PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.F
Meeting Date: April 2, 2024
TITLE:
Annual Report for Fiscal Year 2025 from the Pismo Beach Conference and Visitors Bureau / Lodging Business Improvement District (LBID) Advisory Board; Declaration of the City Council’s Intention to Levy an Annual Assessment for the LBID for FY 2025
RECOMMENDATION:
Adopt a Resolution approving the Annual Report for Fiscal Year 2025 from the Pismo Beach Conference and Visitors Bureau / Lodging Business Improvement District (LBID) Advisory Board, declaring the City Council’s intention to levy an annual assessment for the LBID for FY 2025, and directing the City Clerk to schedule a public hearing for April 16, 2024, to consider levying the assessment.
EXECUTIVE SUMMARY:
The primary purpose of this agenda item is to present for approval the Conference and Visitors Bureau / Lodging Business Improvement District (CVB/LBID) Advisory Board’s LBID Annual Report for Fiscal Year (FY) 2025, recommend that the Council declare its intention to levy an annual assessment for the LBID for FY 2025, and direct the City Clerk to schedule a public hearing for April 16, 2024, to consider levying the assessment.
Background
The Lodging Business Improvement District (LBID) is an assessment district created by the Pismo Beach City Council on August 4, 2009 via Ordinance No. O-2009-008 at the request and approval of a majority of the lodging businesses operating in the City. These lodging businesses requested to raise money by assessing themselves, and then to use that money to promote Pismo Beach lodging businesses. Each year since then, the City Council has approved an annual assessment for lodging properties at 1% of gross lodging revenues. The assessments have been used to fund promotional activities for lodging and other tourism opportunities within Pismo Beach.
Pismo Beach Municipal Code Section 3.26.110 provided for a three-year sunset provision for the LBID (in early September 2012). After the passage of the LBID ordinance, California voters enacted Proposition 26, which amended the California Constitution to revise the definition of a “tax.” This set in motion the fact that the LBID assessment, in order to be extended beyond the September 2012 sunset date, was subject to compliance with Proposition 26 to avoid being considered a special tax requiring a 2/3 majority vote of the electorate to pass. With the renewal of the LBID following adoption of Proposition 26, the purposes for which LBID assessments could be expended were more limited than when the LBID was initially established. As such, the improvements and activities permitted under Section 3.26.030 of the Pismo Beach Municipal Code include:
Council Agenda 4-2-2024 9.F-1
a) The general promotion of lodging operations within the LBID shall include costs of programs and physical improvements as specified in the business plan to be adopted annually;
b) The marketing of conference, group, and vacation business that benefits the local lodging industry in the district;
c) The marketing of the LBID to the travel industry in order to benefit the local lodging industry in the district; and
d) Administration of the LBID, including collection and enforcement of assessments.
Additional 1% LBID Assessment for Physical Improvements Initial Five-Year Phase
In FY 2019, the Advisory Board and City Council approved an additional 1% LBID assessment beginning on January 1, 2019, subject to annual renewal over five years.
This initiative was aimed at funding pivotal projects to enrich the community and support local lodging businesses in Pismo Beach. These initiatives encompassed upgrades to the pier plaza, establishing pedestrian pathways beneath US 101 at Price Street and Spyglass Drive leading to the Pismo Preserve, installation of beach swings, and enhancements in the Addie Street vicinity. The execution of these projects was either completed or is anticipated by the end of FY 2025.
Pier Plaza improvements – Completed
Pedestrian connection under the US 101 at Price Street for entrance into the Pismo Preserve – Completed
Pedestrian connection under the US 101 at Spyglass Drive – Completed Beach swings – Completed
Addie Street restroom – Budgeted in FY 2024, carried forward to FY 2025 The first phase concluded on December 31, 2023.
Subsequent Five-Year Outlook
In March and April 2023, the Advisory Board recommended, and the City Council approved, the sixth year of the LBID 1% for physical improvements, extending the term to December 31, 2024. Proposals for extending this levy through FY 2025 and potentially for an additional three years are under consideration, which would effectively double the initial investment period.
During this next phase, City staff collaborated with lodging properties to curate a new roster of projects aimed at enhancing visitor experiences, along with outlining financial contributions for each (Table 1). The lodging community has approved this refreshed project list and financial commitments.
On March 19, 2024, City staff met with the Pismo Beach Hospitality Association (PBHA) and presented the proposed projects and contribution amounts for each project to its members. The PBHA Board unanimously approved allocating the 1% LBID assessment for physical improvements for the proposed projects.
