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File #: 19-1038    Version: 1
Type: Bill Status: Passed
File created: 9/30/2019 In control: Finance & Governance Committee
On agenda: 10/28/2019 Final action: 10/28/2019
Title: A bill for an ordinance making a supplemental appropriation in the Denver Arts and Venues Special Revenue Fund. Approves a supplemental appropriation of $2,400,000 in the Denver Arts and Venues Special Revenue Fund to address an increased number of events and attendance in 2019. The Committee approved filing this item at its meeting on 10-8-19.
Indexes: Jonathan Griffin
Attachments: 1. BR19 1038 DOF AVD_2019 Supplemental, 2. Yearend Supplemental Round One_FINAL_CC, 3. CB19-1038_DOF_AVD_Supplemental_2019, 4. 19-1038 Filed Bll_DOF_AVD_Supplemental_2019, 5. 19-1038 - signed, 6. 19-1038 Filed A bill for an ordinance making a supplemental appropriation in the Denver Arts and Venues Special Revenue Fund.

Finance Item/Grant Request Template

 

Date Submitted: 9-30-19

 

Requesting Agency: Finance

                               Division:

 

Subject Matter Expert Name: Rachel Bardin/Lindsay Schwerman                                                                  
Email Address:
Rachel.Bardin@denvergov.org ; Lindsay.Schwerman@denvergov.org                                                               
Phone Number:

 

Item Title & Description:

(Do not delete the following instructions)

These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).

 

Both the title and description must be entered between the red “title” and “body” below.  Do not at any time delete the red “title” or “body” markers from this template.

title

A bill for an ordinance making a supplemental appropriation in the Denver Arts and Venues Special Revenue Fund.

Approves a supplemental appropriation of $2,400,000 in the Denver Arts and Venues Special Revenue Fund to address an increased number of events and attendance in 2019. The Committee approved filing this item at its meeting on 10-8-19.                                                                                                 

body

 

Affected Council District(s) or citywide? Citywide

 

Executive Summary with Rationale and Impact:

Detailed description of the item and why we are doing it. This can be a separate attachment.

DAV is having a strong year with 2019 current Red Rocks and Arts Complex events and attendance exceeding the budgeted 2019 events and attendance by 40 events and 241,000 attendees.  2019 Red Rocks event activity has extended throughout October 2019, with more dates.  DAV’s 2019 revenue is forecasted to increase by about $7.8M over 2019 budgeted revenue (about $56.6M vs. $48.8M, respectively).  The increased 2019 revenue and activity has increased expenditures accordingly: e.g., stagehand labor, security, janitorial, ushers, and utilities etc.  Thus, the 2019 supplemental expenditure increase of $2.4M is supported by the 2019 forecasted revenue increase of about $7.8M.  Finally, the supplemental expenditure increase does not impact the General Fund. 15815/3050000

Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):

Supplemental

Amount: $2.4 million

 

Budget Year: 2019

 

Fund and Funding Source (Fund/Org/Grant Number, if applicable):

 

Grantor (if applicable):

 

Fund Matching Requirements (if applicable):

 

Fiscal Impact: