Okaloosa County BOCC — December 10, 2015 — I. c. FY16 Financial Update — reading text

Financial Update December 2015 FY 2015-16 ADOPTED BUDGET: $45,459,814 Financial data as of 11/30/15 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, no tourist development taxes have been received for the current fiscal year. December 4, 2015 Tourist Development Department, Okaloosa County, FL Financial Update – December 2015 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) (Note: Data for FY 2015-16 not yet available) December 4, 2015 Tourist Development Department, Okaloosa County, FL 2 of 8 Financial Update – December 2015 EXPENSE ANALYSIS December 4, 2015 Tourist Development Department, Okaloosa County, FL 3 of 8 Financial Update – December 2015 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 December 4, 2015 Tourist Development Department, Okaloosa County, FL 4 of 8 Financial Update – December 2015 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 December 4, 2015 Tourist Development Department, Okaloosa County, FL 5 of 8 Financial Update – December 2015 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 December 4, 2015 Tourist Development Department, Okaloosa County, FL 6 of 8 Financial Update – December 2015 FOURTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  expansion, renovation, reconstruction of the convention center and outdoor venues December 4, 2015 Tourist Development Department, Okaloosa County, FL 7 of 8 Financial Update – December 2015 FIFTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  tourism promotion Recommendation to BCC: Approve the financial update as presented. December 4, 2015 Tourist Development Department, Okaloosa County, FL 8 of 8