Memo- Financial Plan, Hopkins Center for the Arts
I City Manager's Department I
Memorandum
To:
Copy:
From:
Date:
Subject:
Hopkins HRA Board Members
Steve Mielke
none
Jim Parsons
June 5, 1997
Financial Plan, Hopkins Center for the Arts
EXPENSE BUDGET
The Hopkins Center for the Arts construction project is coming in under budget.
According to the current budget summary by Opus, total construction costs are
$3,409,360, which is less than the $3,495,000 original construction budget. (See Opus
budget summary.) This budget savings, however, is not guaranteed, and many
contingencies must be dealt with before final numbers are known.
REVENUE PROJECTION
The Fund Development Committee has raised $575,947 in private contributions
to the Hopkins Center for the Arts (see June 3 up-date). This is 58.5% of the goal for
private contributions, which is $985,000. The effort is projected to raise $40,000 per
month, and may have to continue past grand opening in November.
OPTIONS
The HRA has several options regarding the financial plan for the Hopkins Center
for the Arts:
. Make cuts in the project so that costs do not exceed funds available as of Nov. 30;
. Delay project expenses so that costs do not exceed funds available as of Nov. 30;
. Fully fund the expense budget for project completion in November.
If the third option is selected, then the HRA has two implementation options:
. Fund project completion by November with HRA funds and without ongoing
fundraising or other additional non-HRA funding;
. Fund project completion by November, with ongoing fundraising and with HRA and
non-HRA funding, i. e., from the project partners: Child's Play Theatre Company,
Hopkins Area Arts Association, and Hopkins Public School District 270.
The first option would in effect be an additional grant of HRA funds to the
project; this option is not recommended.
The second option would be construction financing for the project, paid back by
ongoing fundraising, and involving the following:
. Child's Play Theatre participation;
. School District rental pre-payment of $50,000;
. HRA funding via internal or external financing.
Staff believe that it is important for all the project partners to meet their commitment to
the project by ensuring that the goal for private contributions is met.
Staff request direction from the HRA regarding the financial plan.
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06/03/1997 09:28
6129310677
AHJDRJAW
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Contribution Totals & Goals 8/3/97
Dill.""". ~ 01 0...,
---...--.,-- -,-- ...--.--'--
~2~!,1~~ _,._..~!-7.,..
_.$~e.O!!~ .____. ~~
._$3.974.00 __....97.1"
'. $39,65~.90 '__ eO.30/.
$11,829_79 76.3%
$4O,495.QO 1l1.0%
~1~t~";"':.=r;~;g~r.~f.~~~
-'.. --.--..~---.-....-,....--_j-.... ....-,..--.. -, .... ---...-..-.-......1
!J~~I,,~~!!!ill\d\v~\!...i\~__.., ___ --+-, ....~60.3.~?:_)O I . . $1?O~OO?~??-l
Local Bu.ll'lesSI. ~ $311,170,21 ' $50.000.00 '
s;e~i';iEv;"nI..-----"'--"-'" "'r$9;~4.10 - . $50-,OOO:Oot ."..,
... - _,-=~~:::~~:~__.._:_~ __ ___ ...._u.. ....._. ~_,____....-
TOTAL 5445,94741, $855.000.00 1._~.Q9.0~~:~g
,.'n ,,~,,"_____""___"""'-h'____ ---'---"'---"'~-' -, j' ,....... '1'"
...." _._~....._-.....~_'__'_'''_' ....__.. _'.'__ ____w..____""'"' t' ,,_.-...... _i ~..._"....._..~ ..__ _._".n,_ "'H~____."_
..h__.._________.....".~"....' ",.--.- .,..~ _ t-. '. "1 ,..~-------------""_..~
.._... _.,___M____.__._,,_ __ ....-..-___..._ .....-..--L.--.......---......., -j ..-.- "---'---
_ .... ,_~!X.._....,...__ ._ ,tn1I__~!:!l!.~.t_. ,.0,,81.._. --1 Dill_nee 'l4ofOnl
<?~rren..t.~~~I!!~~!..Ra~~!~ ____... h~~~:~~~I_+~ _~~;5~.OO?~?~_i ~409,05~9 52.2'%
':'.~~V!ou.~a.!!!'-'!!:'!l!.fl!'.!.s_e~__. _.._~.1..~~!~~?,?0.;_ ___$.~.~~~~~~~O.i ., $0.00 ...200.(1%
Cap.tal Resources $3.271.000.00 i $3.271,000.00: $0.00 100.0%
__ _--__~=~=:.-~~~~::....:~_. .___...___...,,1...,__ _______ J .....____..
TOTAl. $3,846,941.41 1 $4.256,000.00 \ $4Oi.05Z.~ ~.4~
'...~.. _:.:-'==~~== --:.~~~~~ _~.._~=.-~:-'-F' . ~:::'~::~:] . ..~, .:~~~~.=.- ~-----
Total Private Funds Flalsed $575.94141 I $985.000.00 '$409.052.59 58.50/.
52.2%
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