HomeMy WebLinkAbout1/2/2003 - STAFF REPORTS (13) DATE: January 2, 2003
TO: City Council
FROM: Executive Director- Airports
CONVENTION CENTER EXPANSION (PHASE 1) ADDITIONAL APPROPRIATION
RECOMMENDATION:
It is recommended that City Council approve a Budget Amendment to appropriate
funds from the General Fund Reserves for the First Phase Convention Center
Expansion Project (CC P-1).
SUMMARY:
This action will put in place the remainder of the funding necessary to complete the
CC P-1 project.
BACKGROUND:
In the next few days, the CC P-1 project will begin construction. The funding of this
work and all the related soft (consulting) costs have been previously allocated by
City Council from the collection of incremental Transit Occupancy Tax (TOT);
incremental being those collections between the old TOT rate and the voter-
approved increased TOT rate.
In the current fiscal year, the City budgeted $1,697,071 in Account No. 261-4282-
50003. Based on the actual bids we have received to date and estimates of trades
yet to be bid, the following updated project estimate is provided:
Meeting
Item Kitchen Rooms
Hard Construction Cost $1,246,993 $1,165,357
10% Contingency 124,699 116,536
Turner General Conditions 117,417 110,538
Turner Fee 2.9% 42,342 39,570
Project Representative 31,625 25,875
Architectural/Construction Period/HNTB 24,800 14,000
General Liability Insurance 972 909
Survey 4,000 1,000
Materials Testing/Inspection 18,000 12,000
Miscellaneous Expenses 10,000 8,000
Project Subtotal $1,620,848 $1,493,785
PROJECT TOTAL $3,114.633
With the up to date estimate at $3,114,633, less the current funding level of
$1,697,071,the project is approximately$1.425 million short of appropriated dollars.
The attached Budget Resolution, offered for City Council consideration, would
appropriate the additional dollars from General Fund Reserves with the anticipation
that it will be repaid from fiscal 03/04 incremental TOT funds or future bond
proceeds.
104,
Convention Center Expansion(Phase 1) Additional Appropriation
January 2, 2003
Page 2
These funds are available as it is anticipated that the second phase debt service,
which will depend on the incremental TOT for a repayment funding source, will not
begin until sometime in fiscal 04/05.
BAN ��2
APPROVED: ....-dZC?of
TkL' MOZ5T,h. A. E. THOMAS M. KANARR
Executive Director - Airports Director of Finance and Treasurer
APPROVED- =��..-
City Manager
Attachment: 1. Budget Amendment
A
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 2002-03 FISCAL YEAR.
WHEREAS Resolution 200357 approving the budget for the fiscal year 2002-03 was
adopted on June 5, 2002; and
WHEREAS the City Manager has recommended, and the City Council desires to
approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to
record inter-fund cash transfers as required in accordance with this Resolution, and that
Resolution 20357, adopting the budget for the 2002-03 fiscal year is hereby amended as
follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
261 4282 50003 $1,425,000
Capital Projects Convention Center Bldg & Equip
Phase I
Purpose: To provide additional funding needed for Phase I of the
Convention Center expansion — kitchen remodel and redo of Springs Theatre.
SECTION 2. SOURCE The Advance from the General Fund will be repaid either
from future TOT Collections or from Bond Proceeds.
Fund Activity Account Amount
001 12415 $1,425,000
General Fund Advances to Other
Funds
Adopted this day of 12003.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED 105