2011 BUDGET

September 30, 2010

TO: Honorable Board of Supervisors

FROM: Chris A. Carpenter

RE: 2011 Proposed Budget

Recommendations: Approve a resolution accepting the 2011 budget of the San Mateo County Exposition and Fair Association.

Background and Highlights: The Board of Directors and staff prepared the 2011 budget. At the Board Meeting on September 29, 2010 the Board reviewed and approved the proposed budget. We will meet with County Manager David Boesch on October 4^th to review 2010 and our proposed 2011 budget. After your approval on October 19^th the budget will be sent to the State Division of Fairs & Expositions for final approval.

I would like to acknowledge and thank all members of the Board for their time and input towards formulating this proposed budget. I also want to commend Diane Baumann and Dana Stoehr, as well as all SMCEC Managers, for the dedication and hard work they have put into the 2011 budget.

With the input of members of the Board, as well as staff, we recommend the 2011 proposed budget.

2011 Budget

As we discussed in a recent SMCEFA Board of Directors meeting, we are forecasting another good year for the San Mateo County Event Center, with sustained operating revenues and controlled expenses. We are pleased to report the Jockey Club satellite wagering facility is operating slightly above projections. We have once again raised the bar to challenge ourselves for the new-year in increased revenues and controlled expenses for the overall operation. In 2010 we began the process of reinvesting a substantial portion of our operating profit into required infrastructure repair and equipment replacement, and will continue this in 2011.

I would like to thank the County Manager’s office and Board of Supervisors for their support and guidance in our efforts toward the continued success of the San Mateo County Fair, Jockey Club and San Mateo County Event Center.