Okaloosa County BOCC — July 30, 2015 — I. c. FY16 Budget-Local Event Funding

TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: July 30, 2015 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Charlotte Dunworth, Finance, Administration, & Compliance Manager SUBJECT: FY 2015-16 Proposed Budget – Local Event Marketing Funding STATEMENT OF ISSUE: Request approval to reallocate funding to increase the FY16 budget for Local Event Marketing Funding applications. BACKGROUND: Local Event Marketing Funding in the amount of $169,850 is budgeted in the fifth penny for FY 2015-16. FY16 event applications received prior to the May 1 deadline were budgeted, along with $23K in contingency funding for new, previously unfunded events. These contingency funds have already been exhausted ($9K for Burning Up the Beaches and $18K for two new, previously unfunded event applications). Work on the Chicago Takeover will actually begin in the current year, freeing $18,975 in FY16 budget funds. Staff requests the reallocation of $18,975 from non-seasonal (1151-548047) and $31,025 from promotional reserves (acct 1151-599146) to increase local event marketing funding by $50,000 (acct 1151-548060) to accommodate these and other applications for new, previously unfunded events that may be received. With this change, the promotional reserves account is estimated to exceed the 25% reserve policy requirement by $145K. OPTIONS: Approve or Deny. RECOMMENDATION TO BCC: Approve the reallocation of $18,975 from non-seasonal (1151- 548047) and $31,025 from promotional reserves (acct 1151-599146) to local event marketing funding (acct 1151-548060) in the FY16 budget.