05-0282R


RESOLUTION APPROVING THE BUDGET FOR THE FISCAL YEAR MAY 1, 2005, TO APRIL 30, 2006, IN THE AMOUNT OF $4,063,477 AND THE CAPITAL REPAIR AND REPLACEMENT BUDGET FOR THE SPIRIT MOUNTAIN RECREATION AREA AUTHORITY.

BY COUNCILOR STAUBER:

     RESOLVED, that the budget for the fiscal year May 1, 2005, to April 30, 2006, in the amount of $4,063,477, including the 2006 repair and replacement budget in the amount of $276,100, as set out in the budget on file with the city clerk as Public Document No. ________ for the Spirit Mountain recreation area authority is hereby approved.


STATEMENT OF PURPOSE:  This resolution approves the budget for the Spirit Mountain recreation area authority for the budget year May 1, 2005 - April 30, 2006, in the amount of $4,063,477. This budget includes a $276,100 repair and replacement capital plan which must be approved per the 2003 refinance agreement, Section 3.1e. Also included in this budget, per Section 3.2a of the same agreement, is an appropriation of $225,000 from the city of Duluth’s tourism taxes to Spirit Mountain for payment of principal and interest on the refinancing bonds. This resolution approves the total expense budget for Spirit Mountain including operating expenses, non-operating expenses and depreciation and amortization. Spirit Mountain recreation area authority is the only authority which operates on a different fiscal year than the rest of the city budgets.

 

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