Page 315 - FY 2021-22 Proposed Budget

SPECIAL PURPOSE FUND SCHEDULES
SCHEDULE 16
CONVENTION CENTER REVENUE FUND
Section 8.148 of the Los Angeles Administrative Code establishes the Convention Center Revenue Fund. All revenues derived from
the operation of the Convention Center shall be paid at the direction of the Executive Director of the Convention Center into either
accounts maintained by the private entity under contract with the City to manage, operate and maintain the Convention Center or into
the fund. Such funds may be used for the expense of operation, management, maintenance, and improvement of the Center.
Total
Actual Estimated Budget
2019-20 2020-21 2021-22
REVENUE
19,679,539 19,115,851 Cash Balance, July 1 12,971,851
Less:
- - CUSTDEPO1 Customer Deposits and Other Liabilities 1,804,414
- - LACCRESERVE1 LACC Private Operator Reserve 3,072,262
19,679,539 19,115,851 Balance Available, July 1 8,095,175
6,320,795 6,300,000 11,736 Convention Revenues 1,174,740
26,102,986 9,204,000 11,771.5 LACC Private Operator Receipts 18,350,673
52,103,320 34,619,851 Total Revenue 27,620,588

EXPENDITURES APPROPRIATIONS
1,267,959 1,107,000 213 Convention and Tourism Development 1,174,740
576 - 229 Council -
2,893 3,000 455 Information Technology Agency 3,719
Special Purpose Fund Appropriations:
25,142,425 14,768,000 2,329 LACC Private Operator Account 21,141,731
5,000,000 5,000,000 2,330 LACC Private Operator Cash Flow 5,000,000
1,573,616 770,000 2,336 Reimbursement of General Fund Costs 300,398

32,987,469 21,648,000 Total Appropriations 27,620,588
19,115,851 12,971,851 Ending Balance, June 30 -

LACC Private Operator Reserve reflects the balance of the reserve account held by the private operator of the Los Angeles
Convention Center.
LACC Private Operator Receipts reflect operating revenue generated by the Los Angeles Convention Center (Convention Center),
which is collected and managed by the private operator in a private operating account, pursuant to the Management Agreement
between the City and the private operator.
LACC Private Operator Account reflects private account from which the private operator manages and spends revenue collected
from operating the Convention Center, pursuant to the Management Agreement.

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