Council Agenda 4-2-2024 9.F-2
On March 21, 2024, City staff presented the proposed projects and contribution amounts for each project to the Advisory Board. The Advisory Board unanimously approved allocating the 1% LBID assessment for physical improvements for the proposed projects.
Table 1: Proposed LBID 1% for Physical Improvements Visitor-Serving Projects for Next Phase
Proposed LBID 1% for Physical Improvements
Visitor Serving Projects
Proposed
Contributions
Shell Beach Road Multi-Use Path Expansion $1,700,000
Butterfly Grove Trail Signage Enhancement $50,000
Butterfly Grove Enhanced Parking and Crosswalk
Safety Design
$100,000
Butterfly Grove Enhanced Parking and Crosswalk
Construction
$500,000
Pier Promenade Transformation $700,000
Improved Maintenance Equipment to clean Promenade
and Bathrooms
$500,000
Pismo Beach Information Center $50K Per Year $250,000
Enhanced Performance Stage for City and Cultural
Events
$250,000
Annual Beautification Fund $50K per Year $250,000
City-Wide Christmas Decorations $50K Per Year $250,000
Special Events and Festival Seed Funding $50K Per
Year
$250,000
Pismo Preserve Additional Parking Shell Beach Road $200,000 Pismo Beach Stewardship Banner Program $100,000
Pismo Beach Ballfield Restrooms, Concession Stand
and Lights
$1,500,000
Total Investment $6,600,000
The realization of these projects will depend on the continued support through the 1% LBID assessment approval process and could span multiple years. Detailed planning and collaborative efforts between City staff, the Advisory Board, and the City Council will be crucial for bringing these visions to life.
Since passage of the LBID, the total amount of assessments collected has been $20.35 million, including $13.95 million from the original 1% assessment and $6.40 million from the 1% assessment for physical improvements.
Annual Report Requirement
Section 3.26.100 of the Pismo Beach Municipal Code states that the Advisory Board shall review the implementation of the code chapter, the implementation of programs and activities funded through the code chapter, and advise the City Council on the amount of Council Agenda 4-2-2024 9.F-3
the district’s assessments and on the services, programs, and activities to be funded by the assessments, and perform such other duties as required by the Business Improvement District Law, including preparing the Annual Report required by California Streets and Highways Code Section 36533. California Streets and Highways Code Section 36533 requires that the report include information addressing the following six items:
(1) Any proposed changes in the boundaries of the parking and business improvement area or in any benefit zones within the area.
(2) The improvements and activities to be provided for that fiscal year. (3) An estimate of the cost of providing the improvements and the activities for that fiscal year.
(4) The method and basis of levying the assessment in sufficient detail to allow each business owner to estimate the amount of the assessment to be levied against his or her business for that fiscal year.
(5) The amount of any surplus or deficit revenues to be carried over from a previous fiscal year.
(6) The amount of any contributions to be made from sources other than assessments levied pursuant to this part.
At its March 21, 2024 meeting, the CVB/LBID Advisory Board heard from the Pismo Beach Hospitality Association whose members unanimously supported the 2% Assessment. The CVB/LBID Advisory Board moved to recommend that the 2% Assessment be continued in FY 2025, and approved the Annual Report, which addresses the above items (See Attachment 1.A, which will be included as Exhibit A to the Resolution if adopted).
FY 2025 Annual Report
See Attachment 1.A: Updated CVB/LBID Advisory Board Annual Report for FY 2025.
Public Hearing
If the City Council approves the CVB/LBID Advisory Board’s recommendation this evening, a public hearing regarding the assessment will be scheduled for the next City Council meeting. Pismo Beach Municipal Code Section 3.26.060 states that “After approval of the annual report, the Pismo Beach City Council shall follow the hearing process as outlined in [California Streets and Highways Code] Section 36534 of the Law to levy assessments for the ensuing fiscal year. At the public hearing the Pismo Beach City Council shall hear and consider all protests to the levy of assessment. If written protests are received from lodging operations in the district proposed to pay fifty percent (50%) percent or more of the annual assessment, no further proceedings to impose the levy of assessments shall take place during the ensuing fiscal year.” If protests received do not represent 50% or more, the Council may proceed to adopt a resolution imposing an assessment for FY 2025.
