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Board of County Commissioners <br />Page 3 of 6 <br />May 28, 2014 <br />The initial agency requests ($705,978) resulted in a shortfall of $39,328. However, the Indian <br />River County Chamber of Commerce representatives offered to reduce their funding request <br />amount by $17,000 and the Sebastian River Area Chamber of Commerce representatives offered <br />to reduce their request by $3,000 resulting in a combined reduction of $20,000 (from $448,578 to <br />$428,578); the Cultural Council representative agreed to reduce their funding request of $68,400 <br />by $8,400 to $60,000; and the Treasure Coast Sports Commission reduced their requested <br />amount of $152,000 by $1,600 to $150,400. This resulted in a shortfall of $9,328. See Table 2 — <br />Revised Funding Request below. <br />Table 2 <br />TOURIST DEVELOPMENT COUNCIL RATING SUMMARY <br />(Use of Fund Balance - $79,328) <br />Organization <br />2014/2015 <br />Revised Funding <br />Request <br />Total <br />Points <br />Ranking <br />2014/2015 TDC <br />Recommendation <br />Indian River County Chamber <br />of Commerce & Sebastian <br />Chamber of Commerce <br />Treasure Coast Sports <br />Commission <br />Historical Society <br />Vero Heritage <br />Cultural Council <br />Main Street Vero Beach <br />$428,578 <br />$150,400 <br />$20,000 <br />$12,000 <br />$60,000 <br />$5,000 <br />886 <br />773 <br />754 <br />752 <br />601 <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />$428,578 <br />............................................... <br />$150,400 <br />............................................... <br />$20,000 <br />............................................... <br />$12,000 <br />$60,000 <br />$5,000 <br />Total <br />$675,978 <br />$675,978 <br />Councilman Jim Hill made a motion, seconded by Mayor Susan Adams to utilize additional fund <br />balance to cover the shortfall ($9,328) and fund all requests as listed in Table 2 ($675,978). The <br />motion passed 6-3, with Scott Dipietro, Keith Kite and Jennifer Bates in opposition. <br />Staff has concerns about utilizing additional fund balance at this time. Fund balance, while still <br />at healthy levels in this fund has been utilized during the economic downturn in an effort to <br />continue funding tourism development activities at a time during which it was critical to do so to <br />support the industry. The recommended funding level here for fiscal year 2014/2015 is actually <br />an increase of 3.47% from the current fiscal year 2013/2014. <br />96 <br />