Okaloosa County BOCC — November 20, 2014 — III.b. Financial Update FY14yrend — reading text

Financial Update FY 2014 Year-End FY 2013-14 AMENDED BUDGET: $36,890,669 Financial data as of 11/10/14 The adopted budget of $33,967,750 was amended during the year to record BP grant funds for marketing, FDEP grant funds for Okaloosa Island dune restoration, FDOT grant funds for seasonal transit service on Okaloosa Island and Destin, FDEP grant funds for Okaloosa Island dune walkovers, reserve carryforwards, and other unanticipated revenues. REVENUE ANALYSIS Note: Tourist Development Tax collections total $14.786M on the Tax Collector’s report. This amount is allocated $14.780M to tourist development tax and $6K to interest in the County’s accounting system. November 13, 2014 Tourist Development Department, Okaloosa County, FL Financial Update – FY 2014 Year End EXPENSE ANALYSIS Note: Not all expenses have been recorded yet. For instance, the September monthly payment to the Destin Fire Control District for lifeguard services as well as certain advertising expenses incurred late in the fiscal year have not yet posted. The Comprehensive Annual Financial Report (CAFR), anticipated to be released in late March 2015, will contain the audited financial information for the fiscal year. Each percentage of the bed tax is required to be spent in a certain way per County Ordinance. November 13, 2014 Tourist Development Department, Okaloosa County, FL 2 of 5 Financial Update – FY 2014 Year End 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 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 November 13, 2014 Tourist Development Department, Okaloosa County, FL 3 of 5 Financial Update – FY 2014 Year End 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 • promotion of the Convention Center and Tourist Destination Facilities FOURTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive) • expansion, renovation, reconstruction of the convention center and outdoor venues November 13, 2014 Tourist Development Department, Okaloosa County, FL 4 of 5 Financial Update – FY 2014 Year End FIFTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive) • tourism promotion PROMOTIONAL ACTIVITIES (-548xxx accounts) 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 use d when comparing equivalent time periods (e.g. February 2014 to February 2013). However, since year-to-year comparison is not possible until twelve months of data are obtained, it is being presented here to establish benchmarks. RevPar = gross monthly receipts divided by days in month divided by number of units (data taken from Tax Collector’s monthly reports) TDC Recommendation to BCC Approve the financial update as presented. November 13, 2014 Tourist Development Department, Okaloosa County, FL 5 of 5