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Conclusion and Recommendation
Staff recommends that Council adopt a Resolution (Attachment 1) approving the Annual Report for Fiscal Year (FY) 2025 from the Pismo Beach Conference and Visitors Bureau/ LBID Advisory Board, declaring the City Council’s intention to levy an annual assessment for the LBID for FY 2025, and directing the City Clerk to schedule a public hearing for April 16, 2024, to consider levying the assessment. This date is not less than 10 days after the adoption of the resolution of intention per California Streets and Highways Code Section 36534(a)(6).
FISCAL IMPACT:
If the proposed FY 2025 Annual Report is approved, it is estimated that a 1% LBID annual assessment for FY 2025 would generate $1,375,869 in LBID Assessment Revenues in FY 2025 which, after $145,310 of administrative expenses, could be used to promote the lodging businesses in Pismo Beach. These costs could, in turn, generate transient occupancy tax revenues and other revenues for the City and related agencies.
In addition, the 1% LBID annual assessment for FY 2025 for physical improvements is estimated to generate the same $1,375,869. This assessment could be used to support visitor serving improvements. The FY 2025 proposed budget includes a budgeted $1,200,000 for the Addie Street restroom project and $125,000 for a feasibility study for a Downtown Boardwalk Extension between Main Street and Wadsworth Avenue.
Not passing this or a similar Resolution would preclude the Council from setting an Annual Assessment for the LBID for FY 2025, and thus preclude the LBID from generating an estimated $2,751,738 in Assessment Revenues in FY 2025, which could be used to promote the lodging businesses in Pismo Beach.
ATTACHMENTS:
1. Resolution
1.A Exhibit A to Resolution: CVB/LBID Advisory Board Annual Report and Business Plan for FY 2025
Submitted by: Nadia Feeser, Administrative Services Director City Manager Approval:
Council Agenda 4-2-2024 9.F-5
RESOLUTION NO. R-2024-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH, CALIFORNIA APPROVING THE ANNUAL REPORT FOR FISCAL YEAR 2025 FROM
THE PISMO BEACH CONFERENCE AND VISITORS BUREAU / LODGING
BUSINESS IMPROVEMENT DISTRICT ADVISORY BOARD, DECLARING THE CITY COUNCIL’S INTENTION TO LEVY AN ANNUAL ASSESSMENT FOR THE LBID FOR FY 2025, AND DIRECTING THE CITY CLERK TO SCHEDULE A PUBLIC HEARING FOR APRIL 16, 2024, TO CONSIDER LEVYING THE ASSESSMENT
WHEREAS, the Parking and Business Improvement Area Law of 1989 (California Streets and Highway Code Section 36500 et seq.) authorizes cities to establish parking and business improvement areas for the purpose of imposing assessments on businesses for certain purposes; and
WHEREAS, the Pismo Beach City Council established the Lodging Business Improvement District (“the District” or “LBID”) by the adoption of Ordinance O-2009-008; and
WHEREAS, the Conference and Visitors Bureau / Lodging Business Improvement District Advisory Board has submitted an Annual Report to Council that outlines the activities of the District proposed for Fiscal Year (FY) 2025 as required by California Streets and Highways Code Section 36533; and
WHEREAS, the City Council finds the Annual Report to be complete, to comply with the interests of the District assessees, and to contain the information required by California Streets and Highways Code Section 36533; and
WHEREAS, California Streets and Highways Code Sections 36534 and 36535 require that in order to levy an assessment, the Council must adopt a Resolution of Intention that declares its intent to levy such assessment, and then set a date for a public hearing where interested parties may be heard on the issue.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pismo Beach as follows:
Section 1. The City Council hereby approves the Annual Report for FY 2025, as submitted to the City Clerk by the CVB/LBID Advisory Board attached as Exhibit A.
Section 2. No changes are proposed to the boundaries of the Lodging Business Improvement District.
Section 3. Pursuant to the provisions of Section 36500 et seq. of the California Streets and Highways Code, the City Council declares its intent to levy and collect an annual assessment for the Lodging Business Improvement District for FY 2025. The assessment Council Agenda 4-2-2024 9.F-6
Attachment 1
shall be calculated based upon 2% of the gross lodging revenues, as that term is defined in Pismo Beach Municipal Code Section 3.26.020(D).
