BY COUNCILOR STEWART:
WHEREAS, there is available fund balance in the tourism tax fund of the city of Duluth; and
WHEREAS, the city desires to assist the Great Lakes Aquarium in stabilizing their finances;
NOW, THEREFORE, BE IT RESOLVED, that $100,000 in additional funds be allocated to the Great Lakes Aquarium beyond the amount accorded below; this source coming from the unreserved, undesignated fund balance in the tourism tax fund.
FURTHER RESOLVED, that the 2008 tourism taxes of hotel-motel and food and beverage, as estimated, be distributed in the following manner:
STATEMENT OF PURPOSE: This resolution:
(a) Authorizes $200,000 to Great Lakes Aquarium from the anticipated 2008 revenue collections, and $100,000 from the unreserved, undesignated fund balance for a total allocation of $300,000 for operations of the aquarium.
(b) Distributes the 2008 estimated tourism taxes to various agencies as determined by Minnesota State Statutes or city policy. Revenue is projected to increase 3.6 percent, or $493,800 over the 2007 budget due to local trends. The projected increase translates into increased budgets a donation to the International Finnish Festival and debt service.
The allocation to the DECC is increasing $52,500 due to the increase of projected revenue and based on state law requiring the city to allocate 61.75 percent of the three percent hotel-motel tax.
The Visit Duluth (formerly Duluth Convention and Visitors Bureau) allocation will also increase per the allocation method approved in the latest contract between the agency and the city. The increase for 2008 is $51,600 over 2007.