The advertising and promotion commission, Discover Bella Vista, discussed its budget during its regular meeting last Thursday, Sept. 6.
According to documentation prepared for the commission, after required spending -- including 13 percent of revenues that go to the city to cover labor and record keeping costs and another 20 percent of revenue to be kept in reserves -- the commission will have $121,940 to work with of its estimated $182,000 income next year.
This estimate is based off of current revenue. Between September 2017 and July 2018, the advertising and promotion tax brought in a total of $164,405, with July being the most lucrative month at $18,495.
Economic development manager Travis Stephens said the budget committee will include chairperson Paula Sanders and treasurer Dan Lombard, as well as anyone else who gets appointed. They will be responsible for putting together a budget and presenting it to the commission by the end of the year.
"I'm sure everybody's dying to be part of that process," he said.
Commission member and POA chief operating officer Tom Judson said that it might be wise to put together a strong reserve for emergencies.
"I think, for the first year, let's start building," he said.
A $50,000 reserve would likely be adequate, he said, and could be split across different CD investments. This could bolster the commission's funds, he said, but leave the money available for an emergency.
Stephens said that it's typical to have six months expenses in reserves to cover an emergency. While the commission does not currently have anyone on staff, he said, the current workload is suggesting it may be ahead to hire a part-time person.
"You may see some different options coming down," he said.
Another important tool, he said, is benchmarking the commission's performance. Every quarter, he said, the commission should go back and see where it's at compared to the prepared budget.General News on 09/12/2018
Print Headline: Budget discussed by advertising commission