Section 4. The authorized uses for the revenues derived from the assessment are stated in Pismo Beach Municipal Code Section 3.26.030, and no changes to these uses are proposed in the Annual Report for FY 2024. The authorized uses as stated in that section are:
a) The general promotion of lodging operations within the LBID shall include costs of programs and physical improvements as specified in the business plan to be adopted annually;
b) The marketing of conference, group, and vacation business that benefits the local lodging industry in the district;
c) The marketing of the LBID to the travel industry in order to benefit the local lodging industry in the district;
d) Administration of the LBID, including collection and enforcement of assessments.
Section 5. An outline description of the improvements and activities to be provided in FY 2025, the boundaries of the District, and the proposed assessments to be levied upon the businesses within the area are contained within the Annual Report for FY 2025 filed with the City Clerk by the CVB/LBID Advisory Board.
Section 6. A public hearing shall be held before the City Council on April 16, 2024 in the City Council Chamber, 760 Mattie Road, Pismo Beach, California. Following the hearing, Council will consider adoption of a resolution levying the assessment as recommended by the CVB/LBID Advisory Board.
At this hearing, Council will hear all interested persons, and protests may be made orally or in writing. Written protests shall be filed with the City Clerk at or before the hearing. A written protest may be withdrawn in writing at any time before the conclusion of the public hearing. Any protest pertaining to the regularity or sufficiency of the proceedings shall be in writing, and shall clearly set forth the irregularity or defect to which the objection is made. Council may correct minor defects in the proceedings during the hearing.
If written protests against the assessment are received from business owners that will pay fifty percent or more of the proposed assessment, no further proceedings to levy the assessment shall be taken for one year from the date of the finding of a majority protest by Council. If the majority protest by business owners is against the furnishing of a specified improvement or activity within the District, those improvements or activities shall be eliminated. In order to be counted toward a majority protest, each written protest shall be from the business owner and contain a business description sufficient to identify the business. If the protesting person is not shown on the City’s official business license records as owner of the business, the protest shall contain written evidence that the person is the business owner.
Council Agenda 4-2-2024 9.F-7
Attachment 1
Section 7. The City Clerk is hereby directed to give notice of said hearing by causing the Resolution of Intention to be published once in a newspaper of general circulation in the City of Pismo Beach not less than seven days before the public hearing.
Section 8. This Resolution is effective on its adoption.
UPON MOTION OF Council Member , seconded by Council Member , the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 2nd day of April 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
RECUSED:
Approved: Attest:
________________________ ________________________
Ed Waage, Mayor Erica Inderlied, City Clerk
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Pismo Beach, California, on _______________________. ________________________
Erica Inderlied, City Clerk
Council Agenda 4-2-2024 9.F-8
Attachment 1
Pismo Beach Lodging Business Improvement District
Annual Report and Business Plan for Fiscal Year 2024-2025 Presented to the Pismo Beach City Council By the City Conference & Visitors Bureau / Lodging Business Improvement District Advisory Board
The City of Pismo Beach’s Conference & Visitors Bureau (CVB) Board at its meeting on March 21, 2024, completed its Pismo Beach Lodging Business Improvement District Updated Annual Report and Business Plan as required by Section 3.26.060 of the Pismo Beach Municipal Code.
Regarding the requirements for the Annual Report, as stated in Section 36533 of the California Streets and Highways Code:
1.The Pismo Beach Lodging Business Improvement District (LBID) Advisory Board did not propose any changes in the Boundaries of the LBID, which were established in Section
3.26.040 to be the boundaries of the City of Pismo Beach.
2.With the renewal of the LBID following adoption of Proposition 26, the purposes for which LBID assessments could be expended were more limited than when the LBID was initially established. As such, the improvements and activities to be provided for in Fiscal Year (FY) 2025 are those services and activities permitted under Section 3.26.030 of the Pismo Beach Municipal Code, which include:
A. The general promotion of lodging operations within the LBID shall include costs of programs and physical improvements as specified in the business plan to be adopted annually;
B. The marketing of conference, group, and vacation business that benefits the local lodging industry in the district;
C. The marketing of the LBID to the travel industry in order to benefit the local lodging industry in the district;
D. Administration of the LBID, including collection and enforcement of assessments.
The continuing initiatives proposed for the original 1% LBID Assessment for FY 2025 include the following: Following the Strategic Plan including smart tourism growth, collaborative partnerships, expanding the brand of Classic California, Wine and Waves and current campaigns that feature stewardship, equity, diversity and inclusivity as well as ExperiencePismoBeach.com.
