HomeMy WebLinkAboutResolution - 2007-R0462 - Accept Civic Lubbock Inc. 2007-08 FY Budget - 09/27/2007Resolution No. 2007—RO462
September 27, 2007
Item No. 6.8
RESOLUTION
WHEREAS, the City of Lubbock entered into a License Agreement with Civic
Lubbock, Inc. on September 21, 2005, for all food, beverage and other concessions sales
for the Lubbock Municipal Auditorium/Coliseum, Lubbock Memorial Civic Center,
Buddy Holly Center, Silent Wing Museum and other designated municipal facilities; and
WHEREAS, the License Agreement includes a provision that requires Civic
Lubbock, Inc. to prepare and submit to the City a budget prior to the beginning of each
fiscal year; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council hereby accepts the Civic Lubbock, Inc. 2007-08 Fiscal
Year Budget as approved and presented by the Civic Lubbock, Inc. Board. A
copy of said budget is attached hereto and incorporated in this Resolution as if
fully set forth herein.
Passed by the City Council this 27th day of September 2007.
DAVID A. MILLER, MAYOR
ATTEST:
Rebe a Garza, City Secretary
APPROVED AS TO CONTENT:
Ndtiey Han y,'Executive
Of Commis ity Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
LLOCity Att/Linda/Res-Civic Lubbock Budget
September 18, 2007
Resolution No. 2007-80462
City of Lubbock
Lubbock Civic Center - Auditorium/Coliseum
Civic Lubbock, Inc.
Proposed Budget - Summarized
For the Fiscal Year Ending September 30, 2008
FY 2008
Proposed
Revenues
Civic Center Concessions S 310,685
Auditorium/Coliseum Concessions 219,016
Select -A -Seat Revenues 222,552
Total Revenues 752,253
Expenses
Civic Center Direct Expenses (237,827)
Civic Center Indirect Expenses (49,295)
Auditorium/Coliseum Direct Expenses (144,141)
Auditorium/Coliseum Indirect Expenses (35,975)
Select -A -Seat Direct Expenses (165,403)
Select -A -Seat Indirect Expenses (176,095)
Administration (53,476)
Grants/Walk of Fame (62,500)
Total Expenses (924,712)
Net Profit (Net Loss) (172,459)
Depreciation and other non-cash items 58,408
Net Profit (Net Loss) - Cash Basis S (114,051)
City of Lubbock
Lubbock Civic Center - Auditorium/Coliseum
Civic Lubbock, Inc.
Proposed Budget - By Cost Center
For the Fiscal Year Ending September 30, 2008
Auditorium/Coliseum Concessions
FY 2008
Civic Center Concessions
Proposed
Gross Revenues
$ 232,885
Catering / Merchandise Revenue
77,800
Total Revenue
310,685
Less Direct Expenses
(66,865)
Purchases
(78,910)
Labor
(158,917)
Total Direct Expenses
(237,827)
Net Revenue
72,858
Less Indirect Expenses
(25,395)
Operating Expenses
(38,345)
Percentage to City
(10,950)
Net Profit (Net Loss)
23,563
Auditorium/Coliseum Concessions
Gross Revenues
213,516
Merchandise Revenue
5,500
Total Revenue
219,016
Less Direct Expenses
(20,000)
Purchases
(66,865)
Labor
(77,276)
Total Direct Expenses
(144,141)
Net Revenue
74,875
Less Indirect Expenses
58,408
Operating Expenses
(25,395)
Percentage to City
(10,580)
Net Profit (Net Loss)
38,900
Select -A -Seat
Gross Revenues
222,552
Less Direct Expenses
(165,403)
Net Revenue
57,149
Less Indirect Expenses
Operating Expenses
(117,687)
Depreciation and Amortization
(58,408)
Net Profit (Net Loss)
(118,946)
Administration
Less Indirect Expenses
Operating Expenses
(53,476)
Depreciation
Operating Grant Expenses
(20,000)
Grants to Arts
(30,000)
Terrace Induction/Walk of Fame
(12,500)
Net Profit (Net Loss)
(115,976)
Net Profit (Net Loss)
(172,459)
Depreciation and other non-cash items
58,408
Net Profit (Net Loss) - Cash Basis
$ (114,051)
CIVIC LUBBOCK, INC.
