Okaloosa County BOCC — February 27, 2014 — reading text

$ 2,580,673.58 Total $ 13,653,659.31 $ 5,487,346.18 $ 5,837,763.89 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 24,978,769.38 Year to Date Year to Date Taxable Rental by Taxable Rental by Rental Type Tax Area Other 7.51% Fort Walton Beach Single Family Dwelling 10.33% 11.51% Condo Okaloosa Island 54.04% 27.96% Destin Hotel / Motel 61.71% 26.94% Page 7 Packet Pg. 36  30 4.b.a Total TDT Collections and Percentage Breakdown FY 2014 Attachment: IV.b. Dec OCTC (2564 : December Month End Tax) 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 $ - $ - $ - $ - $ - $ - February $ - $ - $ - $ - $ - $ - March $ - $ - $ - $ - $ - $ - April $ - $ - $ - $ - $ - $ - May $ - $ - $ - $ - $ - $ - June $ - $ - $ - $ - $ - $ - July $ - $ - $ - $ - $ - $ - August $ - $ - $ - $ - $ - $ - September $ - $ - $ - $ - $ - $ - Total $ 1,245,041.47 $ 249,008.29 $ 249,008.29 $ 249,008.29 $ 249,008.29 $ 249,008.29 *Percentage breakdown per Okaloosa County Ordinance No. 13-20, Sec. 20-72 (d) Page 8 Packet Pg. 37  4.c Tourist Development Council Meeting: 02/27/14 02:00 PM 1540 Miracle Strip Parkway Department: Tourist Development Council Fort Walton Beach, FL 32548 Category: Report Prepared By: Aida Wilkinson SCHEDULED Initiator: Aida Wilkinson Sponsors: TDC ITEM (ID # 2565) DOC ID: 2565 February Financial Update Updated: 2/25/2014 5:15 PM by Aida Wilkinson Page 1 Packet Pg. 38  4.c.a 31 Financial Update February 2014 FY 2013-14 AMENDED BUDGET: $36,713,969 Financial data as of 02/22/14 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 general reserve carryforwards. Attachment: IV.c. Financial Update (2565 : February Financial Update) The tourist development department has three recurring revenue sources – tourist development tax (5 percent), convention center fees (e.g. room & equipment rentals, ticket sales), and interest income on cash balances – along with two non-recurring revenue sources – grants & assessments (BP, FDOT, FDEP, MSBU) and reserves. 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 $1.2M in actual revenue only represents collections through December 31st. February 24, 2014 Packet Tourist Development Department, Okaloosa County, FL Pg. 39 Financial Update – February 2014 4.c.a32 The tourist development department has several recurring expenses – personnel, beaches & parks, Attachment: IV.c. Financial Update (2565 : February Financial Update) visitor services & lifeguards, convention center, and tourism promotion – along with two non-recurring expenses – grants & assessments and reserves. 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 use/drawdown for capital projects Each percentage of the bed tax is required to be spent in a certain way per County Ordinance. February 24, 2014 Tourist Development Department, Okaloosa County, FL 2 of 5 Packet Pg. 40 Financial Update – February 2014 4.c.a 33 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: IV.c. Financial Update (2565 : February Financial Update) 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 February 24, 2014 Tourist Development Department, Okaloosa County, FL 3 of 5 Packet Pg. 41 Financial Update – February 2014 4.c.a34 THIRD PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  operations, maintenance, improvement of Visitor Welcome or Information Centers, Convention Center,