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106

City of Raleigh

Financial Section

SCHEDULE OF REVENUES AND EXPENDITURES

BUDGET (MODIFIED ACCRUAL BASIS) AND ACTUAL

CONVENTION CENTER AND PERFORMING ARTS COMPLEX OPERATING FUND

For the Fiscal Year Ended June 30, 2016

Over

(Under)

Actual

Budget

Budget

REVENUES

User charges:

Convention and civic center

$

6,166,767

$

5,446,359

$

720,408

Performing arts center

5,419,245

6,044,758

(625,513)

Red Hat amphitheater

1,908,229

1,993,500

(85,271)

Special events

272,277

270,000

2,277

Total user charges

13,766,518

13,754,617

11,901

Gain (loss) on investments

126,096

38,003

88,093

Total revenues

13,892,614

13,792,620

99,994

OTHER FINANCING SOURCES

Transfers from:

General fund

1,913,948

1,913,948

-

Risk management fund

34,880

34,880

-

Convention center financing fund

19,782,718

21,407,745

(1,625,027)

Refunding bonds issued

8,703,867

8,703,867

-

Total other financing sources

30,435,413

32,060,440

(1,625,027)

Total revenues and other financing sources

$

44,328,027

45,853,060

$

(1,525,033)

Fund balance appropriated

280,295

$

46,133,355

EXPENDITURES

Civic and convention center

$

8,244,079

$

8,603,040

$

(358,962)

Performing arts center

6,750,530

7,377,445

(626,915)

Red Hat amphitheater

2,013,117

2,287,131

(274,014)

Special events

395,259

479,258

(83,998)

Total operating expenditures

17,402,985

18,746,874

(1,343,889)

DEBT SERVICE

Principal

7,695,000

7,695,000

-

Interest

7,928,619

9,139,000

(1,210,381)

Payment to refunded bond escrow agent

8,703,867

8,703,867

-

Other debt service costs

1,224,883

1,590,920

(366,037)

Total debt service

25,552,369

27,128,787

(1,576,418)

OTHER FINANCING USES

Transfers to:

General fund

164,946

164,946

-

Technology capital projects fund

92,748

92,748

-

Total other financing uses

257,694

257,694

-

Total expenditures and other financing uses

$

43,213,048

$

46,133,355

$

(2,920,307)

106