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39 <br /> 1 Slide #13 <br /> VISITORS BUREAU FUND BALANCE POLICY <br /> • During Budget Process, staff review fund balance <br /> for various funds based on following criteria: <br /> — Current or Future Obligations <br /> — Long Term Capital or Debt <br /> — Volatility of Revenue <br /> • Visitors Bureau Fund does not have extensive <br /> obligations or capital expenditures but has shown <br /> significant volatility. <br /> — During future recession, fund will either cut expenses <br /> significantly, or receive county subsidy <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 2 <br /> 3 Commissioner Carter asked about the county's fund balance policy and how it is affected <br /> 4 by advisory board fund policies. <br /> 5 Kirk Vaughn said that there are no other advisory boards with fund balance policies except <br /> 6 the Visitor's Bureau. He said the fund balance policy that the county has is specifically for the <br /> 7 general fund. <br /> 8 Commissioner Fowler asked if during the pandemic if the 15% got spent down and then <br /> 9 came to the Board for a backstop. <br /> 10 Kirk Vaughn said yes and if you look at the balanced since then, they exceeded that 15% <br /> 11 and then rebuilt because of the fast revenue growth. <br /> 12 <br /> 13 Slide #14 <br /> DISCUSSION/QUESTIONS <br /> • Questions for staff? <br /> • No formal vote by Board required <br /> • Staff will incorporate Board direction into FY <br /> 2025-26 Manager's Recommended Operating <br /> Budget, Presented May 6cn <br /> 1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 14 <br /> 15 <br /> 16 <br />