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Board of Commissioners Page 2 of 3 June 18, 2020 Funding and Analysis Staff estimates total funding of $898,700 available for distribution to tourism development agencies in FY 20/21. Because of the impact COVID-19 has had on our local tourism industry, staff is projecting a 10% decrease in revenues over the upcoming fiscal year. Funding these agencies at reasonable amounts is critical in order to sufficiently advertise and promote Indian River County's tourism industry. Although not planning to utilize fund balance, these funds are available in the event a further decrease in.revenues is realized. Total requested funding in the preceding table (Table 1) amounted to $943,307. The revised funding amounts agreed to at the Tourist Development Council meeting, following completion of scoring sheets by TDC members, are summarized in Table 2 below. Following a motion made by Mr. Collins and seconded by Mr. Hayes, the funding levels in Table 2 below were approved by a vote of (9-0) of the Tourist Development Council. Although the TDC members did not, allocate funding to the Vero Beach Wine and Film Festival at this time, they did agree to revisit funding at a future meeting. Table 2 TOURIST DEVELOPMENT COUNCIL Fiscal Year 2020/2.021 Funding Recommendation 151 2019/2020 2020/2021 TDC Increase % Increase Organization Funding Recommended Decrease Decrease Indian River County Chamber of Commerce $518,147. $512,167 ($5,980) ° (1.2%) Sebastian River Area Chamber of Commerce $165,002 $84,140 ($80,862) (49.0%) Cultural Council $49,301 $49,301 $0 0.0% Historical Society $32,000 $32,000 $0 0.0% Treasure Coast Sports Commission $210,000 $201,092 ($8,908) (4.2%) Vero Heritage $24,000 $20,000 ($4,000) (16.7%) Vero Beach Wine and $0 $0 $0 NLA Film Festival Sub Total $998,450 $898,700 ($99,750) (10.0%) Tourism Study $75,000 $0 ($75,000) (100.0%) Grand Total $1,073,450 $898,700 ($174,750) (16.3%) 151