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Board of Commissioners
<br />Page 2 of 3
<br />May 24, 2021
<br />Funding and Analysis
<br />Staff estimates total funding of $1,089,491 available for distribution to tourism development
<br />agencies in FY 21/22. As of the most recent April 2021 monthly report, Tourist Tax revenues
<br />are exceeding last year's collections by 6.2% or $108,291, and exceeding budgeted estimates by
<br />24.4% or $362,696. Because Tourist Tax revenues have been quite strong over the past several
<br />months, staff proposes the budget be returned to pre -pandemic FY 19/20 budgeted estimates. In
<br />addition, on February 2, 2021 the Board of County Commissioners approved allocating 1/3rd of
<br />the half -cent of Tourist Tax revenue proceeds made available from funding the Jackie Robinson
<br />Training Complex, to the Tourism Development Fund. This increased allocation is estimated to
<br />generate an additional $113,438. Furthermore, a Reserve for Contingency has been set up to
<br />earmark 75% of this additional funding per Board direction. The Reserve for Contingency
<br />account is budgeted at $85,078 and will be available to fund any mid -year adjustments or
<br />unanticipated funding opportunities that may arise.
<br />The funding amounts agreed to at the Tourist Development Council meeting, following
<br />completion of scoring sheets by TDC members, are summarized in Table 2 below. Following a
<br />motion made by Mr. Kite and seconded by Ms. Smalley, the funding levels in Table 2 below
<br />were approved unanimously by the Tourist Development Council. Because sufficient funding
<br />was available, all agencies that applied were funded at their full request.
<br />Table 2
<br />TOURIST DEVELOPMENT COUNCIL
<br />Fiscal Year 2021/2022 Funding Recommendation
<br />Organization
<br />2020/2021
<br />Funding
<br />2021/2022
<br />Recommendation
<br />Increase
<br />Decrease
<br />% Increase
<br />Decrease
<br />Indian River County
<br />Chamber of Commerce
<br />$512,167
<br />$537,043
<br />$24,876
<br />4.9%
<br />Sebastian River Area
<br />Chamber of Commerce
<br />$84,140
<br />$98,270
<br />$14,130
<br />16.8%
<br />Cultural Council
<br />$49,301
<br />$60,000
<br />$10,699
<br />21.7%
<br />Historical Society
<br />$32,000
<br />$32,000
<br />$0
<br />0.0%
<br />Treasure Coast Sports
<br />Commission
<br />$201,092
<br />$210,000
<br />$8,908
<br />4.4%
<br />Vero Heritage
<br />$20,000
<br />$26,000
<br />$6,000
<br />30.0%
<br />Sub Total
<br />$898,700
<br />$963,313
<br />$64,613
<br />7.2%
<br />Tourism Study
<br />$12,500
<br />$0
<br />($12,500)
<br />(100.0%)
<br />Reserve for Contingency
<br />$0
<br />$85,078
<br />$85,078
<br />N/A
<br />Cash Forward
<br />$0
<br />$41,100
<br />$41,100
<br />N/A
<br />Grand Total
<br />$911,200
<br />$1,089,491
<br />$178,291
<br />19.6%
<br />81
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