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Cabarrus County Tourism Authority <br />Bullet Points <br />1st Quarter 2010 -2011 <br />Revenue — Based on June - August Hotel Stays <br />• Total Occupancy Tax Revenues were ahead of budget $34,797 in the 1st Qtr <br />of FY 2010/2011. Occupancy %'s for the month of June, July, August were <br />up 1.7 %, up 14.5 %, and up 15.8% respectively. Average Daily Rate is still <br />lagging behind last year by an average of 3% from June through August. <br />• Total Room Demand, up 20.7% YTD, is seeing some of its strongest <br />increases. Cabarrus County is still ahead of Mecklenburg County at 15.45% <br />and the State at 9.0 %. <br />• Total Sports Development Revenue collected through September 30th is <br />$414,679. A Sports Analysis was completed over the summer and usage of <br />these funds is still being determined. <br />Salary and Employee Benefits <br />• Total Salary and Benefits is under budget by $97,183. The Bureau added 3 <br />new full time positions for the new fiscal year and they were filled at the end <br />of September. The 4 part time positions were filled in October. <br />• All associated salary and benefit costs are below budget as well due to the <br />timing needed to fill the open positions. <br />Administration and Operations <br />■ Total Administration and Operating costs were under budget by $6,085 in the <br />first quarter. The Bureau did install Office 2007 and Windows 7 as well as <br />purchase a couple of computers for the incoming staff. <br />Marketing <br />• The Bureau was over budget in the first quarter by $94,391 due to 2 new <br />Marketing agreements approved by the Bureau's Board of Directors. <br />• The Destination Guide has been very successful this year and the Bureau <br />spent $25,000 to purchase 100,000 additional copies. <br />Excess of Revenues <br />■ Total Revenues over Expenditures YTD is $26,232. When you reduce the <br />Retained Earnings by $65,638 for Sports Development collections in the first <br />quarter the net Revenues over Expenditures is ($39,406) which is ahead of <br />budget by $100,232. <br />Notes <br />■ The Bureau is completing its FY 2009/2010 Audit and the year end audited <br />financials, form 990, will be presented to the Bureau's Board on October 27 <br />A final copy will be distributed to the Board of Commissioners. <br />Attachment number 1 <br />Page 168 <br />1 -2 <br />