Agenda Packets - 2012/10/08 - Laserfiche WebLink

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Date: September 28, 2012 To: Member Cities From: Steve Markuson Subject: Twin Cities Gateway FY13 Budget Attached, for review, is the proposed FY13 Budget for Twin Cities Gateway – the regional convention & visitors’ bureau. The budget was approved by the Board of Directors on Tuesday, September 25, 2012. . The proposed FY13 organizational budget will be effective from January 1, 2013 – December 31, 2013. FY13 Budget Highlights:  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 / budget comparable grant funding availability from TCG for FY13.  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 track / trend favorably upward and are currently running approximately 5% ‐6% ahead of FY11. Anoka / Blaine / Coon Rapids / Fridley / Ham Lake / Lino Lakes / Mounds View / New Brighton / Shoreview