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• <br /> Policy Statements Continued <br /> ANNUAL FUNDING In July of each year, the Budget and Finance Committee will determine the <br /> LEVEL annual funding, from sources approved by the City Council, which shall be <br /> equivalent to the amount of hotel/motel tax funds available for distribution <br /> for that year. The following analysis will be used: <br /> RESOURCES <br /> Beginning Fund Balance $ <br /> Current Hotel/Motel Tax Revenue <br /> Interest Earnings <br /> Total Resources <br /> Less: <br /> EXPENDITURES/RESERVE <br /> Stadium Seats $ <br /> Visitor's Information Center <br /> Reserve Balance <br /> Total Expenditures/Reserve <br /> Amount Available for Distribution $ <br /> APPLICANT In August of each year, if the Budget Committee determines that sufficient <br /> NOTIFICATION funding is available, public notice and call for applications will be <br /> conducted, closing after 30 days. Notification will be via a newspaper of <br /> general circulation within the Everett area. <br /> APPLICATION Prior to the advertised closing date, responding parties will submit ten copies <br /> SUBMITTAL of their applications to the Budget Office - 10th floor of the Wall Street <br /> Building, 2930 Wetmore Avenue, Everett,Washington. <br /> CITY COUNCIL The City Council Budget and Finance Committee will review all Community <br /> GRANT AWARDS Promotions and Civic Events grant applications, interview applicants, and <br /> develop an allocation recommendation for the consideration and approval of <br /> the full Council. On or before November 30, the City Council will make its <br /> final decision regarding grant allocations. <br /> These Community Promotions and Civic Events Grants Mission Statement and Policy <br /> Statements replace the Hotel/Motel Tax Grants Mission Statement and Policy Statements, <br /> approved by City Council on April 3, 1996. <br /> Page 2 <br />