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Event Production Agreement with POOF <br />And Purchase Order Contract with Sunbelt Rentals Inc. <br />September 23, 2024 <br />Page 4 <br />Example #3 <br />If the event generates $775,950 of revenue, as estimated by POOF, the City will receive <br />the same $118,548 cost recovery and $9,005 stadium rental fee in the previous example, <br />plus $49,115 ($775,950 revenue less $530,374 total costs = $245,576, multiplied by <br />20%). <br />Appropriation Adjustment <br />With approval of the requested appropriation adjustment, a portion of the spendable <br />General Fund balance will be available for spending in the PRCSA, Recreation and <br />Community Services, Contractual-Professional Services expenditure account (01113230- <br />62300). The spendable portion of the General Fund balance is estimated to be <br />$1,508,397 at June 30, 2025, which is sufficient to allow for the recommended <br />appropriation of $118,548. <br />As discussed above, the City will recover some unknown portion of this cost. If the event <br />generates revenue as outlined in Example #3 and the City receives revenue exceeding <br />the cost of the event, staff will return to City Council with a proposed appropriation <br />adjustment to enable additional department spending. <br />EXHIBIT(S) <br />1. Power of One Foundation Agreement <br />2. Quote from Sunbelt Rentals for Event Floor Cover <br />Submitted By: Hawk Scott, Executive Director of Parks, Recreation and Community <br />Services <br />Approved By: Alvaro Nuñez, City Manager <br />  <br />  <br />City Council 12 – 4 9/23/2024