HomeMy WebLinkAbout226-14 RESOLUTIONRESOLUTION NO. 226-14
A RESOLUTION TO APPROVE THE ATTACHED BUDGET ADJUSTMENT
FOR BOTH THE 2014 AND 2015 BUDGETS TO CREATE THE HOTEL,
MOTEL AND RESTAURANT 2014 BOND CAPITAL IMPROVEMENT
FUND IN THE AMOUNT OF $7,181.004.00 FOR THE WALTON ARTS
CENTER EXPANSION AND ENHANCEMENT PROJECT AND
$3,642.656.00 FOR PHASE I OF THE REGIONAL PARK PROJECT
WHEREAS, the citizens of Fayetteville approved the issuance of Hotel, Motel and
Restaurant Capital Improvement Bonds for the Walton Arts Center expansion and enhancement
project, the Regional Park project, and to pay off the previously issued HMR bonds; and
WHEREAS, the City Council authorized the issuance of the 2014 Hotel, Motel and
Restaurant Capital Improvement Bonds to finance a portion of these improvement projects and
to pay off the existing HMR bonds; and
WHEREAS, the 2014 Hotel, Motel and Restaurant Capital Improvement Bonds have
been sold and the previously issued HMR bonds have been paid so that the remaining funds from
the bond sales can be divided pursuant to the voters' approval with $7,181,004.00 allocated to
the Walton Arts Center expansion and enhancement project and $3,642,656.00allocated to the
Regional Park project; and
WHEREAS, these funds should be placed into a new Hotel, Motel and Restaurant
(HMR) 2014 Bond Capital Improvement Fund and appropriated into the existing 2014 Budget
and all remaining funds on January 1, 2015, appropriated into the 2015 Budget.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the attached budget adjustment for both the 2014 and 2015 budgets to create the Hotel, Motel
and Restaurant 2014 Bond Capital Improvement Fund in the amount of $7,181,004.00 for the
Walton Arts Center expansion and enhancement project and $3,642,656.00 for Phase I of the
Regional Park project.
PASSED and APPROVED this 16th day of December, 2014.
ATTEST:
By: Admii,„ 6 i®,°°‘,� % Tlte'r
SONDRA E. SMITH, City Clerk/Treasurer 4F -'s Y • RFg9/,:,"4
• FAYETTEVILLE ° :
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' eee ' '/r, N S
City of Fayetteville, Arkansas
Text File
File Number: 2014-0555
113 West Mountain Street
Fayetteville, AR 72701
479-575-8323 TDD -
479-521-1316
Agenda Date: 12/16/2014
In Control: City Council
Agenda Number: Al2.
Version: 1 Status: Passed
File Type: Resolution
A RESOLUTION TO APPROVE THE ATTACHED BUDGET ADJUSTMENT FOR BOTH THE
2014 AND 2015 BUDGETS TO CREATE THE HOTEL, MOTEL AND RESTAURANT 2014 BOND
CAPITAL IMPROVEMENT FUND IN THE AMOUNT OF $7,181,004.00 FOR THE WALTON
ARTS CENTER EXPANSION AND ENHANCEMENT PROJECT AND $3,642.656.00 FOR PHASE
I OF THE REGIONAL PARK PROJECT
WHEREAS, the citizens of Fayetteville approved the issuance of Hotel, Motel and Restaurant Capital
Improvement Bonds for the Walton Arts Center expansion and enhancement project, the Regional Park
project, and to pay off the previously issued HMR bonds; and
WHEREAS, the City Council authorized the issuance of the 2014 Hotel, Motel and Restaurant Capital
Improvement Bonds to finance a portion of these improvement projects and to pay off the existing HMR
bonds; and
WHEREAS, the 2014 Hotel, Motel and Restaurant Capital Improvement Bonds have been sold and the
previously issued HMR bonds have been paid so that the remaining funds from the bond sales can be
divided pursuant to the voters' approval with $7,181,004.00 allocated to the Walton Arts Center
expansion and enhancement project and $3,642,656.00 allocated to the Regional Park project; and
WHEREAS, these funds should be placed into a new Hotel, Motel and Restaurant (HMR) 2014 Bond
Capital Improvement Fund and appropriated into the existing 2014 Budget and all remaining funds on
January 1, 2015, appropriated into the 2015 Budget.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the attached
budget adjustment for both the 2014 and 2015 budgets to create the Hotel, Motel and Restaurant 2014
Bond Capital Improvement Fund in the amount of $7,181,004.00 for the Walton Arts Center expansion
and enhancement project and $3,642,656.00 for Phase I of the Regional Park project.
