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City of Shreveport
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DATE
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AN ORDINANCE ADOPTING THE 2010 RIVERFRONT DEVELOPMENT SPECIAL REVENUE FUND, APPROPRIATING THE FUNDS AUTHORIZED THERIN, AND OTHERWISE PROVIDING WITH RESPECT THERETO
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Oct. 1, 2009
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EXECUTIVE OFFICE
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MAYOR CEDRIC B. GLOVER
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To adopt the 2010 Riverfront Development Fund budget, in accordance with State law and City Charter.
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This Ordinance or Resolution will have direct impact on Council District:
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All
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The 2010 budget for the Riverfront Development Fund is $17,079,300, an increase of 20% from the original 2009 budget. Much of this increase is due to the inclusion of an accurate fund balance from the 2008 audited financial report and anticipated expenditures much less than budgeted in 2009. Riverfront gaming revenues are projected to be about $13 million, with little growth expected. The budget includes $1,600,000 to make debt payments on Government Plaza and the Red River Entertainment District and a reserve of $764,000. A transfer of $11,500,000 is made to the General Fund to keep it in balance for 2010 and provide even a modest Reserve. Civic appropriations are funded at $919,200, which will fund the Council’s Neighborhood Investment Program, and provides some funding for community groups. The budget includes $125,000 to pay for the city’s contractual obligation related to IMAX at Sci-Port and $1,770,000 for the portion of Convention Center operations which will not be covered by operating revenues.
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TIMETABLE
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October 13, 2009
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By December 15, 2009
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SPECIAL PROCEDURAL REQUIREMENTS
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A public hearing must be held on this budget for adoption by Council.
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Approval of this ordinance is recommended.
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Rick Seaton, Assistant CAO
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ORDINANCE NO. ____ OF 2009
AN ORDINANCE ADOPTING THE 2010 BUDGET FOR THE RIVERFRONT SPECIAL REVENUE FUND, APPROPRIATING THE FUNDS AUTHORIZED THEREIN, AND OTHERWISE PROVIDING WITH RESPECT THERETO
BY:
WHEREAS, Article 7 of the Charter of the City of Shreveport requires the adoption of a comprehensive operating budget for the year 2010; and
WHEREAS, the City of Shreveport has available in fiscal year 2010 certain funds as a result of gaming activity on its Riverfront; and
WHEREAS, the City Council has previously determined that the dedication of these funds to riverfront, downtown and economic development activity to be beneficial to the interests of the City of Shreveport.
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Shreveport, in legal session convened, that:
1. Estimated Receipts - The estimated receipts of the Riverfront Development Special Revenue Fund for 2010 are hereby established as follows:
Estimated Fund Balance as of 1/1/2010 $3,016,400
Land Rent 912,900
Sam’s Town Casino 5,270,000
Boomtown Casino 1,150,000
El Dorado Casino 6,550,000
Interest Earnings 180,000
2. Appropriations - The funds set forth in the following classes of expenditures and projects are hereby appropriated out of the Riverfront Special Revenue Fund’s receipts for the year 2010:
Personal Services $ 223,200
Materials and Supplies 5,500
Contractual Services 1,944,900
Other Charges 994,700
Operating Reserves 759,000
Transfer to General Fund 11,500,000
Transfer to Other Funds 1,652,000
3. The Riverfront Development Special Revenue Fund budget presented to the City Council by the Mayor on October 1, 2009, as amended by subsequent action by this Council, be and the same is hereby adopted.
4 Capital Transfers - All amounts authorized by the Capital Improvements Budget ordinance to be financed from the receipts of the Riverfront Development Special Revenue Fund shall be transferred to the proper capital funds as provided by the Capital Improvements Budget ordinance.
5 Administration - The Mayor is hereby authorized to execute all contracts, deeds, grant documents and other legal instruments necessary to expend or receive funds herein authorized.
6 Donation of City Funds - No funds herein appropriated shall be donated, loaned or pledged, and no expenditures for such purposes shall be authorized except in accordance with Section 26-53 of the Code of Ordinances, as it exists now or may hereafter be amended.
BE IT FURTHER ORDAINED that if any provision or item of this ordinance or the application thereof is held invalid, such invalidity shall not affect other provisions, items or applications of this ordinance which can be given effect without the invalid provisions, items or applications; and to this end, the provisions of this ordinance are hereby declared severable.
BE IT FURTHER ORDAINED that all ordinances or parts thereof in conflict herewith are hereby repealed.
BE IT FURTHER ORDAINED that this ordinance will be effective on January 1, 2010.
APPROVED AS TO LEGAL FORM:
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City Attorney’s Office
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