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Board of Commissioners
<br />Page 2 of 2
<br />May 23, 2024
<br />Funding and Analysis
<br />Staff estimates total funding of $1,703,572 available for distribution to tourism development
<br />agencies in FY 24/25. As of the most recent April 2024 monthly report, Tourist Tax revenues
<br />are down when compared to last year's collections by 8.1% or $243,508; however, they are
<br />exceeding budgeted estimates by 12.9% or $315,084. Because Tourist Tax revenues have been
<br />declining and continue to align closer to budgeted projections over the past fiscal year, Staff
<br />proposes the budget be increased by 1.5%, or $24,791, leaving Tourist Tax revenues flat,
<br />increasing the budget to reflect the rise in interest income, and utilizing $2,941 in cash to balance
<br />(as requested by the TDC).
<br />On February 2, 2021 the Board of County Commissioners approved allocating 1/3rd of the half -
<br />cent of Tourist Tax revenue proceeds made available from funding the Jackie Robinson Training
<br />Complex, to the Tourism Development Fund. Furthermore, a Reserve for Contingency was set
<br />up to earmark 75% of the additional funding per Board direction. The Reserve for Contingency
<br />account is budgeted at $128,081, which is intended to fund any mid -year adjustments or
<br />unanticipated funding opportunities that may arise over the upcoming budget.
<br />The funding amounts agreed to at the TDC meeting, following completion of scoring sheets by
<br />TDC members, are summarized in Table 2 below. Following a motion made by Mrs. Bates and
<br />seconded by Mrs. Smalley, the funding levels were approved with a 6-0 vote, utilizing $2,941 in
<br />cash to balance the request.
<br />Table 2
<br />TOURIST DEVELOPMENT COUNCIL
<br />Fiscal Year 2024/2025 TDC's Funding Recommendation
<br />Organization
<br />2023/2024
<br />Fundi n
<br />2024/2025
<br />Recommendation
<br />Increase
<br />Decrease(Decrease)
<br />% Increase
<br />Indian River County Chamber of
<br />Commerce
<br />$932,170
<br />$926,748
<br />$5,422
<br />-0.6%
<br />Sebastian River Area Chamber of
<br />Commerce
<br />$212,530
<br />$252,143
<br />$39,613
<br />18.6%
<br />Cultural Council
<br />$65,000
<br />$40,000
<br />$25,000
<br />-38.5%
<br />Historical Society
<br />$32,000
<br />$45,000
<br />$13,000
<br />40.6%
<br />Treasure Coast Sports Commission
<br />$280,000
<br />$270,000
<br />$10,000
<br />-3.6%
<br />Vero Heritage
<br />$34,000
<br />$30,600
<br />$3,400
<br />-10.0%
<br />Coastal Connections
<br />$15,000
<br />$11,000
<br />$4,000
<br />-26.7%
<br />Sub Total
<br />$1,570,700
<br />$1,575,491
<br />$4,791
<br />0.3%
<br />Reserve for Contingency
<br />$108,081
<br />$128,081
<br />$20,000
<br />18.5%
<br />Grand Total
<br />$1,678,781
<br />$1,703,572
<br />$24,791
<br />1.5%
<br />RECOMMENDATION
<br />Staff recommends that the Board of County Commissioners approve the funding amounts
<br />recommended by the Tourist Development Council as shown in Table 2 for a total allocation of
<br />$1,703,572 and authorize the County Attorney to prepare standard grant agreements for all
<br />funding recipients.
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