The Convention Center Fund 170 actual year to date revenues are less than anticipated or projected in the budget. Revenue from Hotel Motel Tax to date total $367,000 and revenue from Yakima Center operations has brought in $96,000. The annual budget for these revenue sources were $682,000 and $875,000, respectively.
The Convention Center Fund has a net decrease of $243,000 to date. In order to cover decreased revenues and anticipated expenditures for the year, Staff is recommending the use of American Rescue Plan Act (ARPA) Fiscal Recovery Funds to mitigate COVID-19 related negative impacts affecting the tourism, travel, and hospitality industry. Per the Interim U.S. Department of Treasury guidelines, this is an eligible use of fiscal recovery funds. |