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Board of Commissioners
<br />Page 2of3
<br />May 21, 2025
<br />Funding and Analysis
<br />Staff estimates total funding of $2,243,900 available for distribution to tourism development
<br />agencies in FY 25/26. As of the most recent April 2025 monthly report, Tourist Tax revenues
<br />are up when compared to last year's collections by 17.2% or $486,871 and are exceeding
<br />budgeted estimates by 14.2% or $411,230. Although Tourist Tax revenues seem to be on the
<br />rise, FY 23/24 revenues were down 4.2% when compared to the prior year. Because of this
<br />fluctuation, Staff proposes Tourist Tax revenues be increased by 10%, which equates to an
<br />overall increase of $260,681, or 13.1% when considering interest income and a full 12 months of
<br />collection of the 6th cent of Tourist Development Tax.
<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 $140,889 for the upcoming fiscal year, which is intended to fund any mid-
<br />year adjustments or unanticipated funding opportunities that may arise over the upcoming
<br />budget.
<br />The funding amounts agreed to at the TDC meeting are summarized in Table 2 below.
<br />Following a motion made by Linda Moore and seconded by Amanda Owens, all eligible agency
<br />requests were fully funded with an 8-0 vote, allocating the remaining funding totaling $145,943
<br />to the Reserve for Contingency account.
<br />Table 2
<br />TOURIST DEVELOPMENT COUNCIL
<br />Fiscal Year 2025/2026 TDC's Funding Recommendation
<br />Organization
<br />2024/2025
<br />Funding
<br />2025/2026
<br />Recommendation
<br />Increase
<br />Decrease
<br />% Increase
<br />Decrease
<br />Indian River County Chamber of
<br />Commerce
<br />$926,748
<br />$1,200,138
<br />$273,390
<br />29.5%
<br />Sebastian River Area Chamber of
<br />Commerce
<br />$252,143
<br />$288,730
<br />$36,587
<br />14.5%
<br />Cultural Council
<br />$40,000
<br />$55,000
<br />$15,000
<br />37.5%
<br />Historical Society
<br />$45,000
<br />$50,000
<br />$5,000
<br />11.1%
<br />Treasure Coast Sports Commission
<br />$291,000
<br />$300,000
<br />$9,000
<br />3.1%
<br />Vero Heritage
<br />$30,600
<br />$33,200
<br />$2,600
<br />8.5%
<br />Coastal Connections
<br />$11,000
<br />$20,000
<br />$9,000
<br />81.8%
<br />Vero Beach Art Club
<br />$0
<br />$10,000
<br />$10,000
<br />n/a
<br />Sub Total
<br />$1,596,491
<br />$1,957,068
<br />$360,577
<br />22.6%
<br />Reserve for Contingency
<br />$386,728
<br />1 $286,832
<br />$99,896
<br />-25.8%
<br />Grand Total
<br />$1,983,219
<br />1 $2,243,900
<br />$260,681
<br />13.1%
<br />Board of Commissioners
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