Okaloosa County BOCC — May 3, 2016 — BCC - TDT Update

Financial Update April 2016 FY 2015-16 AMENDED BUDGET: $51,952,056 Financial data as of 04/19/16 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, $2.8M in actual revenue represents collections through February. Year-to-date tourist development tax collections are $381K or 15.7% greater than the prior year. April 25, 2016 Tourist Development Department, Okaloosa County, FL Financial Update – April 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) April 25, 2016 Tourist Development Department, Okaloosa County, FL 2 of 8 Financial Update – April 2016 EXPENSE ANALYSIS Amended Budget: (1)$40K vendor refund; (2)$1K marketing interns; (3)$2K Florida Sports Foundation membership; (4)$67K grant match; (5)$4.2M FY15 cash carryforward April 25, 2016 Tourist Development Department, Okaloosa County, FL 3 of 8 Financial Update – April 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)$67K grant match; (5)$4.2M FY15 cash carryforward April 25, 2016 Tourist Development Department, Okaloosa County, FL 4 of 8 Financial Update – April 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)$4.2M FY15 cash carryforward April 25, 2016 Tourist Development Department, Okaloosa County, FL 5 of 8 Financial Update – April 2016