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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 10.4 <br />Agenda Section Meeting Date Prepared by <br />Work Session October 16, 2023 Joe Stremcha, Assistant City Administrator <br />Item Description Reviewed by <br />Furniture and Things Community Event Center 2024 Cal Portner, City Administrator <br />Budget Review <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review the 2024 Furniture and Things Community Event Center (FT Center) budget with priority and operational <br />changes as recommended by the commission. <br /> <br />Background/Discussion <br />At the August 14, 2023, MFAC meeting, staff presented the 2024 FT Center budget showing a deficit of $226,750. <br />The Commission chose not to approve the budget and tasked staff with bringing back a balanced budget for <br />review. <br /> <br />At the October 9, 2023, MFAC meeting, staff presented a list of budget amendments that included a variety of <br />expense reduction opportunities and potential increases in revenue. The Commission approved several changes <br />resulting in a budget surplus of $53,850 as recommended to the Council. <br /> <br />Financial Impact <br />Creating a balanced budget will allow the FT Center to continue to serve the community. <br /> <br />Mission/Policy/Goal <br />Establishing sustainable practices gives the FT Center the opportunity to succeed. <br /> <br />Attachments <br /> FT Center Adjusted Budget <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br />Updated: January 2023 <br /> <br />