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May 3,2000 <br /> To: Steve Sarkozy <br /> City Manager <br /> From: Ed Burrell <br /> Finance Director <br /> RE: Renewal of TSE's Class A Premises Permit <br /> TSE Inc., has applied for a renewal of their Class A Premises Permit at 01' Mexico, at 1754 North Lexington <br /> Avenue. Below is a summary of TSE's financial operation for 1998 and 1999. <br /> 1998 1999 <br /> Annual Annual <br /> Previous Year Carry-Over $7,534.24 $3,582.00 <br /> Total Revenue $658,456.50 $660,089.50 <br /> Less Prizes 5343P172.00 5191)739.00 <br /> Net Proceeds 124,284.50 140,350.50 <br /> Disbursements <br /> Taxes 20,505.82 185290.51 <br /> Inventory Used 15,708.18 14,706.88 <br /> Compensation 25,872.46 211)083.15 <br /> Accounting 2,340.42 11466.15 <br /> Advertising 0.00 901.25 <br /> Rent 125572.00 1054.00 <br /> Bond, Insurance 766.00 66.00 <br /> Cash Short 1,219.54 1,322.00 <br /> Misc. Expenses, Equipment 25578.62 3,316.34 <br /> Total Expenses 81.563.04 73,106.28 <br /> Profit Before Donations 429721.46 67,244.22 <br /> ContributionsWederal and City Taxes 46.673.70 66.391,12 <br /> Net Profit ($952.24) $853.10 <br /> Balance Carry-Over Beginning of Year $7,534,24 S358200 <br /> Balance Carry-Over End of Year $3,582.00 $4,435.10 <br /> Comments <br /> While the police inspections have no operational concerns, a financial review shows that the carry-over does exceed <br /> the 25% limitation. However, because the amount is such a small dollar amount, and TSE does require it for it's <br /> cash flow period, we are recommending that the 25% ordinance requirement be waived for this year's license <br /> requirements. <br /> Staff is therefore recommending renewal of TSE's Class A premises permit at 01' Mexico, located at 1754 North <br /> Lexington Avenue. <br />