Page 317 - FY 2022-23 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
2020-21 2021-22 2022-23
REVENUE
19,212,630 14,651,532 Cash Balance, July 1 14,390,532
Less:
- - CUSTDEPO1 Customer Deposits and Other Liabilities 260,729
- - LACCRESERVE1 LACC Private Operator Reserve 9,129,803
19,212,630 14,651,532 Balance Available, July 1 5,000,000
6,078,894 6,175,000 11,736 Convention Revenues 1,231,756
10,524,589 18,997,000 11,771.5 LACC Private Operator Receipts 26,865,369
35,816,113 39,823,532 Total Revenue 33,097,125

EXPENDITURES APPROPRIATIONS
1,045,819 1,030,000 221 City Tourism 1,231,756
3,121 4,000 465 Information Technology Agency -
Special Purpose Fund Appropriations:
14,345,462 19,099,000 2,329 LACC Private Operator Account 25,615,052
5,000,000 5,000,000 2,330 LACC Private Operator Cash Flow 5,000,000
- - 2,331 LACC Private Operator Reserve 768,389
770,179 300,000 2,336 Reimbursement of General Fund Costs 481,928

21,164,581 25,433,000 Total Appropriations 33,097,125
14,651,532 14,390,532 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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