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1 ' Cabarrus County Tourism Authority Bullet Points ' 2nd Quarter 2009-2010 Revenue -Based on September -November Hotel Stays ^ Total Occupancy Tax Revenues were down to budget $228,041 in the 2nd Qtr ' and they are down $564,291 YTD. Most of this is due to forecasting of new properties that opened at the end of last fiscal year. ^ While Occupancy %'s have been down due to the growth in supply in the t County, total rooms sold are up YTD by 4.5% ^ Sports Development Revenue collected through November 31st is $159,318. ' Salary and Employee Benefits . ^ Salaries and Hourly Labor were under budget by a combined $96,784 in the 2nd Qtr due to a restructure at the Bureau. Three open positions still exist; ' however, only one will be filled in this fiscal year. ^ All insurance costs are under as well as a result of the open positions. ^ Total Expenditure YTD is $249,692 under budget. ' Administration and Operations ^ Administrative Fees are over budget $10,732 YTD. The Bureau was sharing a server with the Chamber, so a new server was purchased so the Bureau ' could operate under its own format. Marketing ' ^ Advertising Costs include Billboard campaign with a total of 6 boards along I- 85 both North and South of the County. ' Event Costs include remaining costs from the ITU Duathlon held in September. ^ Total Expenditure 2nd Qtr was $335,706 under budget. ' Excess of Revenues ^ Total Revenues over Expenditures YTD is $161,639; however, when you reduce the variance by $130,763 to account for the Sports Development ' Facility Funding the total Variance of Revenues over Expenditures is $30,876. Notes ' The Bureau received a clean audit from Potter and Company for FY 2008/2009. The Bureau decided to do year end accrual statements as opposed to cash statements. All accruals have been made in the Bureau's ' financial statements and the audited Balance sheet for FY 2008/2009 is included. I-2 Attachment number 1 Page 167