HomeMy WebLinkAboutCC AG PKT 2008-12-08 #AAGENDA STAFF REPORT
DATE: December 8, 2008
TO: Honorable Mayor and City Council
THRU: David Carmany, City Manager
FROM: ~ Robbeyn Bird, CPA
Director of Administrative Services/Treasurer
SUBJECT: BIXBY DONATION (2004)
SUMMARY OF REQUEST:
The City Council is asked to receive and file this informational report regarding
the Bixby donation.
BACKGROUND:
In October 2004, Bixby donated $990,536.84 to the City. Per the Agreement with
Bixby, "Owner [Bixby] will also pay to the City the sum of One Million Dollars.
Such money shall be used for improvements that will benefit the College Park
East neighborhood, including but not limited to improvements related to the
Tennis Club property."
Separately and with respect to the Attorney-Client Privilege, the City Attorney has
provided to the Council a memo addressing this issue.
At the October 13th City Council meeting, staff presented a break down of all the
costs associated with the Tennis Center. The costs included capital
expenditures of $513,101.53, maintenance costs of $415,026 and water and
sewer fees of $76,175.15.
At the November 10th City Council meeting, Council Member Miller asked that
$477,000 be placed into a separate account for the benefit of College Park East
residents.
Staff respectfully recommends that designation of general fund balance not be
utilized for the Bixby donation.
Agenda Item l4
Page 2
FINANCIAL IMPACT:
By reserving this amount, available reserves will be reduced by $477,000.
RECOMMENDATION:
It is respectfully recommended that the City Council receive and file this report.
SUBMITTED BY:
.~.,, ~e.w~[
Robbeyn ird, CPA
Director of Administrative Services
Attachments:
NOTED AND APPROVED:
David Carma y, City Manager
A. Bixby Donation (Tennis Center Reconciliation)
B. City Attorney Memorandum
Seal Beach Tennis Center
Reconciliation of Revenue & Expenditures
As of June 30, 2008
Revenue:
Description Date Amount
Bixby Donation Oct-04 990,536.84
Capital Expenditures:
FYE 2004/05 7/1 to 6/30 402,666.58
FYE 2005/06 7/1 to 6/30 62,454.95
FYE 2006/07 7/1 to 6/30 47,980.00
Total Capital Expenditures 513,101.53
Maintenance Costs:
FYE 2004/05 7/1 to 6/30 77,057.00
FYE 2005/06 7/1 to 6/30 106,304.00
FYE 2006/07 7/1 to 6/30 112,658.00
FYE 2007/08 7/1 to 6/30 119,007,00
Total Maintenance Costs: 415,026.00
Water & Sewer Fees:
FYE 2004/05 7/1 to 6/30 12,847.43
FYE 2005/06 7/1 to 6/30 21,497.62
FYE 2006/07 7/1 to 6/30 21,504.33
FYE 2007/08 7/1 to 6/30 20,325.77
76,175.15
Available (13,765.84)