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r� <br />Memorandum <br />Date: September 27, 2010 <br />To: New Brighton City Council <br />From: Steve Markuson <br />Minnesota Metro North Tourism <br />Contact: 651 488 5145 / steve@tcclateway.com <br />Subject: MMNT FYI 1 Budget <br />Enclosed, for review is a copy of the FYI 1 budget for Minnesota Metro North <br />Tourism (MMNT), the local visitors bureau representing Anoka /Blaine /Coon <br />Rapids /Fridley /Ham Lake /Lino Lakes /Mounds View /New Brighton / <br />Shoreview. The FYI 1 budget was approved by the MMNT Board of Directions at <br />its September 14 meeting. <br />The Bureau is funded by the local option lodging tax collected by the above <br />cities. The FYI 1 Budget is provided per the terms of the Convention & Tourism <br />Bureau Agreement with the City of New Brighton that states, "The Bureau shall <br />submit its annual budget for review by the City on or before the first day of <br />October of the year preceding the effective date of the budget." <br />NOTE: While Minnesota Metro North Tourism (MMNT) is the incorporated name <br />of the organization, the Bureau is doing business as Twin Cities Gateway -which <br />is more reflective of the destination and is much more appropriate for marketing <br />/ promotional purposes. <br />Twin Cities Gateway FYI I Budget Highlights: <br />• The projected budget for FY 1 for the Bureau for O1 /Ol /1 - 12/31 /11, is <br />$530,000 <br />• The Bureau is maintaining a healthy fund balance / budget reserve - with <br />the reserve projected to be $99,000 at the end of FYI 1, which is <br />December 31, 2011. <br />• Administrative and overhead expenses are minimized with 23% of the <br />annual budget allocated for administrative /overhead and 70% of the <br />annual budget allocated for marketing /advertising /promotion. 6% is <br />allocated to increase the year -over -year budget reserve. <br />1 <br />