Page 438 - 2022-23 Blue Book Vol 2

Los Angeles Convention Center Private Operator

EXPENDITURES

AEG’s use of funds are categorized as follows:

Actual Adopted Budget Proposed Budget
2020-21 2021-22 2022-23

City Departmental Expenditures $ 1,815,998 $ 1,478,857 $ 1,713,684
1
Alterations and Improvements and 296,528 - -
Capital Improvement Projects
Operating Budget for Private Manager 14,048,934 21,141,731 25,615,052

Total Appropriations $ 16,161,460 $ 22,620,588 $ 27,328,736

1 The City Departmental Expenditures reflects the portion of CTD’s budget and related costs funded by LACC revenues, as well as
other City expenditures that are reimbursed by LACC revenues.
RESERVE ACCOUNT

In accordance to Section 6.4(b)(i) of the Management Agreement, the Board shall request that the City Council
appropriate as part of the CTD Department Budget a sum equal to ten percent of the Approved Annual Operating
Budget to fund a Reserve Account. As such, the Board approved a budget request including a Reserve Account as
described above, which was submitted on its behalf by the CTD for consideration as part of the 2014-15 Budget process.
The 2014-15 Adopted Budget did not appropriate General Fund monies for this purpose. As such, AEG has and will
continue to set aside Operating Revenues, when available, to build the Reserve Account.

The purpose of the Reserve Account is to provide funding to be used for unanticipated LACC related expenses or to
fund shortfalls caused by lower than expected revenues or higher than expected expenses.

Status of LACC Reserve Account Held by AEG

Balance as of July 1, 2021 $ 9,129,803
2021-22 Estimated Incremental Amount -
2022-23 Budgeted Incremental Amount 768,389
Estimated Balance as of June 30, 2023 $ 9,898,192

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