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Home My WebLink About2013.04.22_OEDA Agenda_SpecialPUBLIC NOTICE OF THE MEETING OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY TYPE OF MEETING: Special DATE: April 22, 2013 TIME: 10:00 a.m. PLACE: Owasso City Hall, Lower Level Conference Room 111 N. Main Owasso, Oklahoma A special meeting of the Owasso Economic Development Authority has been called by Chairman David Charney. Notice and agenda of the special meeting was filed in the office of the City Clerk and posted at City Hall at 5:00 p.m. on Thursday, April 11, 2013. a 1A Chelsea M.E. Levo, Economic Development Director AGENDA 1. Call to Order Mr. Charney, Chairman 2. Consideration and appropriate action relating to the FY 2014 Hotel Tax Budget. Ms. Levo Attachment 3. Adjournment IF TO: Honorable Chair and Trustees Owasso Economic Development Authority FROM: Chelsea M.E. Levo Economic Development Director SUBJECT: Hotel Tax Budget DATE: April 18, 2013 BACKGROUND: In 2002, Owasso voters approved a 3% hotel tax with the funds to be "set aside and used exclusively to encourage, promote and foster economic development and cultural enhancement, tourism and pursue regional promotion for the City of Owasso ...." In August 2008, Owasso citizens voted to increase the hotel tax rate to 5 %. Just prior to that election, the City Council approved Resolution 2008 -05 designating the 2% hotel tax increase to fund the Strong Neighborhood Initiative. On March 5, 2013, the City Council approved Resolution 2013 -05 to continue the designation of funds to the Strong Neighborhoods Initiative, and to continue the initiative as an economic development and cultural enhancement program to receive funding derived from the revenue generated from 2% of the hotel tax rate. HOTEL TAX FUND: The Hotel Tax fund (City of Owasso) is used to account for the revenues received from the 5% hotel tax and to account for the use of those restricted funds. Recognizing the OEDA Trustees' interest in the appropriation of funding for economic development, a summary of revenues, expenditures and fund balance for the Hotel Tax Fund is provided for the OEDA to make a recommendation to the City Council. In FY 2012, expenditures from the 3% totaled $48,696. The current fiscal year to date has spent $97,621 from that portion of the hotel tax fund. Expenses include the contract with Retail Attractions, Independence Day Celebration, participation in Tulsa's Future, the Holly Trolley and the Economic Forecast report. For FY 2014, the estimated revenue from the 5% hotel tax is $325,000, which is a 3.7% increase over last year's projected revenue. The projected ending fund balance in the Hotel Tax Fund for FY 2013 is $651,336. Next year's proposed budget will include funding from 2% of the Hotel Tax Budget for the Strong Neighborhood program and 3% funding for other economic development and cultural enhancement, tourism and to pursue regional promotion for the City of Owasso. Possible economic development activities include: • Tulsa's Future Recruiting Trips (2) $2,000 • Tulsa Chamber Intercity Visit (2 participants) $4,000 • Tulsa Chamber DC Fly -In (2 participants) $4,000 • Economic Development Contract $48,000 • Independence Day Fireworks $17,000 • Tulsa's Future $15,000 • Economic Summit $5,000 • Community and Holiday Banners $5,000 • Holly Trolley $7,000 • Owasso Chamber of Commerce Agreement $1,250 • Marketing Materials $10,000 • Farmers