4.b-4.c_SylnoviaHolt-Rabb_Arts Commission HOT and ARPA update

Arts Commission – Aug. 16, 2021

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Cultural Arts Fund and American Rescue Plan Act Update Sylnovia Holt Rabb, Deputy Director Economic Development Department August 16, 2021 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 1 Hotel Occupancy Tax – Collection through July 2021 Tfr to Cultural Arts Fund Approved Budget 7,790,403 Amended Budget 7,790,403 July w/Encumb Year-to-date w/Encumb 1,883,020 4,901,658 4,296,896 3,493,507 Year-End Estimate Year-End Variance Fav(Unfav) Year-End % Variance Fav(Unfav) 44.8% C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 2 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 3 Staff Recommendation – Cultural Art Fund • Adopt the proposed budget as presented in the City Manager’s budget proposal • Mid-Year Budget amendment if FY21 CYE comes in higher than projected • Continue using actuals versus projection C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 4 Staff Recommendation – $500,000 one- time Staff recommends adding one-time fund to the Austin Arts and Non-Profit Relief Grant Austin Arts and Non-Profit Relief Grant stats: • 217 application received • 196 eligible • 100 funded – $2 million ARPA • 50 funded - $1M – Budget Stabilization Fund • 25 organizations could be funded from $500K C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 5 American Rescue Plan Act Spending Framework – Creative Sector - $6 million investment Services and Activities Arts Ecosystem TOTAL INVESTMENT REQUIRED Approved Funding $6.0M $6.0M What we’ve heard and what we know: • Creative community needs cash in hand now. Venues are hurting. Creative Worker Relief Program was oversubscribed. Arts and Culture Non-Profit Relief Program was oversubscribed. • • • C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 6 Arts Commission Recommendation – ARPA Funding Discussion and Recommendation C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 7 Questions? C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 8