LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
title
SUPPLEMENTAL BUDGET RESOLUTION 2023-071 - SAENGER THEATER CAPITAL FUND BALANCE
end
RECOMMENDATION:
recommendation
That City Council adopt Supplemental Budget Resolution No. 2023-071.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE.
end
body
HEARING REQUIRED: No Hearing Required
SUMMARY:
In 2004 the City of Pensacola entered into an agreement with SMG to the manage events at Saenger Theater. In the agreement, the City authorizes SMG to implement and collect a capital improvements surcharge, “Capital Improvement Surcharge”, in an amount of $1.00 on all tickets with a face value of more than $10.00. Funds generated from Capital Improvements Surcharge will be deposited into a segregated capital improvement fund, “Capital Fund’. The balance in the Capital Fund is $387,258. There are capital improvements needed at the Saenger Theater that were not originally budgeted in fiscal year 2023. Adoption of the supplemental budget resolution by City Council will appropriate funds needed for capital improvements. Funding is available in the Saenger Capital Improvement Fund.
The back wall of the theater is in need of major capital renovations. The majority of this balance will be used to address these renovations.
PRIOR ACTION:
None
FUNDING:
Budget: $ 387,258
Actual: $ 387,258
FINANCIAL IMPACT:
Adoption of the budget resolution by City Council will appropriate the budget in the General Fund for the capital improvements. Funding for the capital project of $387,258 will come from Saenger Capital fund balance.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
8/29/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2023-071
2) Supplemental Budget Explanation No. 2023-071
PRESENTATION: No end