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Coastal Connections
<br />$0
<br />$7,500
<br />$7,500
<br />N/A
<br />Sub Total
<br />$964,394
<br />$1,182,584
<br />$218,190
<br />22.6%
<br />Cash Forward
<br />$41,100
<br />$132,105
<br />$91,005
<br />221.4%
<br />Reserve for Contingenc±$1,089,491
<br />$83,997
<br />$111,375
<br />$27,378
<br />32.6%
<br />Grand Total
<br />$32,000
<br />$1,426,064
<br />$336,573
<br />30.9%
<br />The award amounts approved by the TDC exceed Staff s recommended allocation by $17,907.
<br />The TDC motion included funding the $17,907 overage by reducing the Cash Forward amount
<br />recommended by Staff. Per the TDC ranking process, all agencies are to be ranked utilizing the
<br />set criteria, which then scores agencies highest to lowest. The agency ranked with the least
<br />amount of points is to have its funding request reduced by the funding shortfall. If the shortfall
<br />exceeds the lowest ranked agency, the agency with the second lowest ranking then has their
<br />request reduced by the remaining budgetary shortfall.
<br />Staff s recommendation is consistent with the TDC ranking process. The agency with the lowest
<br />ranking is Coastal Connection, whose request should be reduced to fund the budget shortfall of
<br />$17,907. Because Coastal Connection's request is only $7,500, the remaining shortfall of
<br />$10,407 should be taken from the second lowest ranked agency which is the Cultural Council.
<br />Staff's recommendation is to reduce the Cultural Council's request from $65,000 to $54,593. It
<br />is important to note that even after the proposed reduction, Cultural Council's budget is still
<br />increasing $5,292 or 10.7% in FY 22/23. Staff s recommendation is summarized in Table 3
<br />below.
<br />Table 3
<br />TOURIST DEVELOPMENT COUNCIL
<br />Fiscal Year 2022/2023 Staffs Funding Recommendation
<br />Organization
<br />2021/2022
<br />Funding
<br />2022/2023
<br />Recommendation
<br />Increase
<br />(Decrease)
<br />% Increase
<br />(Decrease)
<br />Indian River County
<br />Chamber of Commerce
<br />$537,043
<br />$656,084
<br />$119,041
<br />22.2%
<br />Sebastian River Area
<br />Chamber of Commerce
<br />$110,050
<br />$140,000
<br />$29,950
<br />27.2%
<br />Cultural Council
<br />$49,301
<br />$54,593
<br />$5,292
<br />10.7%
<br />Historical Society
<br />$32,000
<br />$32,000
<br />$0
<br />0.0%
<br />Treasure Coast Sports
<br />Commission
<br />$210,000
<br />$250,000
<br />$40,000
<br />19.0%
<br />Vero Heritage
<br />$26,000
<br />$32,000
<br />$6,000
<br />23.1%
<br />Coastal Connections
<br />$0
<br />$0
<br />$0
<br />N/A
<br />Sub Total
<br />$964,394
<br />$1,164,677
<br />$200,283
<br />20.8%
<br />Cash Forward
<br />$41,100
<br />$150,012
<br />$108,912
<br />265.0%
<br />Reserve for Contingency
<br />$83,997
<br />$111,375
<br />$27,378
<br />32.6%
<br />Grand Total
<br />$1,089,491
<br />$1,426,064
<br />$336,573
<br />30.9%
<br />293
<br />
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