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