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For Approval February 21, 2024 <br /> • Shannan Campbell asked if we would continue to lead with the "let curiosity lead you here" and the <br /> answer is yes. <br /> • Chapel Hill Diversity website has received some criticism. The conversation will continue with input <br /> from the board www.chapelhilldiversity.com website. <br /> Budget update through December 2023 <br /> • Revenue: <br /> o Town of Chapel Hill gives an annual grant of$375k. <br /> o Occupancy Tax projections for 23/24 fiscal year was $1.8 million. <br /> o State grant revenue for the Arts Commission also reflected, as they are also funded by the <br /> Visitors Bureau <br /> o Total budget $2.4 million <br /> • Overhead—these are costs that are required by Orange County <br /> o $112k to pay back the general fund from COVID when Occupancy Tax was not covering <br /> Visitors Bureau expenses. <br /> o $83k county administrative fee <br /> o Outside Agencies—these funds are provided by the County Manager's office and administrated <br /> by the Visitors Bureau. <br /> • Advertising/Fund Balance Request <br /> o Currently almost 90% of the budget is used, with a lot of upcoming promotions we want to <br /> include. <br /> o Occupancy Tax fund balance is currently at $1 million, with $776k available to appropriate. <br /> o The Visitors Bureau would like to appropriate $150k from this fund balance to use this year on <br /> advertising. <br /> Motion to have $150K of the current occupancy tax fund balance appropriated in this fiscal year to continue to <br /> grow and maintain the tourism industry. At Commissioner Richard's request we will work with the County <br /> Manager's Office on ways to manage the growing occupancy tax fund balance earlier rather than midyear. <br /> B. Payne made a motion to approve the request and S. Hill seconded the motion. All members were in favor. <br /> New Business <br /> Tanya Moore—UNC Updates <br /> • Interim Chancellor Lee Roberts started on Friday. <br /> Meredith Saybe <br /> • Compliments to Marlene Barbera and the Visitors Bureau team for the UNC Friday Center Mingle and <br /> Jingle event. She participated as a vendor, and it was a great event. <br /> Shannan Campbell <br /> • Busy Spring in Hillsborough, with many events. <br /> o River Park concerts <br /> o Handmade Parade <br /> 21 Page CHOCVB BOD Meeting November 1S , 2023 <br />