Okaloosa County BOCC — June 23, 2016 — I. b. Financial Update

Financial Update June 2016 FY 2015-16 AMENDED BUDGET: $51,952,056 Financial data as of 06/15/16 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, $5.4M in actual revenue represents collections through April. Year-to-date tourist development tax collections are $688K or 14.6% greater than the prior year. June 17, 2016 Tourist Development Department, Okaloosa County, FL Financial Update – June 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 2014 to October 2013). 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) June 17, 2016 Tourist Development Department, Okaloosa County, FL 2 of 8 Financial Update – June 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 June 17, 2016 Tourist Development Department, Okaloosa County, FL 3 of 8 Financial Update – June 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 June 17, 2016 Tourist Development Department, Okaloosa County, FL 4 of 8 Financial Update – June 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 June 17, 2016 Tourist Development Department, Okaloosa County, FL 5 of 8 Financi