Market Authority OKs budget
Larry Thomas -- Furniture Today, May 3, 2004
HIGH POINT — HIGH POINT— The International Home Furnishings Market Authority's board has approved a preliminary budget that includes spending more than $1 million on transportation and parking during the 2004-05 fiscal year.
Other expenditures in the $2.125 million budget include $354,000 for market promotion and visitor assistance, and $118,000 in capital improvements. The latter item includes $80,000 to help pay for the first phase of an overhaul of the transportation hub on Commerce Street (see story beginning on page 1).
The authority's largest source of income is a grant of nearly $900,000 from the North Carolina Department of Transportation to run the market's shuttle system. Another $625,000 will come from licensing fees paid by showroom owners, and some $320,000 from a 3% occupancy tax on High Point hotel rooms.
In addition, the High Point Convention and Visitors Bureau will contribute $175,000 and the American Furniture Manufacturers Assn. plans to contribute $100,000.
The AFMA's contribution is $50,000 less than in previous years, but officials of the trade association said their commitment to the market has not wavered.
"Since Judy (Mendenhall) has been able to obtain money from several other sources, we felt our resources could be better spent on other aspects of the market," said Andy Counts, a former Market Authority board member and AFMA's executive vice president.
Counts noted that AFMA spends nearly $100,000 annually on the market's media center, which is used by newspaper and magazine writers from across the country.
The budget must be approved by the High Point City Council prior to the July 1 start of the fiscal year.
