ACTION REQUESTED:
Title
Communication from the Peoria Civic Center Authority with a Request to APPROVE the REVISED PEORIA CIVIC CENTER OPERATING and CAPITAL BUDGET for FISCAL YEAR ENDED AUGUST 31, 2015.
Body
BACKGROUND: At the October 24, 2014 Council meeting, the City Council approved the Peoria Civic Center Operating and Capital Budget for the year ended August 31, 2015. The revisions to the 2015 budget are a due to the change in the food & beverage provider from Centerplate to Savor. As a result of the change in the food & beverage provider, the operating loss was reduced from the original budgeted loss of $873,329 to a revised budgeted loss of $768,280.
Concessions and catering income with Centerplate were recorded as commissions paid on gross sales. Savor records gross sales less cost of goods sold (product & labor). Other income with Centerplate included a monthly concession investment fee based on sales. The revised budget excludes this fee but includes the SMG capital contribution included with the new contract. Indirect expenses increased with the addition of the Savor operating expenses and Savor management fee.
FINANCIAL IMPACT: No impact on the City's budget as Hotel, Restaurant and Amusement Taxes will still be distributed in accordance with the intergovernmental agreement.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: N/A
IMPACT IF DENIED: N/A
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.