Okaloosa County BOCC — September 24, 2015 — Agenda Packet — reading text

1.d.a 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 Attachment: I. d. Financial Update (4774 : Financial Update (Charlotte Dunworth)) Amended Budget: (5)$109K transferred from living shorelines for dune walkovers grant match; (7)$100K transferred from artificial reefs for grant match; (12)$2.4M cash carryforward for beach restoration; (16)$3.6M transfer of 2nd & 3rd reserves to 1st reserves. Note: (A)Engineering work is capped at $5,000 under the grant; therefore, a budget transfer within the first penny will be needed to cover expenses in excess of that amount. September 17, 2015 Tourist Development Department, Okaloosa County, FL 4 of 8 Packet Pg. 11 Financial Update – September 2015 1.d.a 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 Attachment: I. d. Financial Update (4774 : Financial Update (Charlotte Dunworth)) Amended Budget: (11)$11K cash carryforward for 35% O&M; (12)$258K cash carryforward transfer to 1st penny for beach restoration. September 17, 2015 Tourist Development Department, Okaloosa County, FL 5 of 8 Packet Pg. 12 Financial Update – September 2015 1.d.a 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 Attachment: I. d. Financial Update (4774 : Financial Update (Charlotte Dunworth)) Amended Budget: (1)$15K transferred from convention center operations to personnel to cover overtime; (2)$25K added to convention center operations for Aramark annual investment contribution; (8)$376K cash carryforward for ECCC operations & equipment; (11)$15K cash carryforward for 35% O&M; (12)$1.3M cash carryforward transfer to 1st penny for beach restoration. September 17, 2015 Tourist Development Department, Okaloosa County, FL 6 of 8 Packet Pg. 13 Financial Update – September 2015 1.d.a FOURTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  expansion, renovation, reconstruction of the convention center and outdoor venues Attachment: I. d. Financial Update (4774 : Financial Update (Charlotte Dunworth)) Amended Budget: (14)$1.6M cash carryforward for future ECCC improvements. September 17, 2015 Tourist Development Department, Okaloosa County, FL 7 of 8 Packet Pg. 14 Financial Update – September 2015 1.d.a FIFTH PERCENTAGE (These permissible uses are intended to be representative, not all-inclusive)  tourism promotion Attachment: I. d. Financial Update (4774 : Financial Update (Charlotte Dunworth)) Amended Budget: (3)$15K transferred from special events to capital for interactive trade show booth purchase; (4)$74K transferred from 5th penny promotional reserve for Destin to Fish production; (6)$125K transferred from SMP to BP; (9)$4K for tourism summit partnerships; (10)$125K transferred from reserves to replenish SMP; (13)$43K cash carryforward adjustment. PROMOTIONAL ACTIVITIES (-548xxx accounts) Amended Budget: (3)$15K transferred to capital for interactive trade show booth purchase; (4)$74K transferred from 5th penny promotional reserve for Destin to Fish production; (6)$125K transferred from SMP to BP; (9)$4K for tourism summit partnerships; (10)$125K transferred from reserves to replenish SMP. Recommendation to BCC: Approve the financial update as presented. September 17, 2015 Tourist Development Department, Okaloosa County, FL 8 of 8 Packet Pg. 15  1.e Tourist Development Council Meeting: 09/24/15 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 # 4775) DOC ID: 4775 Review of Adopted FY16 Budget (Charlotte Dunworth) Updated: 9/21/2015 10:05 AM by Aida Wilkinson Page 1 Packet Pg. 16  1.e.a TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: September 24, 2015 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Attachment: I. e. Review of Adopted FY16 Budget (4775 : Review of Adopted FY16 Budget (Charlotte Dunworth)) Charlotte Dunworth, Finance, Administration, & Compliance Manager SUBJECT: Review of Adopted FY 2015-16 Budget STATEMENT OF ISSUE: Pursuant to Section D.200(1)(d) of the TDD Operations and Procedures Manual, the Council shall review the approved budget to ensure conformity with the County Tourist Development Plan and the provisions of Section 125.0104, Florida Statutes. BACKGROUND: The Board of County Commissioners held public hearings on the FY 2015-16 budget on September 3 & 14. The budget has not been substantively changed from the budget recommended by the Council in May, and includes the adjustments for local event marketing funding and interns as recommended by the Council in July. If the Council has any objections to the approved budget, the objection(s) shall be presented to the Board. The FY 2015-16 budget as adopted by the Board is attached for review. OPTIONS: N/A RECOMMENDATION TO BCC: N/A, no recommendation needed unless the TDC has objections. Packet Pg. 17  Budget Revenue Report - Departments (Approved) 1.e.a 2nd Prior 1st Prior Current Budget BCC % Account Title Actual Actual Original Approved +/- +/- 104 TOURIST DEVELOPMENT FUND 340 FEE REVENUE 345 ECONOMIC ENVIRONMENT FEES 1151R 5TH TDT-REVENUE 312145 TOURIST DEV TAX-5TH CENT $2,704,003 $2,956,063 $2,680,000 $3,000,000 $320,000 11.9% Attachment: I. e. Review of Adopted FY16 Budget (4775 : Review of Adopted FY16 Budget (Charlotte Dunworth)) TAXES $2,704,003 $2,956,063 $2,680,000 $3,000,000 $320,000 11.9% 361101 INTEREST ON TIME DEPOSITS $0 $6,324 $40,000 $7,000 ($33,000) (82.5%) 361104 STATE INVESTMENT POOL INT $0 $257 $7,500 $750 ($6,750) (90.0%) 366990 DONATIONS-OTHER $0 $0 $0 $0 $0 NA 369901 REIMBURSEMENT-ADVERTISING $76,094 $52,569 $10,000 $40,000 $30,000 300.0% MISCELLANEOUS REVENUE $76,094 $59,150 $57,500 $47,750 ($9,750) (17.0%) 389901 BALANCES-CASH $0 $0 $3,500,000 $2,929,994 ($570,006) (16.3%) OTHER SOURCES $0 $0 $3,500,000 $2,929,994 ($570,006) (16.3%) TOTAL DEPARTMENT $2,780,097 $3,015,213