City of Fayetteville, Arkansas
Page 1 Printed on 12/18/2014
City of Fayetteville Staff Review Form
2014-0555
Legistar File ID
12/16/2014
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item a
Paul A. Becker
Submitted By
11/24/2014
Submitted Date
Chief Financial Officer /
Finance & Internal Services Department
Division / Department
Action Recommendation:
This request is for the City Council to appropriate in both the 2014 and 2015 budgets, the proceeds of the 2014
HMR Bond Issue. This will authorize the use of the proceeds of the 2014 HMR Bond Issue for the intended purposes
which are the Walton Arts Center Expansion Project and the Regional Park Project. Approval of a Budget
Adjustment is required to amend the 2014/2015 budgets.
Budget Impact:
4570.XXXX.XXXX.XX
Account Number
XXXXX
Project Number
Budgeted Item? No
Does item have a cost? No
Budget Adjustment Attached? Yes
4570 - HMR 2014 Bond Capital Improvement
Fund
Walton Arts Center Expansion
Regional Park Phase 1
Current Budget
Funds Obligated
Current Balance
Item Cost
Budget Adjustment
Remaining Budget
Project Title
11,043,691.00
$ 11,043,691.00
Previous Ordinance or Resolution # Ord #5713
Original Contract Number: Approval Date: 041'1
Comments:
V20140710
CITY OF
Ftvi1e�
NSAS
MEETING OF DECEMBER 16, 2014
CITY COUNCIL AGENDA MEMO
TO: Mayor and City Council
FROM: Paul A. Becker, Chief Financial Officer
DATE: November 24, 2014
SUBJECT: Appropriation Authority for Hotel, Motel and Restaurant Gross Receipts
Tax and Tourism Revenue Capital Improvements and Refunding Bonds Series 2014
RECOMMENDATION:
It is recommended that the attached budget amendment be approved for inclusion in both the
fiscal 2014 and 2015 budgets so work may commence as soon as construction is ready to
proceed.
BACKGROUND:
Pursuant to the passage of Ordinance 5713 on September 16, 2014 the Hotel, Motel and
Restaurant Gross Receipts Tax and Tourism Revenue Capital Improvement and Refunding
Bonds Series 2014 has been sold. To proceed with the identified capital improvement projects
it is necessary to create the HMR 2014 Bond Capital Improvement Fund and appropriate the
proceeds of the bond issue to the identified projects.
BUDGET/STAFF IMPACT:
The attached budget amendment will appropriate the funds available for the HMR 2014 Bond
Capital Improvement Fund in the amount of $7,181,004 for the Walton Arts Center expansion
and $3,642,656 for the Regional Park Phase I project. The budget adjustment also includes
issuance costs which have been deducted from the bond proceeds.
Attachments:
Budget amendment allocating funding for the above projects and bond issuance costs.
Mailing Address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Budget Year
2014
Division: Chief Financial Officer
Dept.: Finance & Internal Services
Requestor: Paul A. Becker
Adjustment Number
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
$11,043,691 in the HMR 2014 Bond Capital Improvement Fund for the recognition of Bond Proceeds.
RESOLUTION/ORDINANCE
COUNCIL DATE:
LEGISTAR FILE ID#:
12/16/2014
2014-0555
'3c rlx rct' Fee,
11/25/2014 2:11 PM
Budget Director Date
TYPE:
DESCRIPTION:
GLDATE:
POSTED:
TOTAL 11,043,691 11,043,691
Increase / (Decrease) Project.Sub#
Account Number Expense Revenue Project Sub AT Account Name
v.20141113
4570.0957.6884.00 - 10,980,000 RE **Proceeds from Bond Sales
4570.0957.6884.02 - 662,791 RE **Premium on Bond Issue
4570.0957.6884.00 (599,100) RE **Proceeds from Bond Sales
4570.9570.7506.00 192,300 - EX **Bond Issuance Cost
4570.9570.7506.00 27,731 - EX **Bond Issuance Cost
4570.9575.5804.00 7,181,004 - EX **Building Costs
4570.9570.5806.00 3,642,656 - EX **Park Improvements
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