RES 2024062 - Laserfiche WebLink

Resolution No. 2024-062 Page 5 of 9 Stroll later this year. These events are wonderful ways to bring residents, guests & visitors to Downtown and introduce them to all that we have to offer. They also serve as key fundraisers for the PDA. We are also once again hosting two beloved Children's Events, with Bunny Hop successfully welcoming 1200+children in April and Pumpkins on Main being planned for October. 2025 BUDGET Determining our 2025 budget has proven challenging as we are aware that significant changes may occur based on whether or not Measure PP passes in November. We have already begun cutting our expenses in anticipation of potential changes and negative impacts to our funding. In years past our total budgeted assessment revenue and City matching funds have been projected to be $160,000. This includes the 100% match from the City of Pleasanton. Our 2025 budget reflects NO match, resulting in a projected decrease of$80,000 in funding from the City of Pleasanton. This will mark the first time in PDA history that the City has not matched the BID revenues. This change will have a dramatic impact on the services the PDA can provide to the Downtown business district. The 2024 budget included a full-time Executive Director, full-time Events Director, and full- time Operations Director. We will be eliminating the Operations Director position before the end of 2024 and will not have the budget to replace this position in the coming year. In October 2020, City Council approved the PDA rent to the City of Pleasanton deferral through December 2021. The PDA continues to pay rent to the City, plus the additional deferral amount of$383.06 each month. Our rent has increased each year based on the CPI- adjusted rate. Any increase to the PDA's rent in 2025 will be extremely hard for our budget to absorb in light of the funding cuts we are already facing. The PDA is extremely event-dependent for ongoing operational funding, and this will be amplified in 2025. Event income will become even more critical for our organization, and we will need to be very cognitive of what events are income producing for the PDA. Our 2025 Event Calendar also considers the decrease in staffing and how many events we will be able to produce with 33% less staff. We will also have to significantly limit the number of Concerts in the Park in 2025 due to the construction scheduled for Wayside Park. This will have a negative impact on our budget as well since we will lose sponsorships for the concerts in June &July 2025. Despite the challenges that lie ahead, the PDA is committed to moving forward with the best interests of Downtown Pleasanton and the incredible businesses within the district at the forefront of our decision making.