HomeMy WebLinkAboutCity Council Committees - Public Facilities Distict Board - 11/19/2009 AGENDA
CITY OF KENT SPECIAL EVENTS CENTER PUBLIC FACILITIES DISTRICT
SPECIAL MEETING
Thursday, November 19, 2009, 3:30 p.m.
ShoWare Center, 625 West James Street
Suite Lounge Room
I. Call to Order
a. Introductions—All
b. Approval of Minutes of the September 24, 2009 Meeting - Motion.
c. Update on Board membership
II. Finance Report - Bob Nachlinger, Patrick McCluskey, Ben Wolters, Tim Higgins,
a. Review of State Sales Tax Revenues
b. ShoWare Center Income Statement to date and projection for the year
c. 2010 budget development
III. Operator Update - Tim Higgins, Beth Sylves
a. Status of Event Bookings/Attendance
b. Marketing update
IV. Seattle Thunderbirds Update - Colin Campbell
a. Thunderbird Sales and Marketing Update
b. Advertising Sales Update
c. Suite Sales Update
V. Other Business
a. Confirm meeting dates
b. Report on state PFD conference
Adjourn
ShoWare Center/SMG
Income Statement
For the Five Months Ending October 31,2009
September September October October Total YTD -Z46l XTD(::
Actual Budget Actual Budget Actuu} Budget'
EVENT INCOME - -
Direct Event Income
Rental Income $ 125,161 3 29,497 $ 36,099 $ 47,617 u: ' 516855: $Service Revenue Revenue 13,453 64,443 12,793 36224 109 448 480,352'.:
Service Expenses (104,697) (64,444) (42,155) (61 447) %(582,532), (637,b39]
Total Direct Event Income 33,917 29,496 6,737 22,394 43,771 258,609:; '..
Ancillary Income
F&B Concessions 64,624 54,576 28,689 74,282 417,813 810,129
F&B Catering 22,833 5,162 16,294 31239 ,`: F2'Y;810 48 146;.
Novelty Sales - 2,850 1,996 2137 19,902;: :`, , 39;O44�
Total Ancillary Income 87 457 62,598 46,979 79,658
Other Event Income
Luxury Box Ticket Sales 2,060 3,360 340 10,800 ' MAI 103-760 .
Ticket Rebates 23,351 45,000 1,915 9,000 82,539 270,000-
Facility Foes 40,457 40,000 13,367 31,000 :' 174290 340,000
Total Other Event income 65,868 88,360 15,622 50,800 2,71,490 7t3,-k
Total Event Income 187,242 180,444 69,338 152,852 880,736 t,869,678 ,
OTHER OPERATING INCOME
Luxury Box Agreements 14,379 23,056 10,908 23,056 t78 497- 230,560
Club Seat Agreements 9,736 14,333 14,772 14333 i; 139t238 143,330
Advertising 42,882 49,850 49,481 49850 r486,312 ; ' -498,500
Other Income 3,333 31333 33;330f?
Total Other Operating Income 66,997 90,572 75 161 90,572 804,047 9QS,720
Adjusted Gross Income 254239 2.1,016 144499 243424 .1684,833 2,775398
INDIRECT EXPENSES
Salaries&Wages 126,797 131,399 113,787 140,721 7 134 902,. 1,392,31 R-
Payroll Taxes&Benefits 21,374 28,057 18,820 28,057 , ' 184;199 280,570`:
Labor Allocations to Events (47,640) (50,269) (35,648) (60,626) _ ,(375�089)_.l; ...(599,720)
Net War!es and Benefits 100,521 109,187 96,959 108,152 9,4,01,2 1,083,168::
Contracted Services 12,619 23,098 12,532 23,098 02,84.1 230980"
General and Administrative 16,539 16,563 23,432 16,563 1 0611, 165,630`
Operating 6,459 13,047 3,847 13047 58,798 - 177' 1D'-
Repairs&Maintenance 2,550 6,224 - 2,269 6,224 36,685 75;500'
Operational Supplies 2,882 8,708 999 8,708 45,172 . 87;08D:
Insurance 6,428 8,732 6,428 8,732 62'797 87,320'_
Utilities 34,950 43,392 33,326 43,392 '::326129 433,920`
Other -
SIAG Management Fees 20,367 20,367 20,367 20,367 , 203 683 - 203,670
Total Indirect lxpenses 203,335 249,318 200,159 248,283 - 2 087184 2 484 478 r.
Net Income(Loss) $ 50,924 $ 21,698 $ (55,660) $ (4,859)
i
Showare Center
2009 Rolling forecast
As of November 19, 2009
Dollars Percentage
Non-Hockey Event Income $ (142,000) 41%
Hockey Game Day Event Income $ (70,000) 20%
Suite Revenue $ (24,000)
Club Seat Revenue (41,000)
Advertising Revenue (54,000)
Interest Revenue (12,000)
Total Other Income $ (131,000) 38%
Total Net Income (Loss) $ (343,000) 100%
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(CENT SPECIAL EVENTS CENTER
PUBLIC FACILITIES DISTRICT FUND (PFD)
October 31, 2009
Revenue & Debt Svc Fund
20O8 2009 2010
Actual Est Actual Budget
Beginning Fund Balance 166,327 166,327
REVENUES
Investment FMV Inc/Dec 17
Sales & Use Tax 786,843 600,177 850,000
Intergovernmental 3,109,394 2,894,440
Interest - Sales Tax 2,295 1,552I
TOTAL REVENUES 789,155 3,711,123 3,744,440
Transfers In-Bond Proceeds 1,769,877 5,753
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TOTAL RESOURCES 2,559,032 3,883,203 3,910,767
EXPENDITURES
Debt Service 2,392,705 3,716,876 3,744,440
TOTAL EXPENDITURES 2,392,705 3,716,876 3,744,440
CHANGE IN FUND BALANCE 166,.327 - -
ENDING FUND BALANCE 166,327 166,327 166,327
11/19/2009
Kent Special Events Center Public Facilities District (PFD)
Sales Tax Revenues
As of .October 31, 2009
fear Month Sales Tax Revenue
Received
2008 March 68,928.08
April 64,340.03
May 77,107.07
June 72,061.77
July 73,138.12
August 82,904.41
September 61,870.79
October 57,569.76
November 63,238.50
December 55,649.74
2009 January 48,144.96
February 61,890.26
March 43,938.87
April 40,442.93
May 47,073.92
June 44,944.15
July 45,221.78
August 50,355.97
September 47,063.45
October 46,071.06
1,151,955.62
* Revenues for January and February were accrued back to 2008. Reversal
of accrual will happen for December 2009 closing.
11/17/2009
Kent Events Center Operating Fund
As of October 31, 2009
2008 2009 2010
Actual Est Actual Budget
BEGINNING FUND BALANCE (700,287) (790,034)
REVENUES
Lodging Tax Transfer 31,000
Admissions Tax 583,466 500,000
SMG Income 200,000
Total Revenues 614,466 700,000
TOTAL RESOURCES (85,821) (90,034)
EXPENDITURES
Salaries & Benefits 68,330
Supplies 16,089 277
Services 684,198 357,809
Intergovernmental 700,000
TOTAL EXPENDITURES 700,287 426,416 700,000
Change In Fund Balance (700,287) 188,050
ENDING FUND BALANCE (700,288) (512,237) (790,034)
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