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PROFESSIONAL SPORTS DEVELOPMENT FUND
<br />SUMMARY OF FUNDING SOURCES AND EXPENDITURES
<br />2008 BUDGET
<br />Funding Sources over /(under) expenditures (315,428) 171,258 133,906 98,000
<br />(1) Operating transfer of $500,000 to Fund No. 677 - Hall of Fame Depreciation Reserve during 2006. An additional
<br />appropriation will be needed in 2007 for a 2007 transfer since council discussions continued late into 2007.
<br />(2) All funding in 2008 is strictly from Hotel /Motel tax funds since this revenue source covers the required contractual amount
<br />of $550,000. Therefore, no professional sports development distributions are budgeted for operations, only for the depreciation
<br />reserve transfer of $200,000
<br />Cash 1/1/07
<br />$
<br />347,065
<br />2007 Estimated Revenue
<br />$
<br />% Change
<br />2007 Projected Expenditures
<br />FY 06
<br />FY07
<br />FY07
<br />FY08
<br />07 Adopted
<br />2008 Projected Revenue
<br />Actual
<br />Budget
<br />As of 6/30/07
<br />Estimate
<br />08 Estimate
<br />Expenditure by Cost Center
<br />$
<br />588,504
<br />Professional Sports Development Facilities
<br />1,180,483
<br />700,000
<br />318,523
<br />889,620
<br />27%
<br />Total Expenditures by cost center
<br />1,180,483
<br />700,000
<br />318,523
<br />889,620
<br />27%
<br />Expenditure by Classification
<br />Hall of Fame Capital Transfer (2)
<br />580,483
<br />600,000
<br />318,523
<br />589,620
<br />-2%
<br />Transfers Out (1) to Hall of Fame Depreciation
<br />Reserve
<br />500,000
<br />0
<br />0
<br />200,000
<br />0%
<br />Century Center Transfer
<br />100,000
<br />100,000
<br />0
<br />100,000
<br />0%
<br />Total Expenditures by classification
<br />1,180,483
<br />700,000
<br />318,523
<br />889,620
<br />27%
<br />FTE's
<br />0.00
<br />0.00
<br />0.00
<br />0.00
<br />Funding Sources
<br />Fund 377 Professional Sports Development Fund
<br />Hotel /Motel Tax
<br />473,258
<br />473,258
<br />253,793
<br />589,620
<br />25%
<br />Professional Sports Development Area Tax
<br />370,556
<br />385,000
<br />187,026
<br />385,000
<br />0%
<br />Interest Earnings
<br />21,241
<br />13,000
<br />11,610
<br />13,000
<br />0%
<br />Total Designated Funding Sources
<br />865,055
<br />871,258
<br />452,429
<br />987,620:
<br />13%
<br />Funding Sources over /(under) expenditures (315,428) 171,258 133,906 98,000
<br />(1) Operating transfer of $500,000 to Fund No. 677 - Hall of Fame Depreciation Reserve during 2006. An additional
<br />appropriation will be needed in 2007 for a 2007 transfer since council discussions continued late into 2007.
<br />(2) All funding in 2008 is strictly from Hotel /Motel tax funds since this revenue source covers the required contractual amount
<br />of $550,000. Therefore, no professional sports development distributions are budgeted for operations, only for the depreciation
<br />reserve transfer of $200,000
<br />Cash 1/1/07
<br />$
<br />347,065
<br />2007 Estimated Revenue
<br />$
<br />871,258
<br />2007 Projected Expenditures
<br />$
<br />(727,819)
<br />12/31/07 Projected
<br />$
<br />490,504
<br />2008 Projected Revenue
<br />$
<br />987,620
<br />2008 Requested Budget
<br />$
<br />(889,620)
<br />12/31/08 Projected
<br />$
<br />588,504
<br />
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