This will be accomplished by following the 2023-2025 Marketing Plan with ongoing reviews at the CVB/LBID Advisory Board Meetings. Specific initiatives include emphasis on lodging packages, targeted advertising of the four-to-five-hour drive markets of both Southern and Northern California, Fresno, Bakersfield, Ventura County, and Santa Barbara County, as well as San Luis Obispo flight routes from Los Angeles, San Diego, Phoenix, Denver, Seattle, Dallas and San Council Agenda 4-2-2024 9.F-9
Attachment 1.A
2 Francisco. Continue cooperative advertising with the County Tourism Marketing District and other tourism partners, such as Central Coast Tourism Council and Visit California. There will be a continuing effort to promote off-season events that benefit the lodging industry in Pismo Beach and other marketing efforts with emphasis on all social media platforms. All advertising and marketing efforts will drive customers to the ExperiencePismoBeach.com website to select their lodging preference. These efforts are designed to improve lodging occupancies, RevPAR and TOT taxes which benefit all the residents of Pismo Beach.
The physical improvements proposed for the additional 1% LBID Assessment for FY 2025 include the Addie Street restroom improvements project continued from FY 2024 and a Downtown Boardwalk Extension Feasibility Study between Main Street and Wadsworth. These efforts are designed to improve lodging occupancies, RevPAR and TOT taxes which benefit all the residents of Pismo Beach.
3.Estimated Costs for FY 2024 and FY 2025
FY 2024 Projected Actuals for Original 1% Assessment
•Sources: The FY 2024 projected actual total sources of $2,076,916, made up of $719,530 from fund balance carried over from the prior fiscal year, an estimated $1,348,891 from LBID assessment revenues, and a projected $8,496 in interest earnings and fees. •Uses: The FY 2024 projected actual expenditures are $1,506,471. This total includes $135,233 for administrative costs and $1,371,238 for direct costs.
The following table shows: the FY 2024 projected actuals for the original 1% assessment, followed by summary tables of the total uses by administrative costs, direct costs, and improvements and details on the direct costs.
Council Agenda 4-2-2024 9.F-10
Attachment 1.A
3 The next tables summarize the total uses by administrative costs and direct costs, and provides the components of the direct costs.
FY 2024
Original 1%
Beginning Fund Balance 719,530$
Revenues
LBID Assessment Revenues 1,348,891
Interest Earnings 8,496
Total Revenues 1,357,386$
Total Sources 2,076,916$
Expenditures
SALARIES & WAGES 34,203
BENEFITS 7,580
PURCHASE PROFESSIONAL SVCS 122,236
OTHER PURCHASED SERVICES 1,177,002
OPERATIONS & MAINTENANCE 2,300
OTHER EXPENSES 91,149
Sponsorships for Events 52,000
CA Welcome Center Funding 20,000
Total Expenditures 1,506,471$
Net Revs - Exp (149,084)
Carryforward 16,000
Ending Fund Balance 570,446$
FY 2024
Original 1%
Administrative/Overhead 135,233
Direct Costs 1,371,238$
Direct Costs
TJA Agreement 1,283,100
Miscellaneous direct costs 16,138
Contributions/Sponsorships
WSL SLO CAL Open at Pismo Beach 40,000
Pismo Chamber 12,000
California Welcome Center 20,000
Subtotal Contributions 72,000
Total Direct Costs 1,371,238$
Council Agenda 4-2-2024 9.F-11
Attachment 1.A
4 FY 2024 Projected Actuals for 1% Assessment for Physical Improvements • Sources: The FY 2024 projected actual total sources of $1,852,518, made up of $495,132 from fund balance carried over from the prior fiscal year, an estimated $1,348,891 from LBID assessment revenues, and a projected $8,496 in interest earnings and fees. • Uses: The FY 2024 projected actual expenditures are $15,083. This total includes: $7,084 to replace the beach playground equipment at Main Street and Addie Street and $7,999 for beach wheelchairs. The Addie Street Restroom Improvements project is carried forward to FY 2025.
The following table shows: the FY 2024 projected actuals for the 1% assessment for physical improvements.
FY 2025 Proposed Budget for Original 1% Assessment
• Sources: The FY 2025 proposed budget total sources of $1,954,810, made up of $570,446 from fund balance carried over from the prior fiscal year, an estimated $1,375,869 from LBID assessment revenues, and a projected $8,496 in interest earnings and fees. • Uses: The FY 2025 proposed budget expenditures are $1,646,703. This total includes $145,310 for administrative costs and $1,501,393 for direct costs.
