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Personnel and Finance Committee <br /> August 23,2000 <br /> Page 4 <br /> FOOTBALL HALL OF FAME BOND (FUND # 313) <br /> 2000 Projected Expenditures: $ 0 2001 Projected Expenditures: $ 2,300,000 <br /> 2000 Projected Revenue: $ 0 2001 Projected Revenue: $ 2,300,000 <br /> This budget is represents a "very conservative estimate", which will be adjusted by the <br /> State Tax Board once the Hall of Fame bond has been refinanced and the City's net assessed <br /> valuation for 2000/2001 has been determined. <br /> Dr. Varner inquired whether their would be a level payment of$ 1.5 millon each year, and <br /> Council Member Aranowski asked for a worksheet. <br /> FOOTBALL HALL OF FAME BOND (FUND # 377), <br /> 2000 Projected Expenditures: $ 0 2001 Projected Expenditures: $ 612,376 <br /> 2000 Projected Revenue: $ 0 2001 Projected Revenue: $ 612,376 <br /> It was noted that $ 462,376 is anticipated from hotel/motel taxes; and $ 150,000 is <br /> anticipated from professional sports development fund receipts. The development fund receipts is <br /> a conservative estimate and would be used for capital upgrades. The City proposes to transfer <br /> $ 612,376 to the National Football Foundation which would then be used for operational expenses <br /> including marketing. <br /> Hotel/motel funds are received on a quarterly basis, and professional sports development <br /> funds are received on a monthly basis. <br /> Council Member Coleman joined the Committee meeting at this point. <br /> COUNTYTION INCOME TAX (FUND # 404) <br /> 2000 Projected Revenue: $ 2,366,244 2001 Projected Revenue: $ 4,607,820 <br /> Revenue Increase of 117.7% = $2,491,269 <br /> The City Controller noted that the "extra money" represents projections which had been <br /> under estimated. The projection includes a "catch-up" and will then flatten out. Ms. Roemer <br /> further noted that all proposed capital expenditures listed under land improvements, building <br /> improvements, neighborhood programs and motor equipment would be addressed in the capital <br /> budget in February 2001. She further suggested a ten percent(10%) reserve. <br /> CUMULATIVE CAPITAL DEVELOPMENT FUND (FUND # 406) <br /> 2000 Projected Revenue: $ 1,065,386 '1 Projected Revenue: $ 1,091,335 <br /> ; venue Increase of 4.3 % = $44,686 <br />