Title
Adopt a Resolution to:
a. Approve an increase in appropriations and estimated revenues in the amount of $5,832,970 for the Laguna Seca Track Budget Unit 001-1050-8441-CAO029 FY 2019-20 Adopted Budget; and
b. Authorize and direct the Auditor-Controller to amend the FY 2019-20 Adopted Budget by increasing appropriations and estimated revenues in the amount of $5,832,970 for the Laguna Seca Track Budget Unit 001-1050-8441-CAO029 (4/5ths vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a resolution to:
a. Approve an increase in appropriations and estimated revenues in the amount of $5,832,970 for the Laguna Seca Track Budget Unit 001-1050-8441-CAO029 FY 2019-20 Adopted Budget; and
b. Authorize and direct the Auditor-Controller to amend the FY 2019-20 Adopted Budget by increasing appropriations and estimated revenues in the amount of $5,832,970 for the Laguna Seca Track Budget Unit 001-1050-8441-CAO029 (4/5ths vote required).
SUMMARY/DISCUSSION:
Laguna Seca Track is estimated to generate revenues above the initial budgeted amount for FY 2019-20. The increase in revenue requires a corresponding increase in expenditures due to the higher level of effort to generate increased revenue. The recommended action will increase appropriations to allow Laguna Seca to continue operations at the current level without an interruption in the ability to conduct business. Revised expenditures in FY 2019-20 are estimated to be $24,580,970, an increase of $5,832,970 with offsetting revenue.
WeatherTech Raceway Laguna Seca has experienced increased revenue as a result of increased sponsorship participation, hospitality and general sales which a large portion is related to the return of IndyCar. Fiscal Year (FY) 2020 revenue Budget was adopted at $15.5 million and to date we have received $14 million leaving $1.5 million as unrecognized with four months remaining in the Fiscal Year. The upcoming months are the most intensive in plan...
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