By: Charles Romans
Carter County Times
The Grayson Tourism Commission discussed finances at their February meeting. President Daniel White said that one thing that had been discussed was the cash balances on some tourism accounts, and how best to manage those balances. The balances of those accounts totaled approximately $1 million, White told the commission. Half of those funds were the sports park reserves, he said, with $170,000 in the tourism account.
The point, White said, was that these funds were currently sitting in non-interest-bearing accounts. Options exist for money market accounts, White told the commission.
“If we simply move the funds into a money market checking account, there can be a 0.5 to 2.5 interest based on fund balance,” White said.
White also made the commission aware that there were some restrictions on moving money into and out of those accounts. Another option White presented to the commission was a 3.6 interest rate CD for 13 months.
“That would tie that money up for the 13 months,” he said.
White said that as part of the discussion it might be a good option to pay down part of the current debt owed by the tourism commission, because the interest that could potentially be earned by the movement of funds into a money market account or CD would be less than the interest currently being paid on some debts. One existing loan the commission is paying on currently carries a 3.7 percent interest rate. Another carries a 5.5 percent interest rate.
Discussion centered around the amount of funds to be moved and into what type of accounts, with the general consensus that there could be a combination of CD and money market accounts. A motion was made to transfer funds from a maintenance account into a money market account, and was approved unanimously.
In other business, Todd Maynard, the Dean of the School of Business and Leadership at Kentucky Christian University, addressed the commission. Maynard approached the commission about sponsorship opportunities for the school’s upcoming Mission Minded Leadership Conference scheduled for April 15.
“Our program is in charge of the annual leadership conference,” Maynard told the commission. “And this is my first year over the conference.”
Maynard said that he was very excited about the program and that this year they were blessed with nationally recognized speakers for the event, which will be held at KCU’s Nash Chapel with a networking session afterwards at the school gym.
Maynard said that what his department was seeking for this year’s conference was a $5,000 sponsorship. For that sponsorship, he said, the tourism commission would have their logo prominently displayed on digital and marketing materials, and recognition for tourism and the City of Grayson as the event’s main sponsor. Maynard said the event is expected to bring 600 people into Grayson, and there will be a great draw for tourism based on the notoriety of the speakers.
Admission for the event is $35 per attendee, Maynard told the commission, and the pricing of tickets should aid in the drawing power of the event. The $5,000 donation would help defray the cost for the speakers, he said, as well as branding for the city and tourism. Maynard said there were other sponsorship levels available, but the $5,000 level would be the main sponsor for the event. The commission decided on further consideration before any decision was made.
Contact the writer at charles@cartercountytimes.com
