Council members seek answers to F1 finance report

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by Jessica Vess / KVUE and Photojournalist Kenneth Null

Bio | Email | Follow: @JessicaV_KVUE

kvue.com

Posted on January 23, 2013 at 12:26 PM

Updated Wednesday, Jan 23 at 12:41 PM

AUSTIN -- City of Austin leaders are breaking down the costs linked to November's Formula 1 race.

The City's Audit and Finance Committee are meeting Wednesday to discussing how much money flowed in and out of the city during race weekend. A formal report isn't expected for a least a few more weeks, however, council members on the committee have questions.

Council member Kathie Tovo requested an update on the progress of the report. She wants to see how economic gains during F1 weekend compare it to a typical weekend in November.

About 100,000 people were expected in Austin during F1. However Tovo said she’s heard from residents that they didn't bother going downtown during F1 because of the crowds.  

“I think all of us were surprised that there weren’t, especially on that Friday, the crowds,” said Tovo.

Previous reports indicated that Austin can still expect some solid gains. An economic report presented to the state's Comptroller Office by a group linked to the Circuit of the Americas back in July showed that Austin could expect to get $6 million in new tax revenue.

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