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• • STAFF ORIGINATOR: MEETING DATE: TOPIC: VOTE REQUIRED: INTRODUCTION CITY COUNCIL AGENDA ITEM 6A Mary Alice Divine October 22, 2012 Consideration of Resolution No. 12 -108 Approving Twin City Gateway Budget for 2013 3/5 Twin Cities Gateway (TCG), the Convention and Tourism Bureau serving the northeast metro area, has established its 2013 budget. According to its by -laws, the annual budget shall be reviewed by each member city. Attached is the proposed FY13 Budget. The budget was approved by the TCG Board of Directors and will be effective from January 1, 2013 — December 31, 2013. BACKGROUND Highlights of the 2013 budget include: • The proposed budget for FY13 is $750,000, which represents significant growth during the organization's first two full years of operation (for comparison, the FY11 Budget was $569,921) • The organization continues to be in a strong financial position with an estimated fund reserve of $353,879 at the close of fiscal year. Given the continuing economic uncertainty, the Board budgets conservatively and has authorized the set -aside of $250,000 of the fund reserve for investment in a longer term, higher yield investment account. • Per Board of Directors direction, 20% of the proposed budget is for operating expenses, administrative and overhead costs and 80% is for marketing & promotional programs. • The Board authorized the continuation of the Member City Grant program and participating member cities can anticipate comparable budgets from TCG for FY13. This funding is to promote and market member cities' annual community festival. The grant funding for FY12 to Lino Lakes was $6,552. • The Regional Grant program has also been re- funded to provide start-up and marketing assistance for new events or activities that will have impact(s) in more than one member city. • FY12 year -to -date lodging tax receipts from the nine member cities continue to trend favorably upward and are currently running approximately 5% -6% ahead of FY11. The bulk of 2012 revenues will be spent for operations; sports marketing, regional destination marketing and a regional marketing grant program.