800 1,500,000 861,000 3,304,762 8,846,908 1 The increase in Utilization of Net Assets is the result of the annual audit's verification of a higher fund balance at 9/30/2010 than was estimated when the budget was prepared. Using more of the fund balance will allow LEDA to keep the existing terms of the current note payable related to the $7,250,000 infrastructure project at Lubbock Business Park, provide for pre-employment costs 4,228,676 10,350 2,670,000 330,000 7,239,026 200,000 1,810,043 1 9,249,069 938,000 596,100 632,446 2 352,700 512,100 166,800 1,500,000 1,550,000 3 3,000,923 4 9,249,069 associated with filling vacant staff positions and will Increase the LEDA cash reserves from $0 to $153,198. 2 Increased to allow for pre-employment advertising, due diligence and other costs associated with the ability to fill current open positions. 3 Restore budget to current terms of the $7 .25M note payable and to adjust interest payments accordingly. 4 Capital Cost of Lubbock Business Park and Rail Port are adjusted to the amount that covers all currently awarded or planned infrastructure projects, including the cost of the project and any offsetting reimbursements that have been committed.