Okaloosa County BOCC — February 2, 2016 — I. b. Financial Update — reading text

Financial Update January 2016 FY 2015-16 AMENDED BUDGET: $45,499,395 Financial data as of 01/04/16 The adopted budget of $45,459,814 has been amended to record a $39,581 refund of BP funds. REVENUE ANALYSIS (1) Vendor refund received due to underdelivery of online placements. Okaloosa County levies a 5% tourist development tax. Each percentage is anticipated to generate $3M, for a total of $15M in bed taxes. 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, $1.1M in actual revenue represents collections through October. Year-to-date collections are $182K or 20.5% greater than the prior year. January 7, 2016 Tourist Development Department, Okaloosa County, FL Financial Update – January 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) January 7, 2016 Tourist Development Department, Okaloosa County, FL 2 of 8 Financial Update – January 2016 EXPENSE ANALYSIS Amended Budget: (1)Vendor refund received due to underdelivery of online placements; (2)$1K transferred from contractual services to personnel for marketing interns; (3)$2K transferred from promotional reserves for Florida Sports Foundation membership January 7, 2016 Tourist Development Department, Okaloosa County, FL 3 of 8 Financial Update – January 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 January 7, 2016 Tourist Development Department, Okaloosa County, FL 4 of 8 Financial Update – January 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 January 7, 2016 Tourist Development Department, Okaloosa County, FL 5 of 8 Financial Update – January 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 January 7, 2016 Tourist Development Department, Okaloosa County, FL 6 of 8 Financial Update – January 2016 FOURTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  expansion, renovation, reconstruction of the convention center and outdoor venues January 7, 2016 Tourist Development Department, Okaloosa County, FL 7 of 8 Financial Update – January 2016 FIFTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  tourism promotion Amended Budget: (2)$1K transferred from contractual services to personnel for marketing interns; (3)$2K transferred from promotional reserves for Florida Sports Foundation membership Recommendation to BCC: Approve the financial update as presented. January 7, 2016 Tourist Development Department, Okaloosa County, FL 8 of 8