Title:
Title
Budgetary Adjustments: Reallocation of Funds for Convention Center Complex Renovation Project (M17100100)
End
FileID
File ID: 2021-00294
Location
Location: Citywide
End
Recommendation:
Recommendation
Adopt a Resolution authorizing the City Manager or the City Manager's designee to: 1) transfer $8,430,756 from the available fund balance of the 2018 Tax-Exempt Transient Occupancy Tax (TOT) Bond Fund (Fund 6330) to the expenditure budget of the Convention Center Complex Renovation and Expansion Project (M17100100); 2) transfer $4,859,558 from the available fund balance of the 2018 Taxable TOT Bond Fund (Fund 6331) to the expenditure budget of the Convention Center Complex Renovation and Expansion Project (M17100100); and 3) transfer $13,290,314 (Community Center Fund, Fund 6010) from the expenditure budget of the Convention Center Complex Renovation and Expansion Project (M17100100) to available fund balance.
FileName
Contact: Steven Sakakihara, Administrative Officer, (916) 808-7146; Matthew Voreyer, Convention Center General Manager, (916) 808-5503, Convention and Cultural Services Department
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: Due to the ongoing COVID-19 pandemic (pandemic), the available fund balance for the Community Center Fund (Fund 6010) is estimated to be in a shortfall for Fiscal Year (FY) 2020/21. There is approximately $13.3 million (Community Center Fund, Fund 6010) that can be removed from the expenditure budget in the Convention Center Complex Renovation and Expansion Project (M17100100, Fund 6010) and returned to available fund balance. This will help ensure the available fund balance for the Community Center Fund remains positive for FY2020/21.
The $13.3 million that is removed from the project can be replaced by $13.3 million from other sources. Approximately $8.4 million in interest earnings on the 2018 Tax-Exempt TOT Bonds and approximately $...
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