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1 Ogden Municipal Building Authority Work Session: May 23, 2017 PROPOSED FY2017-18 BUDGET - MUNICIPAL BUILDING AUTHORITY Purpose ofWork Session: To Review the FY2017-18 Municipal Building Authority Budget Executive Summary The Administration will present the FY2018 Municipal Building Authority Budget for discussion by the Trustees. Background Each year the Mayor, acting as President of the Municipal Building Authority (MBA), presents the Tentative MBA budget at the first MBA meeting in May as required by state law. State law also requires that the budget be adopted no later than June 22. The Municipal Building Authority was created as a nonprofit corporation on November 17, 1992 under the authority of the Utah Nonprofit Corporation and Co-operative Association Act and the Utah Municipal Building Authority Act. The purpose of the MBA is to acquire, improve or extend one or more projects and to finance the costs on behalf of the City. The Governing Board of the MBA is comprised of all members of the Ogden City Council as Trustees. The Chair of the City Council serves as the Chair of the MBA Board. May 16, 2017 The Administration presented the MBA Budget. The Trustees accepted the budget for review and set a public hearing for final consideration and adoption for June 6, 2016. Proposal The current proposal is to adopt the FY2017-18 MBA budget which totals $549,125. The revenues are comprised of interest and ---PAGE BREAK--- 2 Ogden Municipal Building Authority Work Session: May 23, 2017 lease payments paid by the using departments. Expenses are $547,975 for debt service and trust fees, and $1,200 for insurance. Questions 1. Please review the MBA budget. 2. When will the MBA’s debt be retired? Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- MUNICIPAL BUILDING AUTHORITY OF OGDEN CITY State of Utah Summary and Narrative Of Line Item BUDGET FISCAL YEAR 2017 - 2018 The Line Item Budget may be reviewed in the Ogden City Recorder’s Office or in the Comptroller Division’s Office during normal business hours. Trustees Marcia L. White, Chairperson Richard A. Hyer, Vice-Chairperson Bart E. Blair Neil K. Garner Luis Lopez Ben Nadolski Doug Stephens President Michael P. Caldwell Secretary David G. Buxton 2 ---PAGE BREAK--- TABLE OF CONTENTS MUNICIPAL BUILDING AUTHORITY OF OGDEN CITY BUDGET 2017-2018 Summary Charts: Sources of Funding 4 Departmental Expenditures 4 Revenue Summary 5 Schedule of Appropriations 6 Program Summary 7 Summary of Revenues and Expenditures 8 Revenue Sources 9 Expenditure Detail 10 3 ---PAGE BREAK--- 544,125 5,000 549,125 549,125 549,125 100% MUNICIPAL BUILDING AUTHORITY 2017 - 2018 BUDGET FUNDING SOURCES CHARGES FOR SERVICES 99.09% INTEREST 0.91% 100% DEPARTMENTAL EXPENDITURES MUNICIPAL BUILDING AUTHORITY 100.00% FUNDING SOURCES CHARGES FOR SERVICES INTEREST 4 ---PAGE BREAK--- 534,825 544,125 4,552 5,000 539,377 549,125 GRAND TOTAL: 539,377 549,125 2016 ACTUAL 2017 ADOPTED 2018 BUDGET MUNICIPAL BUILDING AUTHORITY REVENUE SUMMARY REPORT MUNICIPAL BUILDING AUTHORITY 2017-2018 BUDGET CHARGES FOR SERVICES 545,475 INTEREST 5,000 550,475 550,475 5 ---PAGE BREAK--- 538,320 549,125 538,320 549,125 GRAND TOTAL: 538,320 549,125 2018 BUDGET MUNICIPAL BUILDING AUTHORITY APPROPRIATIONS BY FUND REPORT MUNICIPAL BUILDING AUTHORITY 2017-2018 BUDGET MUNICIPAL BUILDING AUTHORITY 550,475 550,475 550,475 2016 ACTUAL 2017 ADOPTED 6 ---PAGE BREAK--- 549,125 549,125 549,125 MUNICIPAL BUILDING AUTHORITY 2017-2018 BUDGET PROGRAM SUMMARY 2016 ACTUAL 2017 ADOPTED 2018 BUDGET DEBT SERVICE GRAND TOTAL: 538,320 550,475 538,320 MUNICIPAL BUILDING AUTHORITY MUNICIPAL BUILDING AUTHORITY MUNICIPAL BUILDING AUTHORITY 550,475 538,320 550,475 7 ---PAGE BREAK--- 544,125 5,000 539,377 549,125 549,125 538,320 549,125 550,475 EXPENDITURES MUNICIPAL BUILDING AUTHORITY 538,320 550,475 550,475 REVENUES CHARGES FOR SERVICES 534,825 545,475 INTEREST 4,552 5,000 MUNICIPAL BUILDING AUTHORITY 2017-2018 BUDGET SUMMARY OF REVENUES AND EXPENDITURES MUNICIPAL BUILDING AUTHORITY 2016 ACTUAL 2017 ADOPTED 2018 BUDGET MUNICIPAL BUILDING AUTHORITY 8 ---PAGE BREAK--- 545,475 544,125 545,475 544,125 5,000 5,000 5,000 5,000 550,475 549,125 MUNICIPAL BUILDING AUTHORITY TOTAL 539,377 318,653 INTEREST GENERAL 4,552 428 Interest Income is any interest earned on positive cash balances. 4,552 428 CHARGES FOR SERVICES LEASE REVENUE 534,825 318,225 Lease Payment records revenues paid by Ogden City for lease of buildings. 534,825 318,225 MUNICIPAL BUILDING AUTHORITY 2017-2018 BUDGET FISCAL YEAR REVENUE BUDGET MUNICIPAL BUILDING AUTHORITY 2016 ACTUAL 2017 7-MO ACTUAL 2017 ADOPTED 2018 BUDGET 9 ---PAGE BREAK--- 1,200 1,200 ‐ ‐ 5,000 5,000 545,475 544,125 550,475 549,125 549,125 MUNICIPAL BUILDING AUTHORITY 508,429 BOND PROCEEDS MISCELLANEOUS USER FEES/PERMITS 538,320 508,429 538,320 508,429 550,475 550,475 549,125 FUNDING SOURCES DIVISION SUMMARY MUNICIPAL BUILDING AUTHORITY MUNICIPAL BUILDING AUTHORITY 538,320 549,125 550,475 2018 BUDGET 547,925 CHARGES FOR SERVICES ‐ 1,176 MUNICIPAL BUILDING AUTHORITY DEBT SERVICE 537,144 508,429 549,275 MUNICIPAL BUILDING AUTHORITY 2017‐2018 BUDGET SUMMARY OF DEPARTMENTAL EXPENDITURES MUNICIPAL BUILDING AUTHORITY 2016 ACTUAL 2017 7‐MO ACTUAL 2017 ADOPTED 10