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File #: RES 15-2190    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 12/16/2015
Title: Approving the Saint Paul RiverCentre Convention and Visitors Authority 2016 Budget.
Sponsors: Russ Stark
Attachments: 1. RES 15-2190 RCVA 2016 Budget (Attachmt A), 2. RES 15-2190 RCVA 2016 Budget (Attachmt B)

Title

Approving the Saint Paul RiverCentre Convention and Visitors Authority 2016 Budget.

 

Body

WHEREAS, pursuant to authority granted in Laws of Minnesota 2005, Chapter 152, Article 1, Sections 1 and 38, (the "Special Law"), the City of Saint Paul, Minnesota, a municipal corporation (the "City"), entered into an agreement, made effective on October 1, 2005, and extended and amended by a second agreement made effective on January 1, 2009, and further extended and amended by a third agreement made effective on January 1, 2015 (the "Agreement"), with the Saint Paul RiverCentre Convention & Visitors Authority, a Minnesota non-profit corporation (the "RCVA"), whereby the City contracted with the RCVA to equip, maintain, manage, and operate all or a portion of those certain properties and facilities commonly known as the RiverCentre complex and to manage and operate a convention bureau to market and promote the City as a tourist or convention center; and

 

WHEREAS, Section 6.7 of the Agreement requires that the RCVA's "Approved Operating Budget and Approved Capital Budget shall be transmitted to the City Council as part of the City's annual budget approval process"; and

 

WHEREAS, Section 6.7 of the Agreement further provides that "[t]he City Council may modify the Approved Operating Budget and Approved Capital Budget only with respect to those amounts contained therein that are proposed to be financed by general revenues of the City or bond proceeds"; and

 

WHEREAS, on November 10, 2015, the RCVA Board of Directors adopted the 2016 RCVA budget, RCVA resolution #15-011, and transmitted said budgets of $9,648,918 for operating and $2,794,422 for capital (non-operating) to the City pursuant to Section 6.7 of the Agreement (see Attachment A); and

 

WHEREAS, the City of Saint Paul budgets for the RCVA's capital (non-operating) budget in the amount indicated on Attachment B;

 

NOW, THEREFORE, BE IT RESOLVED, that pursuant to Section 6.7 of the Agreement, the RCVA budget for the fiscal year beginning January 1, 2016, as adopted by the RCVA Board of Directors on November 10, 2015, is hereby approved as modified by the City Council during their 2016 budget deliberations as described in Attachments A and B; and

 

BE IT FURTHER RESOLVED, that the Director of the Office of Financial Services be and is hereby authorized to prepare the final 2016 budgets in accordance with the actions taken herein and to equalize, balance or set the final department revenue sources and department appropriations as necessary.

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