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0 -2- (7) The funding formulae for the Bureau's annual budget shall be as follows: (a) The City and County shall each contribute an amount based on the formulae spelled out in (c) below which added to the amount provided by the Chamber shall constitute the funds necessary to meet the annual budget requirements as approved by City Council, the Board of Supervisors and the Executive Board of the Chamber of Commerce. (b) The Chamber of Commerce shall contribute $23,500 the first year, one-third of which shall be used exclusively for marketing. The amount shall increase each year by three (3) percent over the previous year's contribution. (c) The City and County contributions are computed as follows: the non -Chamber portion of the approved budget revenue is divided between the City and County by computing a percentage figure based on one-half of the ratio of the sales tax amounts for the previous year plus one-half of the ratio of the transient lodging tax collected for the previous year, based on a two (2) percent collection rate. • CITY SALES TAX COLLECTION + CITY LODGING TAX COLLECTIONS CITY & COUNTY SALES TAX CITY & COUNTY LODGING TAX 2 = CITY PERCENTAGE SHARE COUNTY SALES TAX COLLECTION CITY & COUNTY SALES TAX COLLECTION + COUNTY LODGING TAX COLLECTION CITY & COUNTY LODGING TAX COLLECTION 2 = COUNTY PERCENTAGE SHARE (d) In addition to the responsibilities of the Bureau recited herein, the Bureau is hereby authorized to take on the added responsibility of attracting group meetings, conventions, seminars, etc., to the community; arranging facilities for such meetings, seminars, conventions; and providing support services. The cost of this portion of the Bureau's program shall be borne by funds raised by the Chamber of Commerce and such other private sources as may be available, and by three fourths of the revenues generated by operation of the Bureau. (8) This agreement shall be for a five-year period beginning July 1, 1989 and renewing each five years thereafter unless one of the parties gives at least six months notice prior to any July first that it does not wish to continue. If such notice is given, then this agreement shall expire on June 30th of the year proceeding after the six months notice. • (9) The parties financial obligations hereunder are subject to annual appropriation by their respective governing bodies.