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Consider approval of the CY2025 budget for the Solano County Fair Association
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Published Notice Required? Yes ___ No _X_
Public Hearing Required? Yes ___ No _X_
DEPARTMENTAL RECOMMENDATION:
The County Administrator's Office recommends the Board of Supervisors approve the CY2025 budget for the Solano County Fair Association.
SUMMARY/DISCUSSION:
The Solano County Fair Association (SCFA) and the County entered into a License and Operating Agreement on December 10, 2024 for administration and operation of the Fairgrounds Property and for delivery of the annual Solano County Fair. The License and Operating agreement requires the SCFA submit to the County an annual budget by March 1st of each year. The SCFA CY2025 annual budget was approved by its Board of Directors on March 12, 2025.
Programs funded within the SCFA budget include the following:
* Administration: Net Neutral*
* Guest Safety: Net Neutral*
* Maintenance: Net Neutral*
* Facility Rentals: Net of $509,457
* Electronic Signage: Net of $11,503
* Enterprise - Leases: Net deficit of ($8,635)
* Winners Circle: $97,790
* Other: Net Neutral
* Annual Fair: Net deficit of ($490,873)
* Junior Livestock Auction: Net of $4,196
* Ag Day: Net of $361
The CY2025 SCFA Budget projects revenues of $3,631,785 and expenditures of $3,507,987, resulting in a positive net fund balance contribution of $123,798. As of the publishing of this report, the 2024 accounting year is not yet closed. The CY2024 SCFA Budget originally forecasted a net deficit of $250,890; however, the updated forecast presented to the SCFA indicates a year end deficit of $797,583 which will be covered by the SCFA fund balance. As of June 30, 2024, the SCFA fund balance for all funds totaled $1,749,113 and the anticipated resulting beginning fund balance for CY2025 will be sufficient to meet the SCFA reserve policy of a minimum of 10% of operating expenses.
The 2025 Solano County Fair is forecast to generate a net ...
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