AG 2009 11 16 - Laserfiche WebLink

Home Browse Search

Cabarrus County Tourism Authority Bullet Points 1st Quarter 2009-2010 Revenue -Based on June -August Hotel Stays ^ Revenue is being separated on the Budgeted Statement of Revenues and Expenditures into two categories. The two categories will be 90% of the Occupancy Tax and the other will be 10% of the Occupancy Tax. The 10% Occupancy Tax is the Sports Development Facility Funding as approved by the BOC starting with the July Revenue receipts. ^ Total Occupancy Tax Revenues were down to budget $50,699 in the 1st Qtr. Salary and Employee Benefits ^ Salaries and Hourly Labor were under budget by a combined $23,712 due to open positions within the Bureau. ^ Medical Insurance Costs were forthe month of June and July due to the timing of Blue Cross /Blue Shield's renewal. June costs will be accrued back in the audited year end statements for FY 2008/2009. ^ Total Expenditure YTD is $28,226 under budget. Administration and Operations ^ Administrative Fees were $6,517 under budget. Marketing ^ Advertising Costs include new Billboard campaign with a total of 6 boards along I-85 both North and South of the County. ^ Event Costs include ITU Duathlon Word Championships held September 24th - 27th ^ Total Expenditure 3ro Qtr was $220,368 under budget. Excess of Revenues ^ Total Revenues over Expenditures for the 1St Qtr is $183,696; however, when you reduce the variance by $85,978 to account for the Sports Development Facility Funding the total Variance of Revenues over Expenditures is $97,718. Notes ^ FY 2008/2009 Audit is being completed. The Tourism Authority will be moving from a cash to an accrual based accounting system and revenues received in July for June Hotel stays as well as Expenses belonging in June will be accrued back into FY 2008/2009. FY 2008/2009 year end financials will be presented again during the next quarterly report. I-2 Attachment number 1 Page 460