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ChatGPTClaudePerplexity· Related development
CVB policy change requires City Council approval of its budget and of spending over $50,000
The board approved financial policy wording under which the board "and the Amarillo City Council" approve the fiscal year budget, and "Board of Directors and Amarillo City Council approval is required for all expenditures over 50,000." The CVB's director of finance reported fiscal 2023/24 actuals of $2.98 million in revenue, $2.41 million in hotel tax funds and $2.35 million in expenditures. The council reviewed the CVB's financial policies at a February 25, 2025 work session.[1][2][3]
What the sources say
- ✓ Verified
The October 23, 2024 minutes record the proposed change from "approves the fiscal year budget on an annual basis" to "and the Amarillo City Council, approves the fiscal year budget on an annual basis," and from "Board of Directors approval required for all expenditures over 50,000" to "Board of Directors and Amarillo City Council approval is required for all expenditures over 50,000." The board approved it. The minutes do not say what prompted the change. [1]
- ✓ Verified
The fiscal 2023/24 financial report shows expenditures of $2.35 million, hotel tax funds of $2.41 million, revenue of $2.98 million, net revenue excluding interest of $635,343, and $132,489 available to move to reserves. [1]
- Expenditures
- $2,350,000
- Hot funds
- $2,410,000
- Revenue
- $2,980,000
- ✓ Verified
On October 8, 2024 the council voted 4-0 for Resolution No. 10-08-24-4, amending the CVB's 2024-2025 budget to approve a sponsorship to the Amarillo Wranglers. Its February 25, 2025 agenda included a discussion item, "Convention and Visitors Bureau Financial Policies and Procedures"; on February 26, 2025 Smith told the CVB board the council "reviewed the changes to the financial policy" with no feedback indicating changes were needed. [4][2][3]
