Finance - Meeting Agenda

Transcription

1 Finance - Meeting Agenda Date: Tuesday, January 15 th, 2013 Time: 4:30 p.m. 6:00 p.m. Location: Elliott Bay Room Committee Members: Matt Hanna (Chair), Bruce Lorig (Vice-Chair), David Ghoddousi, Gerry Kumata, Ann Magnano, and Gloria Skouge 4:30pm I. Administrative: A. Approval of Agenda B. Approval of December 18 th, 2012 Minutes Chair 4:35pm II. Announcements and/or Community Comments 4:40pm III. Review of the Preliminary Financial Statements for December 2012 A. PDA Operating Statements Sabina Proto 5:10pm IV. Checking Account Activity Report Sabina Proto 5:15pm V. Presentations and Discussion Items A. Budgetary Review of Proposed Spending Resolutions B. Update on the NMTC LaSalle Commercial Exit Process Ben Franz-Knight Sabina Proto & Ben Franz-Knight 5:40pm VI. Items for the Consent Agenda Chair 5:45pm VII. Public Comment 5:50pm VIII. Concerns of Committee Members Chair 6:00pm IX. Adjournment Chair Enclosures: Minutes for December 18 th, 2012 Preliminary Financial Statements for December 2012 Budgetary Review of Proposed Spending Resolutions and Finance Committee Packet Page 1

2 Pike Place Market Preservation and Development Authority (PDA) FINANCE COMMITTEE Meeting Minutes Tuesday December 18 th, :30 p.m. to 6:00 p.m. Elliott Bay Room Committee Members Present: Matt Hanna, Ann Magnano, Bruce Lorig, David Ghoddousi, Gerry Kumata, Gloria Skouge Other Council Members Present: Staff Present: Ben Franz-Knight, Sabina Proto, Jay Schalow, Dianna Goodsell Others Present: The meeting was called to order at 4:30p.m. by Ann Magnano I. Administrative A. Approval of the Agenda The agenda was approved by acclamation. B. Approval of the November 20 th, 2012 Minutes The minutes were approved by acclamation. II. Announcements and Community Comments None III. Review of the Financial Statements for November 2012 A. PDA Operating Statements Sabina Proto discussed the Balance Sheet and PDA Operating Statement ending for the Month of November. Under Current Assets there was an increase in the Unrestricted Cash Balance and Misc. Accounts Receivable. She reported the following: The Designated Cash decreased due to the transfer of funds out of the CRRF Reserve to the Operating cash for the budgeted capital expenditures. The Restricted Cash decreased because of the annual payment to the Principal and semiannual payment of the interest on the PC-1 Bond. The Current Liabilities decreased mainly in the Accrued interest on the PC-1 Bond due to payment in November and also in the Accrued Payroll. The Long Term Debt decreased due to the monthly payments on loans, mortgage and bonds. The Net Operating Capital had increased overall. Current Operating Result increased from the prior month and the Levy Funds received in total as of today is $ million; amount received in 2012 YTD is $6.12 million. Sabina Proto reported under the Accounts Receivable Activity Report, the accounts receivable decreased overall in November. The Total Revenue for the end of November 2012 was $13,250,341 or over budget by $361,730. The Total Operating Expense was $ 9,455,410 or under budget by $ 271,918. The Net Result for the end of November was $ 3,794,931 which was $ 633,648 over budget. The Net Result after Debt Service & Reserves: Annual Budget was $493,710 and the actual YTD as $ 1,127,433; this amount exceeds the budget by $633,723. Finance Committee Packet Page 2

3 Sabina Proto presented the Revenue in the Operating Statement and stated that the Commercial Revenue was over budget by $ 92,113. She added overall there was good performance of the Percent Rent. She noted that we are caught up in the Office Rent; in the prior months we had been under budget due to the unanticipated construction impacts of the Levy Phase II. She added that one of the ATM s has not been operational for several months. She stated that CAM is under budget because the loss of revenue for the US Bank space. Direct utilities are under budget because of the vacancies in commercial spaces during construction; this is associated with less spending on the electricity, water and sewer expenses. She stated that Residential Revenue variance was on track due to the growing occupancy; this was anticipated for the second part of the year. She reported that the residential vacancy rent has dropped to 2%. Under Daystall Revenue, the Craft s revenue was on track while under Farm Revenue some of the predominant farmers have left. There was more revenue with locker rent, performer permits and late fees. Lastly, the Surface, Miscellaneous Revenue and the Garage Revenue were over budget. The garage was over budget by $ 115,000 which was better than anticipated. She noted that we have been in participation with the AWV Parking Mitigation Program since July 1 st, and per agreement with the City of Seattle, we received a $14,000 monthly fee, $ 70,000 up to date in collection on fees from July through November Sabina Proto lastly reported that the Operating Expenses were over budget in some departments and under budget in others. She reported that we have had additional needs for temporary work in the Residential and Daytsall department. She also added that here have been some staffing vacancies in Management as well as differences in the timing of the invoices from the budget trending. She stated the following: there had been extensive repair on the fire panel in the garage, credit cards fees were over budget due to the increase in revenue, insurance rates were lower than budgeted and marketing spending would increase during the last quarter. She noted that the Percent Rent spreadsheet presents the performance of the percent rent, concluding that the Percent Rent was over budget by $135,000 YTD, $156,000 over budget over the same period last year. She lasted reported that the Capital Reserve Status Report represents the amount contributed to the reserve, and the amount spent year to date out of the capital reserve. The Capital Reserves total was $ 10,049,199 as of 11/30/2012. Total Capital Expenditures (budgeted) was $931,539 as of 11/30/2012. The amount spent on the Waterfront Design and Development was $477,970. Bruce Lorig noted that we should do a comprehensive report on Parking rates and usage. There was a brief discussion regarding the bank fees for credit card usage, especially regarding the garage merchant service fees. Ben Franz-Knight invited the committee to see a detailed list of credit card fees. Ann Magnano inquired to see if there is a way to discuss options for having the bank fees reduced. IV. Checking Account Activity Report The Checking Account Activity Report was distributed to Dianna Goodsell, Administrative Services Coordinator. V. Presentations and Discussion Items A. Budgetary Review of Proposed Spending Resolutions Ben Franz-Knight noted that he had a detailed discussion with Matt Hanna regarding the spending resolutions for December. He noted that any concerns and questions could be raised at the full Council meeting since the Chair was absent and that the resolutions were discussed in detail at the Asset Management meeting. The following resolutions were on the agenda for review: Review of Proposed Resolution 12-83: Authorization for Contract Authority - Capital Needs Assessment Review of Proposed Amended Resolution 12-86B: Authorization for Contract Authority - SRG Partnership, Inc. - Architectural Services Review of Proposed Resolution 12-92: Authorization for Contract Authority - Contract Project Administration 85 Pike Street, Room 500 Seattle, WA (206) Finance Committee Packet Page 3

