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City of Wilmington proposed budget

Line 22 under the heading: Program Funds

$7,356,362: Net Convention Center Fund

According to the Revenue estimates, the convention center will receive the following:

$5,218,107 in room occupancy tax funds
$15,360 in "estimated" parking deck revenue
$580,251 in event income...rental fees and service income
$1,542,734 in concession income

Total: $7,356,352

Well there you have it folks...the convention center pays for itself. Except for one itty-bitty minor detail. The bulk of the funding comes from the room occupancy tax that was collected in advance. This pool of money is going to be depleted in a couple of years. Then where's the money going to come from to operate?

Anyone want to take a guess?

Source of information:

http://www.wilmingtonnc.gov/Portals/0/documents/City%20Manager/Budget/FY...

http://www.wilmingtonnc.gov/Portals/0/documents/City%20Manager/Budget/FY...

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