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4• <br /> TWIN CITIES <br /> GATEWAY <br /> Date: September 28, 2012 <br /> To: Member Cities <br /> From: Steve Markuson <br /> Subject: Twin Cities Gateway FY13 Budget <br /> Attached, for review, is the proposed FY13 Budget for Twin Cities Gateway—the regional convention & <br /> visitors' bureau. The budget was approved by the Board of Directors on Tuesday,September 25, 2012. . <br /> The proposed FY13 organizational budget will be effective from January 1, 2013—December 31, 2013. <br /> FY13 Budget Highlights: <br /> • The proposed budget for FY13 is$750,000,which represents significant growth during the <br /> organization's first two full years of operation (for comparison, the FY11 Budget was$569,921) <br /> • The organization continues to be in a strong financial position with an estimated fund reserve of <br /> $353,879 at the close of fiscal year. Given the continuing economic uncertainty,the Board <br /> budgets conservatively and has authorized the set-aside of$250,000 of the fund reserve for <br /> investment in a longer term, higher yield investment account. <br /> • Per Board of Directors direction, 20%of the proposed budget is for operating expenses/ <br /> administrative and overhead costs and 80%is for marketing& promotional programs. <br /> • The Board authorized the continuation of the Member City Grant program and participating <br /> member cities can anticipate/ budget comparable grant funding availability from TCG for FY13. <br /> • The Regional Grant program has also been re-funded to provide start-up and marketing <br /> assistance for new events or activities that will have impact(s) in more than one member city. <br /> • FY12 year-to-date lodging tax receipts from the nine member cities continue to track/trend <br /> favorably upward and are currently running approximately 5%-6%ahead of FY11. <br /> Anoka/Blaine/Coon Rapids/Fridley/Ham Lake/Lino Lakes/Mounds View/New Brighton/Shoreview <br />