4 Review of Proposed Resolution 12-96: Authorization for Contract Authority - Livingston Baker Residential Hot Water Loop Replacement - Livingston Baker Building Review of Proposed Resolution 12-99: Authorization for Contract Authority - Additional TI Reimbursement, Pike Market Child Care VI. VII. Other Reports and Action Items None Items for Consent Agenda None VIII. Public Comment None IX. Concerns of Committee Members None X. Adjournment The meeting was adjourned at 4:56 p.m. by Ann Magnano Meeting minutes submitted by: Dianna Goodsell, Administrative Services Coordinator 85 Pike Street, Room 500 Seattle, WA (206) Finance Committee Packet Page 4

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14 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 13-04: Additional Funds for Reconfiguration of Soames Dunn Interior and Retail Spaces JANUARY 2013 WHEREAS, WHEREAS, WHEREAS, Pike Place Market Preservation and Development Authority ( PPMPDA ) was chartered by the City of Seattle pursuant to RCW et. seq with the mission of performing renewal, rehabilitation, preservation, restoration, development, and nonprofit management of structures and open spaces in a manner that will initiate programs to expand food retailing; to promote the survival and predominance of small shops, marginal businesses, thrift shops, arts and crafts, other enterprises, activities and services which are essential to the functioning of the Public Market; and The PDA Council has previously reviewed the PDA Other Funds and Capital Projects Priority list; and in Resolution12-53 authorized the expenditure of $80,000 for miscellaneous costs associated with the reconfiguration of the Soames Dunn Interior and retail spaces, and this work has been completed with additional costs incurred by the PDA to complete the renovation of the building common areas according to approved plans, relocation of utilities and preparation of shell spaces for occupancy by retail tenants, additional costs totaling $15,800, and BE IT RESOLVED that the Pike Place Market PDA Council authorizes the allocation of an additional $15,800 from the PDA Other Projects (account code ) to fund the Soames-Dunn Improvements. Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance Committee Packet Page 14

15 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 13-05: Approval of Contract Authority for Specialty Door Inc. and Amendment to Resolution TI Reimbursement for Chocolate and Ice Cream JANUARY 2013 WHEREAS, WHEREAS, WHEREAS, WHEREAS, Pike Place Market Preservation and Development Authority ( PPMPDA ) was chartered by the City of Seattle pursuant to RCW et. seq with the mission of performing renewal, rehabilitation, preservation, restoration, development, and nonprofit management of structures and open spaces in a manner that will initiate programs to expand food retailing; to promote the survival and predominance of small shops, marginal businesses, thrift shops, arts and crafts, other enterprises, activities and services which are essential to the functioning of the Public Market; and the PDA Council previously approved Resolution providing for the reimbursement to Chocolate and Ice Cream for tenant incurred expenses up to $135,000 for the relocation and construction of their store including installation of glazed garage doors approved as part the design for a new storefront, and the Capital Projects coordinator for the PDA determined that the vendor selected by the tenant would not provide a door of acceptable quality and condition and recommended instead that the sourcing of this portion of the project include other vendors, and due to the critical timing and engineering complexity a sole source bid was obtained by the PDA from Specialty Door Inc. based on their expertise and availability in the amount of $14, including state tax and this contractor has performed satisfactory work as a small works contractor for the PDA, BE IT RESOLVED that the Pike Place Market PDA Council authorizes a contract for the fabrication and installation of 2 glazed garage doors for the Soames Dunn interior improvements in the amount of $14, and amends Resolution reducing the amount of reimbursement for tenant expenses by $14, to $120, Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Opposed: Abstained: Finance Committee Packet Page 15