2024 Business Appreciation Day Revised Budget Approval

The purpose of this case to provide an update for cost increases, its impact on the 2024 event budget and to provide options to amend the budget for the event. 

Last year, Staff put together a proposed budget and request for the EDA allocation for the 2024 event.  The EDA approved the preliminary budget for the 2024 event last fall which included a $5,500 EDA allocation.  Cost for golf and the prime rib dinner have increased for 2024 due to inflation.  The registration to play in the event and for the prime rib dinner has effectively been $100 (Ranged from $99 to $100 since 2016 and earlier) Staff is proposing to increase the cost of registration to $110 for Golf and Dinner and to $50 for the "dinner only" option to solve for the proposed budget shortfall of $1,147.00. By doing so, the EDA allocation of $5,500 would remain the same.  Items that have had cost increases are highlighted in yellow on the proposed "revised" budget for the 2024 Business Appreciation Day. No changes to the venue (The Links at Northfork), the date (August 20, 2024) and the format of the event are being proposed at this time.

None required

Staff is asking the EDA to consider the proposed budget amendment that increases the cost for registration for the event to $110 and the cost for "dinner only" to be $50. This option would result in a flexible budget that could account for future unforeseen expenses of $827.00, which is typically what we have provided for in the past.   There are a few other minor changes but this is a significant change from what was approved last fall. This option is the recommendation by Staff.  Another change to the budget to solve for the increase in pricing, would be to increase the EDA allocation from $5,500 to 6,500. The option would allow the pricing to stay the same for the event and "dinner only" option.  This option would balance the budget but only give "wiggle room" of $453.00 for unexpected expenditures. Staff has prepared two registration fliers showing the increase in pricing or keeping it at 2023 levels.

Alternatives include:
1) Approval of revised budget as presented (Increase registration to $110 and "dinner only" to $50) (staff recommendation).
2) Approval of revised budget increasing EDA allocation to $6,500 and maintaining event registration cost at $100 and the "dinner only" option at $46.
3) Something else.

 

Event registration revenue and $5,500-$6,500 from EDA funds 6249 (Operations) and 6246 (Marketing)

Approval of revised budget as presented (Increase registration to $110 and "dinner only" to $50) and to open up online registration.

Motion to approve revised budget as presented (Increase registration to $110 and "dinner only" to $50) and to open up online registration (Staff recommendation).