Balance Sheet
July, 2007 and 2006
ASSETS
(88,260.83)
2007
Current Assets
Cash and Cash Equivalents
Cash On Hand - Auditorium
$ 5,100.00
Cash On Hand - Civic Center
8,147.25
Cash On Hand - Select -A -Seat
7,225.50
Cash In Bank -PCB
611,606.48
Cash In Bank -PCB SS
2,518.81
Cash In Bank -Bank of America! SAS
-
Cash In Bank-LNB -SAS
53,010.94
Cash In CD's
-
Cash In CD - Bronze Sculpture
66,592.20
Cash In MM -PCB (City and Board Designated)
140,376.44
Accounts Receivable
Accounts Receivable
22,866.49
Accounts Receivable - Other
29,940.61
Receivable - Internet Sales
-
Retumed Checks
1,893.62
Inventories
Inventory - Auditorium
31,515.65
Inventory - Civic Center
33,030.62
Inventory - Promotional
408.00
Inventory- Select -A -Seat
1,291.45
Inventory- Wristbands
2,471.98
Prepaid Expenses
Prepaid Expenses
8,492.21
Total Current Assets
Other Assets
Restricted Cash and Cash Equivalents
Cash In CD's-LNB -Cultural Arts Grant Fund
39,254.97
Cash In CD's-LNB Cultural Arts Grant 11 Fund
198,1 l 1.02
Cash In Bank-LNB MM - Music Festival
1,290.90
Miscellaneous
TTU Deferred Contributions
40,255.84
Total Other Assets
Capital Assets
Equipment
Fixed Assets - Auditorium
88,260.83
Accumulated Depreciation -AIC
(88,260.83)
Fixed Assets - Civic Center
94,394.05
Accumulated Depreciation -CIC
(94,394.05)
Fixed Assets - Select -A -Seat
225,675.32
Accumulated Depreciation -SAS
(145,516.81)
Fine Art
Art Work
366,332.19
Total Capital Assets
TOTAL ASSETS
41212007 Copy arCLl Balance Sheet -Jul D07_counci! 1
894,577.62
54,700.72
68,717.70
8,492.21
1,026,488.25
238,656.89
40,255.84
278,912.73
80,158.51
366,332.19
446,490.70
$ 1,751,891.68
2006
S 11,590.00
9,261.35
7,082.00
112,236.75
1,469.26
24,848.29
272,230.28
172,521.89
111,787.10
26,329.49
79,413.32
10,961.00
1,884.50
22,441.13
35,059.00
432.00
3,277.97
2,685.05
723,026.92
118,588.31
63,895.15
905,510.38
164,523.00
- 164,523.00
84,171.52 84,171.52
248,694.52
88,260.83
(88,260.83)
94,394.05
(86,620.79)
225,675.32
(87,499.57)
145,949.01
366,332.19
366,332.19
512,281.20
S 1,666,486.10
CIVIC LUBBOCK, INC.
Balance Sheet
July, 2007 and 2006
LIABILITIES AND EQUITY
Equity
Net Assets Invested in Capital, Net of Debt
Unrestricted Net Assets
City Restricted Net Assets
Board Designated Net Assets - Sculpture
Board Designated Net Assets _
Total Equity
TOTAL LIABILITIES AND EQUITY
2006
$ 330.93
33,432.07
253.00
7,134.48
1,344.87
9,917.72
41,832.65
5,113.61
27,695.60
484,478.39
18,194.94
68,818.00
52,413.07
74,641.86
484,478.39
87,012.94
698,546.26
51,218.06
2007
33,068.73
Current Liabilities
6,115.23
100,000.00
Accounts Payable
-
40,000.00
Accounts Payable
$ 78,299.24
254,925.02
Payable- Service Charges
19,819.01
Payable - Other
2,383.94
Sales Tax Payable
5,331.07
Payroll & Taxes Payable
1,576.65
Parking Payable
6,143.15
Interest Payable -Broadway Promoter
-
113,553.06
Due to City
Due to City - Auditorium %
6,530.02
Due to City - Civic Center %
266.62
Due to City - Salary Reimbursements
16,558.81
23,355.45
Due to Promoter
Due to Promoter
496,820.65
496,820.65
Current Maturities - Notes Payable
PCB Note Payable
7,110.35
Ticketsage Note Payable
34,572.00
41,682.35
Total Current Liabilities
675,411.51
Non -Current Liabilities
Non -Current Note Payable
PCB Note Payable
-
-
Deposits Held for Others
Freedom Fountain Contributions
33,068.73
33,068.73
Deferred Revenue
Deferred Revenue - SW Bell
6,115.23
Deferred Revenue - Cultural Arts. Grant Fund
39,254.97
Deferred Revenue - Cultural Arts Grant II Fund
198,111.02
Deferred Revenue -Broadway Festival -Music Festival
1,290.90
Deferred Revenue -Other - Broadway Festivals
24,506.79
269,278.91
Total Non -Current Liabilities
302,347.64
Total Liabilities
977,759.15
Equity
Net Assets Invested in Capital, Net of Debt
Unrestricted Net Assets
City Restricted Net Assets
Board Designated Net Assets - Sculpture
Board Designated Net Assets _
Total Equity
TOTAL LIABILITIES AND EQUITY
2006
$ 330.93
33,432.07
253.00
7,134.48
1,344.87
9,917.72
41,832.65
5,113.61
27,695.60
484,478.39
18,194.94
68,818.00
52,413.07
74,641.86
484,478.39
87,012.94
698,546.26
51,218.06
51,218.06
33,068.73
33,068.73
6,115.23
100,000.00
164,523.00
-
40,000.00
170,638.23
774,132.53
254,925.02
$ 1,751,891.68
953,471.28
411,918.70
443,463.20
157,213.83
64,551.62
100,000.00
100,000.00
65,000.00
-
40,000.00
105,000.00
774,132.53
713,014.82
$ 1,751,891.68
$ 1,666,486.10
9!2112007 Copy ofCLI Balance Sheet -hl 2007—council 2