R-12-06-28-G9 - 6/28/2012 l
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RESOLUTION NO. R-12-06-28-G9
A RESOLUTION ADOPTING A BUDGET FOR THE SPORTS VENUE FUND
FOR THE 2011-2012 FISCAL YEAR.
WHEREAS, Pursuant to the authority granted by Chapter 334, the City Council adopted
Resolution No. R-11-05-26-11134 designating the proposed Sports Complex as a Venue Project and the
method of financing to be used to fund the project; and
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WHEREAS, in a Special Election held in November 2011 the voters approved the use of
additional taxes to reimburse or pay the costs of planning, acquiring, establishing, developing,
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constructing, renovating, operating, or maintaining the project, or paying the principle and interest on,
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or other costs relating to bonds or obligations to finance the project; and
WHEREAS, the Finance Department has submitted a proposed budget for the Sports Venue
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Fund for fiscal year 2011-2012; and
WHEREAS, the City Council wishes to approve said proposed budget,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the budget for the Sports Venue Fund submitted by the Finance Department for fiscal year
2011-2012, attached hereto as Exhibit"A", is hereby approved.
The City Council hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter
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hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
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Chapter 551, Texas Government Code, as amended.
RESOLVED this 28th day of June, 2012.
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ALAN MCGRAW, Mayor
City of Round Rock, Texas
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ATTEST:
SARA L. WHITE, City Clerk
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City of Round Rock, Texas
Sports Venue (Hotel Occupancy Tax Fund 715) Budget ,
Fiscal Year 2011-2012 r'
2011-2012
Proposed
SPORTS VENUE Budget
Fund Balance 10/01/11 0
Less: Operating Reserves37( ,000)
(37,000)
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Revenues $ 370,000
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Expenditures 100,000
Total Change in Fund Balance $ 270,000
2011-2012
Proposed
SPORTS VENUE Budget
Revenues -Venue Tax $ 370,000
Sports Venue Operations $ (100,000)
Debt Service $ 0
Total Expenditures ,10( 0000)
Estimated Unreserved Fund Balance 9/30/12 $ 233,000
* 1 Reserve requirements established in accordance with operating reserve policies. Y
"* Note this budget adds one FTE to the Sports Venue (Hotel Occupancy Tax Fund 715)
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EXHIBIT
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'f ROUND ROCK,TEXAS City Council Agenda Summary Sheet
PURPOSE.PASSION.PROSPERITY.
Agenda Item No. G9.
Agenda Caption: Consider a resolution adopting the 2011-2012 Sports Venue Budget.
Meeting Date: June 28, 2012
Department: Finance
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Staff Person making presentation: Cheryl Delaney
Finance Director
Item Summary:
In May 2011, City Council adopted a resolution designating the proposed Sports Complex as a Venue Project and the
method of financing to be used to fund the project. A Special Election was called in November 2011 submitting to
voters the proposal for the approval of a Sports and Community Venue Project and for an additional 2% hotel
occupancy tax to fund the project. Voters approved the use of additional taxes to reimburse or pay the costs of
planning, acquiring, establishing, developing, constructing, renovating, operating, or maintaining the project, or
paying the principle and interest on, or other costs relating to bonds or obligations to finance the project.This venue
will be utilized to expand the City's "Sports Capital of Texas" tourism program.
The 2011-12 Sports Venue budget provides revenues associated with the collection of the 2% Hotel Occupancy Tax.
Revenue collections began in March 2012. This budget also includes funding for a Sports Complex Director of
Operations position and costs related to this position. This is a newly created position that will reside in the Sports
Venue Fund, adding one FTE to the City.
Cost: N/A
Source of Funds: N/A
Date of Public Hearing(if required): N/A
Recommended Action: Approval