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1 <br /> <br /> <br />Twin Cities Gateway FY20 Approved Budget Overview <br /> <br />Overview: This overview is in accordance with the organization’s <br />Member City Agreements to provide its FY20 budget annually by <br />October 1. The budget was approved by the Twin Cities Gateway <br />Board of Directors at its September 17, 2019 Board meeting. <br />REVENUES AND OTHER SOURCES – represents the projected 3% <br />lodging tax receipts, collected by 22 hotels and one B & B in TCG’s <br />nine member cities; grants received; and investment income. <br />OPERATING EXPENDITURES: <br />• Management Contracts – instead of employees or staff, Twin <br />Cities Gateway contracts with two firms to provide day to day <br />management and program execution. This greatly reduces <br />operating and administrative costs to enable more marketing. <br /> <br />• Other Administrative Costs - includes out of the metro area <br />travel costs to attend tradeshows to promote TCG and <br />conferences, and Board and committee meeting expenses, <br /> <br />• Blaine (fiscal agent) – TCG contracts with the City of Blaine <br />Finance Department to handle all lodging tax receivables, <br />accounts payable and monthly financial reporting. <br /> <br />• Organizational Insurance – TCG costs for Board of Directors <br />liability and errors and omissions insurance policy coverage. <br />NOTE: Both independent contractors are required to carry their <br />own similar coverage that includes TCG as additional insured.