Subject:
Title
Direction, Re: Tourism Development Council's Recommendation to use Cultural carry forward funds to pay for the Tourism + Indian River Lagoon Grant Program for the Fiscal Year 2023-24
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Fiscal Impact:
$1 million in Tourism Development Tax funds are budgeted annually for the Indian River Lagoon Grant Program from the Beach Fund (1442). A transfer of $1 million from the Cultural Fund (1446) will occur if the Board directs.
Dept/Office:
Tourism Development Office
Requested Action:
Recommendation
It is requested that the Board provide direction to staff regarding the Tourist Development Council's recommendation to use Cultural carry forward funds to pay for the Tourism + Indian River Lagoon (IRL) Grant Program funded from the Tourism Development Tax (TDT) for the FY 2023-24 fiscal year.
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Summary Explanation and Background:
On March 7, the Board discussed the Tourism Development Council's (TDC) recommended to suspend Tourism + Lagoon Grant funding for one year. The Board gave direction to staff to take this item back to the (TDC) for review and to make a recommendation on how to pay for Tourism + Lagoon Grants in FY23-24. The three recommendations that the TDC considered:
* Hold the $1 million for Tourism + Lagoon Grants from the Beach Fund unless there are no named storms by September 30, 2024
* Do not award Tourism + Lagoon Grants for FY2023-2024 and increase grant fund to $1.1 million over the following 10 years
* Use Cultural Fund to pay for Tourism + Lagoon Grants
The TDC met on March 22 and recommended, in an 8-1 vote, to use the Cultural carry forward funds in the amount of $1 million to cover these grants. Upon approval of the Board, staff will initiate the transfer of these funds into the appropriate fund category (with County Attorney's Office guidance) in the 2023-24 budget. In addition, the TDC also voted 9-0 to recommend not diverting further funds from the Beach Fund for other uses beyond beach renourishment until that fund is o...
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