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38 <br /> 1 Slide #11 <br /> OPTIONS FOR BOARD DISCUSSION <br /> • Option 1: Retain the current funding trends for <br /> Visitors Bureau, Arts Commission, and Outside <br /> Agencies. <br /> • Option 2: Identify existing county investments <br /> that fit reasonable definition of tourism-related <br /> expenditures to charge to Visitors Bureau Fund, <br /> possibly decreasing General Fund tax burden. <br /> • Option 3: Plan new initiatives that fit reasonable <br /> definition of tourism-related expenditures to <br /> charge to Visitors Bureau Fund. <br /> ORANGE COUNTY <br /> NORTH C:AROLI NA <br /> 2 <br /> 3 Commissioner Carter asked if the county would be in compliance with current occupancy <br /> 4 tax guidelines with option 1. <br /> 5 Kirk Vaughn said the county already exceeds the guidance. He said they are above 66% <br /> 6 so option 1 would provide additional funds above what the statute requires. <br /> 7 Chair Bedford said all three options meet the current guidelines. <br /> 8 Commissioner Carter said she had misunderstood the required spending and the 1/3 was <br /> 9 the floor but it was clearer now. <br /> 10 Commissioner Portie-Ascott asked if additional help for the Arts Commission would fall <br /> 11 under option 1 or 2. <br /> 12 Kirk Vaughn said he saw that as a combination of options 1 and 3 since they already fund <br /> 13 from those. He said they are not exclusive so they could provide additional support to option 2. <br /> 14 Chair Bedford asked about the lease on the consent agenda for the Eno Arts Mill. <br /> 15 Kirk Vaughn said that it is in the Visitors Bureau fund, but the lease is funded through <br /> 16 revenue generated by the Arts Commission. <br /> 17 <br /> 18 Slide #12 <br /> VISITORS BUREAU FUND BALANCE POLICY <br /> • Visitors Bureau Board's Fund Balance Policy- <br /> 15% minimum unassigned fund balance <br /> • Not recognized by BoCC, but followed in practice <br /> • Due to revenue growth„ $1,125,806 has <br /> accumulated in available fund balance. <br /> — FY 25 Budget plans some draw down of fund balance <br /> • No requirement to maintain minimum fund <br /> balance. General Fund backstops all other funds. <br /> ORANGE COUNTY <br /> NM I'lf CA ROI 1 NFA <br /> 19 <br /> 20 <br />