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Destin council orders detailed plan for TDC funds after staff flags accounting discrepancies
Summary
Council asked staff to return with a line-item plan for the available Tourist Development Council (TDC) funds and clarity on committed awards after staff and TDC reports showed inconsistent balances; staff agreed to present a detailed plan at the next regular meeting (March 3).
Council discussion on Feb. 18 disclosed differences between the Destin Tourist Development Council's reported bank balance and the city's accounting of committed awards and obligations. City staff said TDC statements showed about $5 million in the bank but that much of that was already committed to existing awards or contractual obligations; staff estimated approximately $1.99 million was available for allocation in the current fiscal year once contractual obligations were accounted for.
Council members pressed for a clear accounting of active awards, contractual obligations (including a $750,000-per-year loan payment tied to a prior $7 million loan), and the funds staff proposed to allocate in FY2025. Staff said some awards totaling roughly $3.0 million were active awards signed in prior years and not discretionary. After discussion, council voted 6-0 to direct staff to bring back a detailed, line-item plan for the $1.996,987 allocation and to clarify the status of banked funds, obligations, and awards at the March 3 meeting.
Councilmembers said they wanted transparency about what amounts are truly available for new projects versus funds already contractually committed to projects such as Crystal Shores and Tarpon Beach work.
