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11-04-2019 Council Packet
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11-04-2019 Council Packet
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10/30/2021 1:08:48 PM
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11/1/2019 2:53:19 PM
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City Council
Council Document Type
Council Packet
Meeting Date
11/04/2019
Council Meeting Type
Work Session Regular
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3 <br /> <br />• Sports Marketing – funds are used to travel to sports marketing <br />tradeshows to generate hosted-sports events and activities at <br />the National Sports Center and TCG’s nine member cities and <br />to sponsor sporting events to offset the cost of field, court, or <br />ice rental fees if the event is held in the Twin Cities Gateway. <br /> <br />• Regional Grant Program – grant funding is available to assist <br />local entities in developing and hosting events and activities <br />within the TCG area. Grants awarded require a 1:1 match. <br /> <br />REVENUE OVER (UNDER) EXPENDITURES – the TCG FY20 budget has <br />been projected conservatively with same-level revenue as that of <br />FY19. The organization remains in a strong financial position with a <br />sound fund reserve. In order to maximize marketing and promotion <br />to generate incremental visitation to the area, the TCG FY20 <br />approved budget includes expending some of this fund reserve. This <br />will result in deficit spending of approximately $68,000 for the year. <br />The projected fund reserve as of 12/31/20 will be $289,199 or 29% of <br />budget. The TCG Board’s goal is to retain a fund reserve of 25%. <br /> <br />
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