In its regular meeting today, the Solvang City Council will review city financial highlights for the year ending June 30, 2020 and review the 2019-20 Comprehensive Annual Financial Report.
The Finance Division will also give an update to the council highlighting the fiscal condition of all funds following the end of each fiscal year, and identify the year-end fund balances and net increase or decrease from the prior year.
Solvang’s General Fund decreased, but the ending-balance decrease can be attributed primarily to the decrease in taxes, as a result of the COVID-19 pandemic.
“As of June 30, 2020, the General Fund had a total fund balance of $10,248,158,” the report reads. “The Fund Balance Policy Revised in 2013, states for emergency reserves, 50% of the operating expenditures will be set aside. As of June 30, 2020, the General Fund balance committed for emergencies is currently at $4.8 million, which is more than the 50% of the $7.3 million budgeted for projected expenditures in FY 2020-21.”
In other business, City Manager Xenia Bradford will provide an update on COVID-19, stating that California has gone back to the purple tier and the additional restrictions on indoor/outdoor dining.
The Solvang City Council will receive its monthly marketing update from the city’s marketing consultant, IDK.
Finally, the council will hold a final hearing, declaring results of majority protest proceedings and be recommended to renew the Santa Ynez Valley Tourism Business Improvement District.
The district continues a revenue source to help fund marketing and sales promotion efforts and special projects for Santa Ynez Valley lodging businesses. The renewed SYVTBID includes all lodging businesses in the cities of Buellton, Solvang and nearby portions of the unincorporated area of Santa Barbara County.
“Lodging business owners decided to pursue renewal of the SYVTBID in order to continue a revenue source devoted to marketing Santa Ynez Valley as a tourist, meeting and event destination,” the staff report reads. “If renewed, the SYVTBID would generate approximately $900,000 on an annual basis for promotion of travel and tourism specific to Santa Ynez Valley.”
The meeting will begin at 6:30 p.m. tonight, Jan. 11, and residents can live stream it at www.cityofsolvang.com/CityCouncil or watch it on Channel 23.
The Solvang Chamber of Commerce will also be celebrating its 100th anniversary of serving the Danish Village on Jan. 16, 2021.
The city will present the chamber with a proclamation recognizing its history and contributions at the meeting as well.
The Solvang Chamber began as the Solvang Businessmen’s Association, which was created 10 years after Solvang was founded in 1911. It aimed to encourage tourism, foster industries, assist in agricultural enterprises and promote the interests of Solvang and the Santa Ynez Valley.