TITLE: Title
Carrboro Tourism Development Authority (CTDA) FY2020-21 Budget
PURPOSE: The purpose of the agenda item is for the Town Council to receive a summary of the CTDA FY2020-21 Budget.
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DEPARTMENT: Economic Development
CONTACT INFORMATION: Betsy Bertram, Interim Economic Development Director 918-7318; Cary McNallan, Acting Finance Director 918-7301
INFORMATION: The CTDA met on June 1, 2020 and adopted their FY2020-21 budget. The Town Council requires the CTDA to provide a summary of their budget. The CTDA has the authority to set their budget and the Town Council is not required to approve the budget.
FISCAL & STAFF IMPACT: The Town of Carrboro receives the hotel/motel taxes and forwards 97% of those collections to the CTDA. The amount estimated for the CTDA for FY21 is $160,050.
RECOMMENDATION:r Staff recommends that the Council accept the CTDA budget report.