Legislative Authority Employee Financial Snapshot March 2017 - - PowerPoint PPT Presentation

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Legislative Authority Employee Financial Snapshot March 2017 - - PowerPoint PPT Presentation

Sep 14, 2023 398 likes •522 views

Board of Governors Meeting April 25, 2017 Financial Legislative Authority Employee Financial Snapshot March 2017 Profit/Loss $134,788 $3,597,536 Actual $1,065,082 $3,516,211 Budgeted $12,958,336 $7,055,249 Actual YTD $8,811,981

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SLIDE 1

April 25, 2017

Board of Governors Meeting

Financial Authority Employee Legislative

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SLIDE 2

Financial Snapshot – March 2017

$1,065,082 $3,516,211

Customers

(Estimated)

Budgeted

242,664 $137.6M

H/M Tax YTD

Profit/Loss

Actual $4.5M Budget $4.4M FY16 $4.4K

$134,788 $3,597,536

Actual 2.24% 1.57%

Economic Impact

(Estimated)

Actual YTD Budgeted YTD

$7,055,249 $12,958,336 $6,472,065 $8,811,981

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SLIDE 3

Introduction

Kevin Duvall Chief Operating Officer Paul Guerrucci Director of Public Safety/ Chief of Police

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SLIDE 4

Legislative Update

Lindsay Strickland Director of Government Relations Lawrence Bell Troutman Sanders Strategies

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SLIDE 5

Legislative Update

  • Thank you, legislators!
  • 2017 Legislative Session
  • FY18 Budget
  • $55M Contiguous Exhibition

Facility

  • HB 264: Revenue Bond Legislation
  • Success!
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SLIDE 6

Board Action

State General Obligation Bond Request Pargen Robertson Legal Counsel

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SLIDE 7

General Obligation Bond Request

Background Recall that pursuant to a 1974 Intergovernmental Agreement, the GWCCA essentially operates its facilities as agent of the Department

  • f Economic Development.
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SLIDE 8

General Obligation Bond Request

The General Assembly passed an act appropriating the aggregate amount

  • f $55 million for GWCCA projects.
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SLIDE 9

General Obligation Bond Request

Mechanically, the procedure at this stage is for the GWCCA Board of Governors to make a request to the Department of Economic Development (DEcD). DEcD, in turn, then requests that the Georgia State Financing and Investment Commission (GSFIC) issue these general obligation bonds.

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Resolution

NOW, THEREFORE, BE IT RESOLVED by the Board of Governors of the Geo. L. Smith II Georgia World Congress Center Authority that the Authority Board hereby requests the Department of Economic Development Board submit a request to the Georgia State Financing and Investment Commission that the Commission undertake to issue $55,000,000 in aggregate principal amount of State of Georgia General Obligation Bonds.

Staff recommends approval.

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SLIDE 11

Next Meeting: Tuesday, May 23, 2017