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10.4 SR 10-16-2023
Request for Action To Item Number Mayor and City Council 10.4 Agenda Section Meeting Date Prepared by Work Session October 16, 2023 Joe Stremcha, Assistant City Administrator Item Description Reviewed by Furniture and Things Community Event Center 2024 Cal Portner, City Administrator Budget Review Reviewed by Action Requested Review the 2024 Furniture and Things Community Event Center (FT Center) budget with priority and operational changes as recommended by the commission. Background/Discussion At the August 14, 2023, MFAC meeting, staff presented the 2024 FT Center budget showing a deficit of $226,750. The Commission chose not to approve the budget and tasked staff with bringing back a balanced budget for review. At the October 9, 2023, MFAC meeting, staff presented a list of budget amendments that included a variety of expense reduction opportunities and potential increases in revenue. The Commission approved several changes resulting in a budget surplus of $53,850 as recommended to the Council. Financial Impact Creating a balanced budget will allow the FT Center to continue to serve the community. Mission/Policy/Goal Establishing sustainable practices gives the FT Center the opportunity to succeed. Attachments FT Center Adjusted Budget The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity. Updated: January 2023 2024 DIVISON BUDGET SUMMARY Dept:FT Center - Special Revenue Fund - Divison Summary Acct.20202021202220237/31/232024 Explanation/Detail of Supplies or Services No.ActualActualActualBUDGETActualBUDGET Comments: REVENUES: 3461Recreation Fees 27,675 84,535 123,521 175,000 169,572 290,000 3464Ice Rental 314,493 638,434 654,744 830,000 361,669 893,500 3465Admissions 4,299 35,099 24,822 40,000 22,470 45,000 3466Dry Floor Events - 6,810 6,355 5,000 2,956 7,000 3467Concessions 25,096 5,000 8,165 90,000 73,597 217,000 3468Skate Sharpening 419 - 395 5,000 1,018 2,000 3475Facility Rentals - 8,380 106,497 188,000 112,161 Field House 150,000 - 156,000 Meeting/Party Rooms 65,000 - 65,000 Elk River Youth Hockey 20,100 20,100 Squatch 3,000 3,300 3482Advertising Fee 5,387 31,952 51,833 55,000 42,150 65,000 3485Naming Rights/Sponsorships 23,000 130,975 113,000 113,000 - 113,000 6/30/23 balance - amounts not yet billed yet for 2023 3621Interest Income 6,183 227 1,799 4,000 2,487 2,000 3622Vending Machines 5,201 12,927 23,767 20,000 4,087 12,000 3626Contributions - 2,755 - - 50,607 - 3629Misc. Revenue 860 3,434 3,568 4,500 2,032 4,500 3791ATM Revenue - - - 400 - 400 3910Sale of Assets - - 1,200 - 200 3918Lease Revenue - - 37,572 - - 3921Transfer In 3,061 - 655,000 - - - Use of Fund Balance 100,350 - TOTAL REVENUES 424,054 1,058,645 1,893,741 1,680,350 844,806 1,896,000 EXPENDITURES: PERSONAL SERVICES 4101Regular Pay 246,176 395,385 425,318 492,950 263,608 567,450 4102Overtime Pay 1,052 9,288 9,501 - 5,956 - 4103Part Time Pay 91,270 108,669 186,897 210,000 145,735 122,000 4104PERA 23,117 37,347 42,316 52,000 26,162 45,800 4105FICA 20,650 30,982 37,701 44,650 25,107 42,750 4107Medicare 4,846 7,246 8,818 10,450 5,871 10,150 4108Insurance 34,728 62,858 75,099 97,350 54,747 102,900 4109Workers Comp 5,610 14,689 20,392 10,400 7,117 9,600 4110Unemployment Compensation - - 1,708 - - - TOTAL PERSONAL SERVICES 427,449 666,464 807,750 917,800 534,303 900,650 SUPPLIES 4212Fuels & Lubes 244 11 87 350 25 250 4217Uniform Allowance - - 1,007 1,500 1,931 1,500 4219Operating Supplies 95,363 108,690 100,593 60,600 55,728 75,850 4259Merchandise For Resale 14,257 7,542 20,205 40,400 28,908 81,200 TOTAL SUPPLIES 109,864 116,243 121,892 102,850 86,592 158,800 SERVICES & CHARGES 4319Professional Services 8,174 28,006 7,846 - 81 - 4321Telephone 2,722 4,427 4,829 5,100 2,857 5,100 4322Postage - 67 11 100 1 50 4331Conferences/Schools 822 403 55 4,600 50 1,000 4349Marketing - 34,661 - 10,000 1,139 4,000 4359Publishing 128 3,822 3,739 1,550 1,017 1,850 4361Insurance 7,856 9,784 22,334 29,500 12,090 29,500 4389Utilities 225,442 301,064 456,054 301,400 188,490 479,000 4401Building/Equipment Maint. 23,429 39,657 82,359 18,350 35,768 31,000 4409Contractual Services 5,664 13,579 24,401 72,000 50,628 93,800 4415Equipment Rental 7,008 7,884 38,178 4,100 5,794 800 4433Dues/Subscriptions 460 705 710 800 1,060 1,000 4437Taxes & Licenses - 4438Credit Card Fees 4,921 8,979 13,803 10,000 8,510 14,200 TOTAL SERVICES & CHARGES 286,626 453,038 654,319 457,500 307,485 661,300 CAPITAL OUTLAY 4520Buildings & Structures 39,577 - - - 113,000 4560Equipment 36,753 - - - 1,000 Zamboni - TOTAL CAPITAL OUTLAY - 76,330 - - - 114,000 DEBT SERVICE 7,380 - 7,400 4602Lease Principal 4612Lease Interest TOTAL DEBT SERVICE - - 7,380 - - 7,400 4721 TRANSFER - General Fund - - - Adjusted to include $22K Zamboni Payment TOTAL EXPENDITURES 823,939 1,312,075 1,591,341 1,478,150 928,380 1,842,150 $ 1,820,150 CHANGE IN FUND BALANCE (399,885) (253,430) 302,400 202,200 (83,574) 53,850 $ 31,850 ^^^^^^ FUND BALANCE - BEGINNING (68,433) 233,969 233,969 436,169 FUND BALANCE - ENDING 233,967 436,169 150,395 490,019 $ 468,019 **Adjusted to remove 2023 $202,000 Zamboni Payment