Title
Adopt a resolution to:
a. Authorize the Auditor-Controller to amend the FY 2016-17 adopted budget to increase appropriations and revenue by $3,233,442 in the Laguna Seca Track, 001-7500-8146-PAR001, where the funding is provided by operational revenue (4/5th vote required); and
b. Authorize the Auditor-Controller to amend the FY 2016-17 adopted budget to increase appropriations by $1,740,000 in Special Events, 001-7500-8150-PAR001, where the financing source is the release of $1,740,000 from the Laguna Seca Track Maintenance and Repairs Assignment fund balance, 001-3129 (4/5th vote required).
c. Provide direction to staff.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Adopt a resolution to:
a. Authorize the Auditor-Controller to amend the FY 2016-17 adopted budget to increase appropriations and revenue by $3,233,442 in the Laguna Seca Track, 001-7500-8146-PAR001, where the funding is provided by operational revenue (4/5th vote required); and
b. Authorize the Auditor-Controller to amend the FY 2016-17 adopted budget to increase appropriations by $1,740,000 in Special Events, 001-7500-8150-PAR001, where the financing source is the release of $1,740,000 from the Laguna Seca Track Maintenance and Repairs Assignment fund balance, 001-3129 (4/5th vote required).
c. Provide direction to staff.
SUMMARY/DISCUSSION:
To ensure a successful 2017 racing season, the County entered a management agreement with the Sports Car Racing Association of the Monterey Peninsula (SCRAMP) to continue management of the Laguna Seca Recreational Area (LSRA). Because of the new agreement, the County will encumber SCRAMP's racing events expenditures in addition to existing County operating expenditures. The prior concessionaire agreement excluded SCRAMP's expenditures from the County's budget.
Expenditures for the Ferrari Challenge and the Spring Classic racing events taking place in FY 2016-17 and operations expenditures relating to the summer racing...
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