TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Planning and Community Development
Carol Helland
425-556-2107
DEPARTMENT STAFF:
Planning and Community Development
Jackie Lalor
Economic Development and Tourism Program Administrator
Planning and Community Development
Philly Marsh
Economic Development Manager
Planning and Community Development
Seraphie Allen
Deputy Director
TITLE:
title
Approval of Updated Lodging Tax Advisory Committee (LTAC) Budget Recommendations
OVERVIEW STATEMENT:
recommendation
Per Council's feedback at the April 25, 2023, meeting, the LTAC has updated recommendations for Council's consideration. The LTAC unanimously passed two new recommendations related to the end fund reserve for Council's approval.
The LTAC will review the additional recommendations that impact signature events and cultural arts programming designated funding with Parks and Recreations staff at a later scheduled LTAC meeting. Those updated recommendations will likely come to the Council in early 2024.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
RCW 67.28
* Council Request:
April 25, 2023
* Other Key Facts:
Original request from Council came October 4, 2022
OUTCOMES:
The LTAC met on June 6, 2023, to review Council's feedback on their original budget process recommendations and to review guidance from the City Finance Department related to an acceptable end fund reserve minimum cash balance. After reviewing all the information, the LTAC passed two recommendations for Council's approval. Those recommendations are as follows:
1. The LTAC unanimously recommends maintaining a target end fund reserve of 60% of projected budget revenues.
The LTAC may recommend to Council at any time, a funding plan above the 60% threshold to adequately invest in ident...
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