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32 <br /> 1 Arts Commission and some outside agencies are included in the fund's budget but are less than <br /> 2 10% of the FY 2025 budget. <br /> 3 <br /> Allocation of Revenues and Expenditures in Visitors Bureau <br /> Fund <br /> $4,000,000 <br /> $3,500,000 <br /> $3,000,000 <br /> $2,500,000 <br /> $2,000,000 <br /> $1,500,000 <br /> $1,000,000 ' <br /> $500,0$0 <br /> 0 <br /> v v v v v v v v v W a) a) a) a) v a) <br /> 7 7 7 <br /> C C C CG C C C C C C C C C C C C C C C <br /> a) () a) a) a) () a) a) ai a) a) a) a) () a) () a) a) a) <br /> > CL > CL > CL > CL > CL > C- > n > n > n > n <br /> a) X a) X a) X Q) X N X a1 X aJ X X X X <br /> W W W W W W W W W W <br /> 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rev <br /> Bud <br /> ■Occupancy Tax Revenue ■Town of CH Agreement ■Other VB revenue <br /> VB Personnel Costs ■VB Fixed Operating Costs ■VB Programmatic Operating Costs <br /> ■Payment Back to County ■Net Arts/Outside Agency <br /> 4 <br /> 5 <br /> 6 For this discussion, County staff will present the recent budgets and actual expenditures in the <br /> 7 Visitors Bureau Fund, and how those usages align with the Occupancy Tax guidelines and the <br /> 8 County's strategic plan. Staff will then address three broad categories of options for the Board to <br /> 9 discuss: <br /> 10 1. Retain the current allocation and usage of Occupancy Tax between the Visitors Bureau <br /> 11 and the Arts Commission. <br /> 12 2. Direct a portion of the Occupancy Tax funding to cover other existing County expenses <br /> 13 that meet the Occupancy Tax guidelines. <br /> 14 3. Direct a portion of the Occupancy Tax funding to start new initiatives that meet the <br /> 15 Occupancy Tax guidelines. <br /> 16 <br /> 17 Staff will also briefly discuss the Visitors Bureau Board's Fund Balance policy of fifteen percent <br /> 18 (15%). This policy has not been recognized by the BOCC, but has often been followed by staff in <br /> 19 practice. Staff will discuss how this policy could be codified by the BOCC, and how a fund balance <br /> 20 policy for a restricted revenue fund would differ from a General Fund fund balance policy. <br /> 21 <br /> 22 The County maintains several programs in funds outside of the General Fund. The most <br /> 23 discretionary of these funds are the Inspections Fund, Visitors Bureau Fund, Article 46 Fund, <br /> 24 Sportsplex Fund and Solid Waste Fund. The County does not have formal fund balance policies <br /> 25 for any of these funds, but weighs the following issues when reviewing the fund balance during <br /> 26 the budget process — the current and upcoming obligations of the fund, the long-term debt and <br /> 27 capital requirements, and the stability of the revenue source. The Visitors Bureau Fund does not <br /> 28 fund any long-term capital or debt, and does not have any upcoming obligations, but has been <br /> 29 highly variable over the last ten (10) years, and is more vulnerable to downturns during <br /> 30 recessions. Therefore, the fund does not need to maintain a significant fund balance, but will <br />