If approved and after required review, Events DC would calculate its year-end cash transfer using specified costs, planned debt payments, and fund exclusions.
At each fiscal year’s end, Events DC would send cash above listed costs and reserves to the District’s General Fund. The calculation would leave out money held for a hotel project or transferred for the District to administer.
The calculation would count debt service separately for each series of outstanding bonds and use budgeted operating and marketing expenses for the next fiscal year.
Events DC would calculate excess cash after subtracting listed liabilities, reserves, and planned debt payments, then transfer any excess to the District’s General Fund. The calculation applies to the Authority, also known as Events DC, at the end of each fiscal year. The calculation excludes money in the New Convention Center Hotel Fund and money transferred from the Stadium Maintenance Fund or Ballpark Preservation and Improvement Fund for Events DC to administer. The calculation would use the balance at the end of each fiscal year and include interest due within 185 days after that date.
Events DC would use the maximum annual debt service for each bond series and its budgeted operating and marketing expenses for the upcoming fiscal year in the calculation. These terms apply when calculating the Authority’s excess cash. The operating and marketing expenses would be for the upcoming fiscal year.
No hearings or votes scheduled.