The following table shows: the FY 2025 proposed budget sources and uses, followed by summary tables of the total uses by administrative costs, direct costs, and improvements and details on the direct costs.
FY 2024
Physical
Improvements
Beginning Fund Balance 495,132$
Revenues
LBID Assessment Revenues 1,348,891
Interest Earnings 8,496
Total Revenues 1,357,386$
Total Sources 1,852,518$
Expenditures
FY23 Beach swing replacement 7,084
FY24 Beach wheelchairs 7,999
FY24 Addie St Restroom Improvements
-
Total Expenditures 15,083$
Net Revs - Exp 1,342,304
Carryforward
Ending Fund Balance 1,837,436$
Council Agenda 4-2-2024 9.F-12
Attachment 1.A
5 The next tables summarize the total uses by administrative costs and direct costs, and provides the components of the direct costs.
FY 2025
Original 1%
Beginning Fund Balance 570,446$
Revenues
LBID Assessment Revenues 1,375,869
Interest Earnings 8,496
Total Revenues 1,384,364$
Total Sources 1,954,810$
Expenditures
SALARIES & WAGES 34,946
BENEFITS 7,800
PURCHASE PROFESSIONAL SVCS 130,166
TOT Audit 16,000
OTHER PURCHASED SERVICES 1,235,227
OPERATIONS & MAINTENANCE 2,300
OTHER EXPENSES 100,264
Sponsorships for Events 100,000
CA Welcome Center Funding 20,000
Total Expenditures 1,646,703$
Net Revs - Exp (262,339)
Carryforward
Ending Fund Balance 308,107$
FY 2025
Original 1%
Administrative/Overhead 145,310$
Direct Costs 1,501,393
Direct Costs
TJA Agreement 1,347,255$
Miscellaneous direct costs 82,138
Contributions/Sponsorships
WSL SLO CAL Open at Pismo Beach 40,000
Pismo Chamber 12,000
California Welcome Center 20,000
Subtotal Contributions 72,000
Total Direct Costs 1,501,393$
Council Agenda 4-2-2024 9.F-13
Attachment 1.A
6 FY 2025 Proposed Budget for 1% Assessment for Physical Improvements • Sources: The FY 2025 proposed budget total sources of $3,221,800, made up of $1,837,436 from fund balance carried over from the prior fiscal year, an estimated $1,375,869 from LBID assessment revenues, and a projected $8,496 in interest earnings and fees. • Uses: The FY 2025 proposed budget expenditures include $1,200,000 for the Addie Street restroom improvements project carried forward from the prior fiscal year and $125,000 for a Downtown Boardwalk Extension Feasibility Study between Main Street and Wadsworth.
The following table shows: the FY 2025 proposed budget for the 1% assessment for physical improvements.
As the revenues and expenditures in this report reflect projections, it is prudent to continue to monitor these items over the course of the fiscal year.
4. No change in the LBID method or basis of levying the assessment was proposed for FY 2025.
The CVB/LBID Advisory Board approved a motion to recommend that the 2% Assessment be continued in FY 2025.
5. The FY 2024 LBID budget for the original 1% assessment is projected to include a $570,446 surplus left over for carryover into FY 2025. The FY 2024 LBID budget for the 1% assessment for physical improvements is projected to include a $1,837,436 surplus left over for carryover into FY 2025.
FY 2025
Physical
Improvements
Beginning Fund Balance 1,837,436$
Revenues
LBID Assessment Revenues 1,375,869
Interest Earnings 8,496
Total Revenues 1,384,364$
Total Sources 3,221,800$
Expenditures
FY24 Addie St Restroom Improvements 1,200,000
FY25 Downtown Boardwalk Extension
Feasibility Study between Main Street
and Wadsworth
125,000
Total Expenditures 1,325,000$
Net Revs - Exp 59,364
Carryforward
Ending Fund Balance 1,896,800$
Council Agenda 4-2-2024 9.F-14
Attachment 1.A
7 6.The FY 2025 LBID Projected Actuals includes $16,991 in projected interest earnings, which comes from investments from the 2% assessment levied on transient rentals, and fund balance carried over from the prior fiscal year. The CVB/LBID Advisory Board did not recommend that any other contributions be budgeted for FY 2025.
Council Agenda 4-2-2024 9.F-15
Attachment 1.A