Market Design $50,000 • Other Projects $5,000 ATTACHMENT: Summary of Revenues, Expenditures and Fund Balance (Hotel Tax Fund - Economic Development) Expenditure Status Report Expenditure Audit Trail Revenues Hotel Tax 3% Interest and misc. Total Revenues Expenditures Other Services Historical Museum Capital Outlay Expenditures Surplus /(Excess Expenditures) Beginning Fund Balance Ending Fund Balance CITY OF OWASSO Economic Development Summary of Revenues, Expenditures and Fund Balance 17- Apr -13 Final Projected Estimated Actual Actual Actual Budget Actual Revenue FY 2010 FY 2011 FY 2012 FY 2013 FY 2013 FY 2014 130,562 155,438 176,691 186,000 188,000 195,000 3,835 3,294 4,227 4,200 3,000 3,000 134,397 158,732 180,918 190,200 191,000 198,000 65,409 40,551 48,696 103,750 103,750 - 13,865 - - - 65,409 54,416 48,696 103,750 103,750 - 68,988 104,316 132,222 86,450 87,250 198,000 258,560 327,548 431,864 564,086 564,086 651,336 327,548 431,864 564,086 650,536 651,336 849,336 SPI PAGE NUMBER: I DATE: 04/18/2013 CITY OF OWASSO EXPSTAII TIME: 09:07:28 EXPENDITURE STATUS REPORT SELECTION CRITERIA: orgn.fund =125' and orgn.orgn2 ='710' ACCOUNTING PERIOD: 10/13 SORTED BY: FUND,BUDGET UNIT,ACCOUNT TOTALED ON: FUND,BUDGET UNIT PAGE BREAKS ON: FUND FUND -25 HOTEL TAX BUDGET UNIT -25710 HOTEL TAX - ECON DEV TOTAL REPORT 103,750.00 9,000.00 8,000.00 97,620.61 - 1,870.61 101.80 PERIOD ENCUMBRANCES YEAR TO DATE AVAILABLE YTD/ ACCOUNT - - - - - TITLE - - - - - BUDGET EXPENDITURES OUTSTANDING EXP BALANCE BUD 53001 PROFESSIONAL & TECHNICAL 63,000.00 4,000.00 8,000.00 62,298.46 - 7,298.46 111.58 53680 SPECIAL PROJECTS 40,750.00 5,000.00 .00 35,322.15 5,427.85 86.68 TOTAL HOTEL TAX - ECON DEV 103,750.00 9,000.00 8,000.00 97,620.61 - 1,870.61 101.80 TOTAL HOTEL TAX 103,750.00 9,000.00 8,000.00 97,620.61 - 1,870.61 101.80 TOTAL REPORT 103,750.00 9,000.00 8,000.00 97,620.61 - 1,870.61 101.80 SPI PAGE NUMBER: I DATE: 04/16/2013 CITY OF OWASSO AUDIT21 TIME: 11:34:44 EXPENDITURE AUDIT TRAIL SELECTION CRITERIA: 1 =1 expledgr.key_orgn like '25710 &' ACCOUNTING PERIODS: 1/13 THRU 10/13 SORTED BY: FUND,BUDGET UNIT,ACCOUNT TOTALED ON: FUND,BUDGET UNIT PAGE BREAKS ON: FUND FUND - 25 - HOTEL TAX BUDGET UNIT - 25710 - HOTEL TAX - ECON DEV ACCOUNT DATE T/C PO REFERENCE VENDOR BUDGET EXPENDITURES 25 -70 -710- 0000 - 000 -25710 - HOTEL TAX - ECON DEV 53001 PROFESSIONAL & TECHNICAL .00 .00 07/01/12 13 -1 - 130,000.00 07/01/12 11 -1 193,000.00 08/03/12 21 -1 112446 10931 RETAIL ATTRACTIO 2,500.00 09/12/12 17 -3 20130377 -01 10931 RETAIL ATTRACTIO 09/13/12 21 -3 20130377 -01 113025 10931 RETAIL ATTRACTIO 4,000.00 09/13/12 21 -3 20130377 -01 113025 10931 RETAIL ATTRACTIO 4,000.00 10/05/12 21 -4 20130377 -01 113233 10931 RETAIL ATTRACTIO 2,500.00 10/05/12 21 -4 20130377 -01 113233 10931 RETAIL ATTRACTIO 2,500.00 10/29/12 21 -4 20130377 -01 113651 10931 RETAIL ATTRACTIO 4,000.00 10/31/12 21 -4 113625 15330 IMPACT ENGINEERI 3,280.00 11/29/12 21 -5 20130377 -01 114045 10931 RETAIL ATTRACTIO 4,000.00 12/12/12 17 -6 20130821 -01 14278 TULSA'S FUTURE, 01/09/13 21 -7 20130377 -01 114530 10931 RETAIL ATTRACTIO 4,000.00 01/09/13 21 -7 20130821 -01 114545 14278 TULSA'S FUTURE, 15,000.00 01/30/13 21 -7 20130377 -01 114713 10931 RETAIL ATTRACTIO 4,000.00 03/14/13 21 -9 115196 15330 IMPACT ENGINEERI 2,478.46 03/14/13 21 -9 115196 15330 IMPACT ENGINEERI 1,700.00 03/14/13 21 -9 115196 15330 IMPACT ENGINEERI 340.00 03/14/13 21 -9 20130377 -01 115211 10931 RETAIL