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Administration and Operations <br /> The administration and operations portion of the budget shall be utilized for administrative staffing <br /> costs,office costs,and other general administrative costs such as insurance,legal and accounting fees. <br /> Contingency& Reserve <br /> The budget includes a contingency line item to account for uncollected assessments, if any. If there <br /> are contingency funds collected, they may be held in a reserve fund or utilized for other program, <br /> administration or renewal costs at the discretion of the VTV Board. Policies relating to contributions <br /> to the reserve fund,the target amount of the reserve fund,and expenditure of monies from the reserve <br /> fund shall be set by the VTV Board. Contingency/reserve funds may be spent on District programs <br /> or administrative and renewal costs in such proportions as determined by the VTV Board.The reserve <br /> fund may be used for the costs of renewing the TVTMD. <br /> Collection Fee <br /> The Town of Danville,the cities of Dublin,Livermore,and Pleasanton,and the counties of Alameda <br /> and Contra Costa shall each be paid a fee equal to one percent (1%) of the amount of assessment <br /> collected within their jurisdiction to cover their costs of collection and administration. The City of <br /> Pleasanton shall be paid a fee equal to one percent (1%) of the amount of assessment collected in <br /> within its jurisdiction, plus one percent (1%) of the total assessment collected from all jurisdictions, <br /> to cover its costs of collection and administration. <br /> B. Annual Budget <br /> The total ten(10)year improvement and service plan budget is projected at approximately$2,166,000 <br /> annually,or$29,546,246 through 2032 if the maximum assessment rates are adopted. A similar budget <br /> is expected to apply to subsequent years,but this budget is expected to fluctuate as room sales do,and <br /> if the assessment rate is increased.The budget is based on the most recent revenue reports from 2020. <br /> If the maximum annual assessment increases are adopted by the Owners'Association upon approval <br /> from the Pleasanton City Council,the annual budget will increase as illustrated in the table below.The <br /> annual assessment rate may be subject to an increase each year starting in the third year, the amount <br /> of which shall be determined by the VTV Board.The total assessment rate may not exceed four dollars <br /> ($4.00). <br /> The assessment rate shall be three dollars and twenty-five cents ($3.25) in the first year of the renewal, <br /> and increases may be implemented in later years at the discretion of the Owners' Association. The <br /> table below demonstrates the maximum with the assumption that the rates will be increased to the <br /> maximum possible rate of four dollars ($4.00) in year three; as it is a required disclosure,it is not the <br /> anticipated course of action.Alternate courses of action may be taken in regards to implementing the <br /> assessment rate increase other than what is demonstrated in the chart below,within the parameters of <br /> this Management District Plan. Additionally,a three percent (3%) annual increase in the total budget <br /> is shown, to account for estimated increased room night sales as a result of TVTMD efforts. This <br /> three percent (3%) annual increase is a conservative estimate based on the effects of similarly sized <br /> TMD budgets. <br /> TVTMD Management District Plan bizt> <br /> VISITi10 <br /> February 3,2022 <br /> california <br />