Executive Committee Mtg 04-16-24

DMCVB Leadership Brief

Page 13 of 55

DMCVB/Visit Detroit Executive Committee Meeting

April 16, 2024 Agenda Item 4

DMCVB/Visit Detroit Leadership Brief

Issue: Despite all the collection efforts to fulfill the obligation to host the 2024 National Football League draft at a level sufficient to cover the expenses incurred for this event, as of April 16, 2024, we are projected to receive $8,230,000.00 of the $10,750,000.00 budgeted goal. Recommendations: That the DMCVB Board of Directors authorizes withdrawing money from the reserve account to pay for deficits related to the 2024 National Football League Draft expenses to the extent of the deficit.

Proposed Motion: The Board of Directors Authorizes withdrawing money from the Reserve Account to pay for deficits related to 2024 NFL Draft.