CH-OCVB minutes 031908 - Laserfiche WebLink

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3 Budget & Finance Paolicelli informed board members that the budget is basically the same as last year with the exception of the fund balance. There will be no fund balance appropriated for 2008- 2009. The ideal fund balance would stay at 12%, however that may increase if there is any surplus at the end of this fiscal year. Orange County allocates 100% of the occupancy tax collected to the Visitors Bureau; Chapel Hill allocates about 10% of their total occupancy tax collections to visitor services. Pavao updated Paolicelli and the full board about his meeting with Town Manager Roger Stancil last month where he requested 1% of the total 3 % that the town collects. Concern was expressed that council members would use the recent 1% county increase as a reason to deny the request. Board member Jim Ward assured other members that he would advocate the cause. New and increased expenses include an 8-12 passenger vehicle, dues, promoting/hosting the Festival of the Book, and marketing research. Decreased expenses include phone and postage due to more usage of the Internet Chair Pavao invited questions, discussion etc. With none, Pavao motioned to approve the 2008/2009 budget. Dave Gephart moved to accept, Moses Carey, Jr. seconded. With all members in favor, the 2008/2009 proposed budget will go to the Budget Dept. Finance Committee Chair Moses Carey, Jr., reviewed the current budget and reported that all looks normal and reiterated that the fund balance would not be spent until needed. Chair Pavao motioned to accept, Moses Carey, Jr. so moved, Rick Strunk seconded. With all in favor the current MTD/YTD budget is approved. NEW BUSINESS Board member Creston Woods informed that at their request DOT has put new signage on Pittsboro Street in an effort to decrease fender benders. Guests will now be greeted at the first entranceway with exits now at the former entrance point. The CHOCVB is currently collaborating with the O.C. Parks & Rec. Dept. in designing a sponsorship brochure for the new West 10 Soccer Center. Construction is on target with the new parking lot and facilities in Hillsborough. Details can be found on the Countys website. The parking garage will add about 20% more public parking spaces. The EDC is hosting their annual State of the Local Economy at the Carolina Club. The guest speaker is Charles Hayes, President and CEO of Research Triangle Regional Partnership who will give his perspective on economics. Paolicelli informed board members that this is Moses Careys last official meeting. BOCC Barry Jacobs will fill the seat for the remainder of Careys term.