Okaloosa County BOCC — March 18, 2014 — Action Item Printout

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 18, 2014 TO: Honorable Chairman and Members of the Board FROM: Ed Schroeder SUBJECT: Tourist Development Tax Financial Update DEPARTMENT: Tourist Development Department BCC DISTRICT: STATEMENT OF ISSUE: As required by F.S. 125.0104(4)(e), Ordinance 12-21, and the TDD Operations & Procedures Manual, the Tourist Development Council (TDC) and Board of County Commissioners (BCC) shall review expenditure reports at least quarterly. BACKGROUND: Expenditure reports were previously provided by the Clerk’s office and formatted by tourist development department staff into two reports: a summary report by bed tax “penny” and a detailed report by budget line item. As no provision regarding format or presentation is prescribed by regulation, the new Finance, Administration, and Compliance Manager formatted the expenditure report in a manner which aggregates budget to actual information for the tourist development department as well as by categories within each bed tax percentage (the “level of restriction”). To provide the most up-to-date information, data was pulled from the accounting system on February 22 (rather than using January 31 month-end data). The Tourist Development Council discussed the new format and unanimously approved the Financial Update at its February 27, 2014 meeting. Financial updates will be provided at each TDC meeting (currently scheduled monthly) and provided to the BCC quarterly. OPTIONS: Approve or Disapprove RECOMMENDATION: Approve quarterly financial update. RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator