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2 <br />Economic Impact of Tourism YTD <br /> <br />Executive Director Paolicelli informed board members that according to recent studies in <br />economic development, Orange Countys tourism dollars were $52 million in 1992 as <br />compared to the current $140 million. Orange County currently has 1400 hotel rooms and <br />60, 000 sq footage of meeting space. The average daily rate (ADR) is the highest in the <br />Triangle however there is a decline in occupancy partly due to 175 new rooms in this <br />county and 10,000 in Durham. <br /> <br />Executive Director Paolicelli introduced Will Lambe which in turn introduced Gene <br />Mayhall, a veteran of the tourism industry in Chapel Hill and Adam Klein, Economic <br />Development Director, who assisted in the research of Lambes recent publication Small <br />Towns, Big Ideas: Case Studies in Small Town Economic Development. Lambe <br />informed members that research for this publication focused on rural economic <br />development. 85 rural counties with criteria of communities being generally 50 years <br />behind were studied for innovation, community and economic development. Lambe <br />stated that Hillsborough is one of the case studies included in the book that has taken the <br />initiative and succeeded in improving the well being of its community. The book lists <br />seven major strategies to improve economic development and will be available to the <br />public IN LATE APRIL 2008. Lambe subsequently answered questions from board <br />members. <br /> <br />REPORTS <br /> <br />Budget & Finance <br /> <br />Finance Committee Chair Moses Carey, Jr., informed the board that the budget looks <br />fairly good. Actual revenue should be at 50%. On the expense side, looks good but <br />concerned about the promotion and events account as it is nearly spent. Advertising is <br />over 50% spent. Carey confirmed with Paolicelli that a large amount of funds were <br />encumbered up front in the beginning of the fiscal year and that occupancy tax revenue is <br />generally received and posted the month following the tax month. Chair Pavao requested <br />a Motion to approve the budget report, Rick Strunk moved to approve the budget and Jon <br />Wilner seconded the motion. With all members in agreement the budget report was <br />approved. <br /> <br />Marketing <br /> <br />Marketing Committee Chair Rick Strunk gave an update on the progress of the marketing <br />campaigns and passed around boards displaying current ads. Strunk motioned whether to <br />continue using Jennings for fiscal year 2008-2009. Chair Pavao requested a motion to <br />approve. Moses Carey moved with Frances Dancy seconding the motion. With all <br />members in agreement, a contract will be made with Jennings Co. for FY 2008/2009. <br />