July 11, 2017
MEMO TO: Mayor Barber and Board of Commissioners
FROM: Frank A. Rush, Jr., Town Manager
SUBJECT: Budget Amendment – Beach Music Festival Fund
The Board of Commissioners is asked to approve the attached budget amendment adjusting anticipated revenues for the 2017 Emerald Isle Beach Music Festival. The attached budget amendment does not change the total revenues and expenditures for the event, but simply adjusts the amounts anticipated from each revenue source. The total budget for the event would remain at $54,000, as adopted by the Board as part of the FY 17-18 Town budget.
For the 2016 event, the Carteret County Tourism Development Authority (TDA) awarded the Town a total of $35,000 to produce the event, which was very successful with an estimated crowd of 9,000 enjoying the live music performances on the beach strand. The Town requested an identical amount ($35,000) for the 2017 event, scheduled for September 30, however, the Town was recently informed by the TDA that only $20,000 was awarded for this year’s event. The attached budget amendment reduces the anticipated revenue from the TDA from $35,000 to $20,000, and adjusts the amount anticipated from four other event revenue sources:
- sponsor revenue is increased by $4,000, from $11,000 to $15,000 (the 2016 event yielded a total of $12,500 in sponsors, and the sponsor fees have been slightly increased for 2017),
- t-shirt sales revenue is increased by $2,000, from $6,000 to $8,000 (the 2016 event yielded $6,200 in t-shirt sales, and we hope to surpass the 2016 sales with a more attractive t-shirt design),
- vendor fee revenue is increased by $500, from $2,000 to $2,500 (the 2016 event yielded $2,500 in vendor fees), and
- the net “profit” generated by the 2016 event was $8,500, and this amount is simply appropriated for the 2017 event.
All Beach Music Festival expenses are funded by revenues associated with the event, and no general tax revenues are necessary for the event.
I recommend approval of the attached budget amendment.