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10-27-14 Council Packet
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10-27-14 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
10/27/2014
Council Meeting Type
Regular
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CITY COUNCIL <br />AGENDA ITEM 1D <br />STAFF ORIGINATOR: Rick DeGardner, Public Services Director <br />MEETING DATE: October 27, 2014 <br />TOPIC: Consideration of Resolution No. 14-123 Approving 2015 Twin <br />City Gateway (T C G) Budget <br />VOIE REQUIRED: 3/5 <br />INTRODUCTION <br />The Twin Cities Gateway (TCG) Convention and Tourism Bureau serving the northeast metro <br />area, has established its 2015 budget. According to its by-laws, the annual budget shall be <br />reviewed by each member city. Attached is the proposed FY15 Budget. The budget was <br />approved by the TCG Board of Directors on September 1 6'h and will be effective from <br />January 1, 2015 - December 31, 2015. <br />BACKGROUND <br />The TCG Board continues to budget somewhat conservatively and maintains a healthy fund <br />reserve for a strong fiscal policy. 2014 has been an exceptional year for the entire metro area <br />tourism industry, including Twin Cities Gateway. TCG's hotel occupancy /RevPar — revenue per <br />available room - and ADR — average daily rate — have exceeded 2013 levels for each month this <br />year through August 2014. Because the Board is uncertain whether or not similar levels can be <br />achieved in these areas in 2015, the budgeted amount for 2015 lodging tax receipts is slightly less <br />than the projection for calendar year 2015. <br />RECOMMENDATION <br />Approve Resolution 14-423 Approving 2015 Twin City Gateway (T C G) Budget <br />ATTACHMENTS <br />1. Resolution No. 14-123 <br />2. Twin City proposed budget for 2015 <br />
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