ATTRACTIO 4,000.00 04/11/13 21 -10 20130377 -01 732 10931 RETAIL ATTRACTIO 4,000.00 04/16/13 18 -10 20130377 -01 10931 RETAIL ATTRACTIO TOTAL PROFESSIONAL & TECHNICAL 63,000.00 62,298.46 53600 ADVERTISING .00 .00 07/01/12 11 -1 .00 TOTAL ADVERTISING .00 .00 53680 SPECIAL PROJECTS .00 .00 07/01/12 11 -1 40,750.00 07/02/12 17 -1 20130012 -01 11868 MARGIE E RUSSELL 07/03/12 21 -1 20130012 -01 112004 11868 MARGIE E RUSSELL 15,000.00 10/31/12 17 -4 20130646 -01 15331 INSIGHT VISUAL M 11/01/12 21 -4 20130646 -01 113626 15331 INSIGHT VISUAL M 6,661.70 * THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTION CUMULATIVE ENCUMBRANCES DESCRIPTION BALANCE .00 BEGINNING BALANCE POSTED FROM BUDGET SYSTEM POSTED FROM BUDGET SYSTEM .00 MARKET ANALYSIS 48,000.00 RETAIL DEVELOPMENT CONTRA - 4,000.00 RETAIL DEVELOPMENT CONTRA - 4,000.00 RETAIL DEVELOPMENT CONTRA - 2,500.00 RETAIL DEVELOPMENT CONTRA - 2,500.00 RETAIL DEVELOPMENT CONTRA - 4,000.00 RETAIL DEVELOPMENT CONTRA .00 PROSPECT CONCEPT DEVELOP - 4,000.00 RETAIL DEVELOPMENT CONTRA 15,000.00 TULSA'S FUTURE II INVESTM - 4,000.00 RETAIL DEVELOPMENT CONTRA - 15,000.00 TULSA'S FUTURE II INVESTM - 4,000.00 RETAIL DEVELOPMENT CONTRA .00 RETAIL DEVELOPMENT .00 RETAIL DEVELOPMENT .00 RETAIL DEVELOPMENT - 4,000.00 RETAIL DEVELOPMENT CONTRA - 4,000.00 RETAIL DEVELOPMENT CONTRA - 3,000.00 CHANGE ORDER - 1 8,000.00 - 7,298.46 00 BEGINNING BALANCE POSTED FROM BUDGET SYSTEM 00 .00 .00 BEGINNING BALANCE POSTED FROM BUDGET SYSTEM 15,000.00 FIREWORKS FY13 - 15,000.00 FIREWORKS FY13 6,661.70 MARKETING VIDEO - 6,661.70 MARKETING VIDEO SPI DATE: 04/16/2013 CITY OF OWASSO TIME: 11:34:44 EXPENDITURE AUDIT TRAIL SELECTION CRITERIA: 1 =1 expledgr.key_orgn like 125710%' ACCOUNTING PERIODS: 1/13 THRU 10/13 SORTED BY: FUND,BUDGET UNIT,ACCOUNT TOTALED ON: FUND,BUDGET UNIT PAGE BREAKS ON: FUND FUND - 25 - HOTEL TAX BUDGET UNIT - 25710 - HOTEL TAX - ECON DEV ACCOUNT DATE T/C PO REFERENCE VENDOR BUDGET EXPENDITURES 53680 SPECIAL PROJECTS (cont'd) 11/15/12 21 -5 V111968 15062 JPMORGAN CHASE B 50.00 11/26/12 17 -5 20130730 -01 10867 OWASSO CHAMBER O 11/29/12 21 -5 20130730 -01 114042 10867 OWASSO CHAMBER 0 1,250.00 12/13/12 21 -6 V112503 15062 JPMORGAN CHASE B 5.45 12/13/12 21 -6 V112503 15062 JPMORGAN CHASE B 1,500.00 12/31/12 17 -6 20130880 -01 14415 REGINALD KIM HEN 01/03/13 21 -7 20130880 -01 114380 14415 REGINALD KIM HEN 1,475.00 01/28/13 21 -7 V113218 15062 JPMORGAN CHASE B 3,000.00 01/28/13 17 -7 20130993 -01 14415 REGINALD KIM HEN 01/30/13 21 -7 20130993 -01 114690 14415 REGINALD KIM HEN 1,380.00 04/02/13 17 -10 20131262 -01 15761 REGIONTRACK, INC 04/11/13 21 -10 20131262 -01 12007520 15761 REGIONTRACK, INC 5,000.00 TOTAL SPECIAL PROJECTS 40,750.00 35,322.15 TOTAL BUDGET UNIT - HOTEL TAX - ECON DEV 103,750.00 97,620.61 TOTAL FUND - HOTEL TAX 103,750.00 97,620.61 TOTAL REPORT 103,750.00 97,620.61 * THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTION PAGE NUMBER: 2 AUDIT21 CUMULATIVE ENCUMBRANCES DESCRIPTION BALANCE .00 UNIQUE STITCHES - REPAIR 1,250.00 ECON DEVELOPMENT - HOME A - 1,250.00 ECON DEVELOP -HOME & GARDE .00 LOWES - TROLLEY SIGN BLOCKS .00 OLD URBAN TROLLEY- TROLLEY 1,475.00 HANGING HOLIDAY BANNERS - 1,475.00 HANGING HOLIDAY BANNERS .00 OLD URBAN TROLLEY- TROLLEY 1,380.00 REMOVAL HOLIDAY BANNERS - 1,380.00 REMOVE HOLIDAY BANNERS 5,000.00 2013 OWASSO ECONOMIC FORE - 5,000.00 2013 OWASSO ECONOMIC FORE .00 5,427.85 8,000.00 - 1,870.61 8,000.00 - 1,870.61 8,000.00 - 1,870.61