Okaloosa County BOCC — May 29, 2014 — reading text

$ 6,871,566.13 Other $ 1,005,684.24 500,853.91 368,512.49 364,790.48 485,812.76 965,586.82 $ 3,691,240.70 Total $ 13,653,659.31 $ 5,487,346.18 $ 5,837,763.89 $ 6,682,611.20 $ 8,636,441.87 $ 20,235,435.07 $ - $ - $ - $ - $ - $ - $ 60,533,257.52 YEAR TO DATE TAX AREA OCT 2013 NOV 2013 DEC 2013 JAN 2014 FEB 2014 MAR 2014 APR 2014 MAY 2014 JUNE 2014 JULY 2014 AUG 2014 SEPT 2014 TAXABLE RENTAL Destin $ 8,708,099.23 2,912,346.67 3,793,057.43 3,977,389.80 5,153,970.82 13,356,682.21 $ 37,901,546.16 Okaloosa Island $ 4,414,625.83 2,217,756.25 352,210.39 2,359,525.59 3,019,281.25 963,397.41 $ 13,326,796.72 Fort Walton Beach $ 530,934.25 357,243.26 1,692,496.07 345,695.81 463,189.80 5,915,355.45 $ 9,304,914.64 Total $ 13,653,659.31 $ 5,487,346.18 $ 5,837,763.89 $ 6,682,611.20 $ 8,636,441.87 $ 20,235,435.07 $ - $ - $ - $ - $ - $ - $ 60,533,257.52 Year to Date Year to Date Taxable Rental by Taxable Rental by Rental Type Tax Area Other 6.10% Single Family Dwelling Fort Walton Beach 11.35% 15.37% Condo 55.46% Destin Hotel / Motel Okaloosa Island 62.61% 27.09% 22.02% Page 7 Packet Pg. 135  3.a.a Attachment: III.a. TDT Reports OCTC (Mar 14) (2875 : March Month End Tax Revenue Reports from Total TDT Collections and Percentage Breakdown FY 2014 TOTAL MONTH FIRST % SECOND % THIRD % FOURTH % FIFTH % COLLECTIONS October $ 680,330.93 $ 136,066.19 $ 136,066.19 $ 136,066.19 $ 136,066.19 $ 136,066.19 November $ 273,038.26 $ 54,607.65 $ 54,607.65 $ 54,607.65 $ 54,607.65 $ 54,607.65 December $ 291,672.28 $ 58,334.46 $ 58,334.46 $ 58,334.46 $ 58,334.46 $ 58,334.46 January $ 332,035.87 $ 66,407.17 $ 66,407.17 $ 66,407.17 $ 66,407.17 $ 66,407.17 February $ 430,183.30 $ 86,036.66 $ 86,036.66 $ 86,036.66 $ 86,036.66 $ 86,036.66 March $ 1,009,474.61 $ 201,894.92 $ 201,894.92 $ 201,894.92 $ 201,894.92 $ 201,894.92 April $ - $ - $ - $ - $ - $ - May $ - $ - $ - $ - $ - $ - June $ - $ - $ - $ - $ - $ - July $ - $ - $ - $ - $ - $ - August $ - $ - $ - $ - $ - $ - September $ - $ - $ - $ - $ - $ - Total $ 3,016,735.25 $ 603,347.05 $ 603,347.05 $ 603,347.05 $ 603,347.05 $ 603,347.05 *Percentage breakdown per Okaloosa County Ordinance No. 13-20, Sec. 20-72 (d) Page 8 Packet Pg. 136  3.b Tourist Development Council Meeting: 05/29/14 02:00 PM 1540 Miracle Strip Parkway Department: Tourist Development Council Fort Walton Beach, FL 32548 Category: Update Prepared By: Aida Wilkinson SCHEDULED Initiator: Aida Wilkinson Sponsors: TDC ITEM (ID # 2876) DOC ID: 2876 May Financial Update Updated: 5/27/2014 4:52 PM by Aida Wilkinson Page 1 Packet Pg. 137  3.b.a Financial Update May 2014 FY 2013-14 AMENDED BUDGET: $36,713,969 Financial data as of 05/21/14 The adopted budget of $33,967,750 has been amended during the year to record BP grant funds for marketing, FDEP grant funds for Okaloosa Island dune walkovers, FDOT grant funds for seasonal transit service on Okaloosa Island and Destin, and reserve carryforwards. REVENUE ANALYSIS Attachment: III.b. Financial Update (2876 : May Financial Update) Reserves are the largest component of budgeted revenues because the budget reflects anticipated revenues as well as current cash on hand. Reserves/cash on hand is a budget “placeholder” and represents the accumulation of unspent prior year bed tax dollars; it’s not an actual source of incoming revenues for the year. Tourist development taxes comprise the largest part of actual annual revenue collections. Each percentage is anticipated to generate $2.4M, for a total of $12M 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, the $3.0M in actual revenue only represents collections through March. Based on year-to-date receipts, tourist development tax revenues are on track to generate $13.3M this year, which is $1.3M or 10.9% more than budgeted. May 22, 2014 Packet Tourist Development Department, Okaloosa County, FL Pg. 138 Financial Update – May 2014 3.b.a EXPENSE ANALYSIS Attachment: III.b. Financial Update (2876 : May Financial Update) Reserves are the largest component of budgeted expenses because budgeted expenses must equal budgeted revenues. The budgeted use/drawdown of reserves is reflected in the amount by which budgeted reserves expenses are less than budgeted reserves revenues: $21M reserve revenue – $15M reserve expenses = $6M budgeted use/drawdown for capital projects. Each percentage of the bed tax is required to be spent in a certain way per County Ordinance. May 22, 2014 Tourist Development Department, Okaloosa County, FL 2 of 6 Packet Pg. 139 Financial Update – May 2014 3.b.a 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 Attachment: III.b. Financial Update (2876 :