Okaloosa County BOCC — November 1, 2016 — I. c.Financial Update — reading text

Financial Update September 2016 FY 2015-16 AMENDED BUDGET: $51,952,056 Financial data as of 09/14/16 The adopted budget of $45,459,814 has been amended to record a refund of BP funds, FDEP grant for dune walkover construction on Okaloosa Island, FDOT Urban Corridor grant for seasonal bus service to Okaloosa Island and Destin, FWC & NRDA grants for artificial reef construction, and FY15 cash carryforward. REVENUE ANALYSIS Okaloosa County levies a 5% tourist development tax. Lodging establishments remit bed tax collections to the Tax Collector by the 20th of each month for the preceding month. The Tax Collector reconciles and remits the revenues to the County by the 10th of the following month. Due to the timing of this process, $14.5M in actual revenue represents collections through June. Year-to-date tourist development tax collections are $1.3M or 10.2% greater than the prior year. September 16, 2016 Tourist Development Department, Okaloosa County, FL Financial Update – September 2016 RevPAR Revenue per available room (RevPAR) is a widely used performance metric in the lodging industry. RevPAR is a measurement for a point in time, so it is most appropriately used when comparing equivalent time periods (e.g. October 2015 to October 2014). RevPar = gross monthly receipts divided by days in month divided by number of units (data taken from Tax Collector’s monthly reports, so there is a reporting lag) September 16, 2016 Tourist Development Department, Okaloosa County, FL 2 of 8 Financial Update – September 2016 EXPENSE ANALYSIS Amended Budget: (1)vendor refund; (2)marketing interns; (3)Florida Sports Foundation membership; (4)grant match; (5)FY15 cash carryforward; (6)health benefits; (7)computers for new mktg staff September 16, 2016 Tourist Development Department, Okaloosa County, FL 3 of 8 Financial Update – September 2016 REVENUES & EXPENSES BY LEVEL OF TOURIST DEVELOPMENT TAX RESTRICTION FIRST PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  beach park facilities or beach improvements  beach & waterway maintenance, renourishment, restoration, enhancement, access  tourist destination facilities Amended Budget: (4)grant match; (5)FY15 cash carryforward September 16, 2016 Tourist Development Department, Okaloosa County, FL 4 of 8 Financial Update – September 2016 SECOND PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  visitor services, brochure distribution, communication and research  tourist bureau administration  lifeguard services and protection Amended Budget: (5)FY15 cash carryforward; (6)health benefits September 16, 2016 Tourist Development Department, Okaloosa County, FL 5 of 8 Financial Update – September 2016 THIRD PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  operations, maintenance, improvement of Visitor Welcome or Information Centers, Convention Center, and Tourist Destination Facilities, including museums  promotion of the Convention Center and Tourist Destination Facilities Amended Budget: (5)FY15 cash carryforward; (6)health benefits September 16, 2016 Tourist Development Department, Okaloosa County, FL 6 of 8 Financial Update – September 2016 FOURTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  expansion, renovation, reconstruction of the convention center and outdoor venues Amended Budget: (5)FY15 cash carryforward September 16, 2016 Tourist Development Department, Okaloosa County, FL 7 of 8 Financial Update – September 2016 FIFTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  tourism promotion Amended Budget: (2)marketing interns; (3)Florida Sports Foundation membership; (5)FY15 cash carryforward; (7)computers for new mktg staff Recommendation to BCC: Approve the financial update as presented. September 16, 2016 Tourist Development Department, Okaloosa County, FL 8 of 8