Title
Report regarding a resolution approving the Conference Center Authority (Authority) Fiscal Year (FY) 2020-2021 Budget. (Dean Grubl, South San Francisco Conference Center Executive Director)
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RECOMMENDATION
Recommendation
It is recommended that the City Council of the City of South San Francisco adopt a resolution approving the Conference Center Authority (Authority) Fiscal Year (FY) 2020-2021 Budget.
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BACKGROUND/DISCUSSION
The Conference Center was on track for another record-breaking fiscal year; however, COVID-19 changed all our revenue projections for the current fiscal year and next. End of FY 2019-20 revenue projections are forecasted to be $3,189,355 and expenditures at $3,208,024.
The Conference Center's FY 2020-21 budget includes an occupancy projection of 58%. It is anticipated that FY 2019-20 year-end occupancies will be approximately 55.5%. This is based upon a few of South San Francisco Hotels that closed during March 2020 and have not re-opened at this time.
The Conference Center expenditure request reflects a continuation budget. Funds have been decreased in advertising, travel, tradeshow participation, and in operations for the first six months of FY2020-21 due to COVID-19. Property/taxes/lease budgets cover the Conference Center's requirements.
This year's Capital Improvement Budget includes funds for 4 projects that includes: replacing and installing new PTZ cameras, replacing and installing water heater booster for dishwasher in the kitchen, phase three of the network upgrade and purchasing a halo disinfection system. The full Capital Improvement projects are included in the FY 2020-21 Budget Document.
The FY 2020-21 budget includes a total revenue projection of $3,698,263 and a total expenditure request of $3,342,456. Also included in the FY 2020-21 budget is a capital project request of $107,500. The fund balance (approximately $4,093,496 at FY 2019-20 year-end) continues to be healthy and indicates the Conferen...
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