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Council approves three-year funding agreement with Convention & Visitors Bureau using 5/7s model
Summary
After extensive debate about reserves and CEO recruitment, council approved a multiyear (three-year) funding agreement with the Fredericksburg Convention & Visitors Bureau using a 5/7s percentage funding model and directed staff to finalize contract language and audit requirements.
Representatives of the Fredericksburg Convention & Visitors Bureau (CVB) asked council to approve a multiyear funding agreement to provide operational stability and to support recruitment of a new CEO. Dr. Shields and other CVB representatives said a multiyear guarantee and a plan to buy down reserves to…
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