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Ordinance Making Supplemental Appropriation in the Amount of $1,800,000 to the Convention Center Operating Fund from Excess Event Revenues to Cover Directly Related Event Expenses
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Department: |
Finance |
Meeting Date: |
6/3/2025 |
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Contact Name: |
Michael Pirsch |
Public Hearing: |
No |
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Contact Phone: |
910-342-2771 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Ordinance |
PURPOSE:
The purpose of this ordinance is to appropriate $1,800,000 to the Convention Center Operating Fund from unallocated revenues from Convention Center events.
BACKGROUND:
ASM Management Firm expects to exceed the projected events at the Convention Center for the 2025 Fiscal Year and unallocated revenues from these events are anticipated. These events have also caused a shortfall to occur in the budgeted expenses adopted in the FY25 budget due to the expense of putting on these events. As a result, the additional revenues will be transferred in order to cover the operating expenses from those events.
BUDGET IMPACT:
An additional $1,800,000 will be added to the Convention Center Operating Fund, and those funds are available through revenues received and projected through the end of FY25.
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached ordinance is recommended.