HomeMy WebLinkAbout2013-12-04; Carlsbad Tourism Business Improvement District; 12-13-97; Tourism StudyCARLSBAD TOURISM
BUSINESS IIVIPROVEMENT DISTRICT (CTBID)
AGENDA BILL
AB# 12-13-97
Tourism Study
CTBID STAFF riA^
GENERAL -^-^^-^
COUNSEL MTG. 12-04-13 Tourism Study
CTBID STAFF riA^
GENERAL -^-^^-^
COUNSEL
Tourism Study
RECOMMENDED ACTION:
Receive report from Community and Economic Development Director, Kathy Dodson on the City
of Carisbad's recent Tourism Study Request for Proposals and discuss the CTBlD's interest in
cost sharing and participation on the consultant selection committee.
ITEM EXPLANATION:
The tourism industry is a strong economic driver in the City of Carlsbad. Transient Occupancy
Taxes (TOT) provide 12 percent ofthe city's general fund revenue, in addition to sales and property
tax revenue generated by the industry. Carisbad attracts 2.7 million visitors each year, and there
are over 1,500 businesses that serve these visitors, providing jobs for over 11,000 employees.
The tourism industry in Carisbad was hit hard by the recession, with TOT dropping from a high of
$14.3 million in FY 2007-08 to a low of $12.9 million In FY 2009-10. The industry has now
completely recovered, and TOT was at an all-time high in FY 2012-13 with $14.7 million in revenue.
Room nights sold in FY 2012-13 were 917,000, compared to 856,000 last year (FY 2011-12). In
FY 2009-10, room nights sold were 776,000. Room rates have also recovered, with the average
daily rate (ADR) for rooms rising to $147 for the period from January to June 2013, up from $145
the prior calendar year. In 2010, ADR was $134.
Even though we have seen a strong recovery in the tourism market, there are still some
weaknesses in this sector that should be addressed. Carisbad tends to have a low annual
occupancy rate when compared with other California destination cities. Our current average annual
occupancy rate for hotel rooms is 66 percent, which is above the national average of 61 percent.
This compares with San Diego/La Jolla at 72 percent, Anaheim at 75 percent and Santa Monica
claiming an 84 percent average annual occupancy rate. Occupancy rates in Carisbad are
extremely variable over the course of a year, with occupancies above 80 percent in the peak
summer months and falling to below 50 percent during the winter (Exhibit 1).
Given Carisbad's year-round good weather and attractions such as the beach, LEGOLAND
Califomia, golf courses, and great shopping options, we have the opportunity to improve our
occupancy rates in the off-season. To better understand where these opportunities are, City of
Carisbad staff recommended to the City Council the completion of an economic study of Carisbad's
tourism industry that compares our city with similar destination cities and analyzes occupancy rates
by room type, tourism marketing spending return on investment and other tourism data that would
provide strategic recommendations to improve upon our strengths and weaknesses. At its
September 2013 meeting, the Council directed staff to issue a Request for Proposal (RFP).
The RFP (Exhibit 2) was issued on September 30, 2013 and was due to the City on October 21,
2013. A total of nine proposals were received ranging in price from $8,500-$107,900. Before the
final recommendation Is made to the City Council, the City would like to discuss whether or not the
CTBID would be interested in cost sharing and participation on the committee to select the
consultant to perform the study.
FISCAL IMPACT:
None.
ENVIRONMENTAL IMPACT:
This action does not qualify as a project under the California Environment Quality Act ("CEQA")
and will not have a physical adverse effect on the environment (CEQA Regulation 15378(b).
EXHIBITS:
1. Carisbad Tourism Infonnation Data Sheet
2. Request for Proposal for City of Carisbad Tourism Study
DEPARTMENT CONTACT: Cheryl Gerhardt, 760-602-2753. chervl.qerhardt@.carisbadca.gov
Exhibit 1
Carlsbad Tourism Information and Data
August 2013
Chart 1: Transient Occupancy Tax {in millions
$16.0
$14.0
$12.0
$10.0 T
$8.0
$6.0
$4.0
$2.0
$0.0
<,A'V^
14.7
V
Chart 2: Transient Occupancy Tax (in millions)
Revenue separated between hotel and timeshare
$16.0
• Timeshare
$14.0
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Exhibit 1
Chart 3: Hotel Occupancy Rate
Variance in Hotel Occupancy Rate by Month (two highest years)
2012 2008
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
-page break-
Chart 4: Hotels In Carisbad
Exhibit 1
Hotels (citywide) # Rooms
1 BEACH TERRACE 48
2 BEACH VIEW 41
3 BEACH WALK VILLAS 9
4 CARLSBAD BY THE SEA RESORT 149
5 CARLSBAD INN HOTEL 62
6 COMFORT INN 46
7 COURTYARD BY MARRIOTT 145
8 ECONO LODGE 39
9 EXTENDED STAY AMERICA 106
10 GRAND PACIFIC PALISADES HOTEL 90
11 HAMPTON INN 94
12 HILTON CARLSBAO OCEANFRONT RESORT AND SPA 215
13 HILTON GARDEN INN 161
14 HOMEWOOD SUITES 145
15 HYATT HOUSE 94
16 LA COSTA RESORT 610
17 LA QUINTA CARLSBAD 112
18 LEGOLAND HOTEL 250
19 OCEAN VILLA AT CARLSBAD 8
20 MOTEL 6 #1021 109
21 MOTEL 6 #1351 138
22 MOTEL 6 #471 160
23 OCEAN PALMS BEACH RESORT 50
24 PARK HYATT AVIARA RESORT 329
25 PEUCAN COVE 10
26 QUALITY INN AND SUITES 126
27 RAMAOA INNS 121
28 RESIDENCE INN 121
29 ROADWAY INN 66
30 SCANDIA MOTEL 15
31 SEASHORE RESORT 9
32 SHERATON CARLSBAO 250
33 SURF MOTEL 28
34 TAMARACK BEACH RESORT 25
35 WEST INN 86
TOTAL 4,067
Exhibit 1
Chart 5: Major Timeshare Properties in Carlsbad
Major Timeshare Properties # Rooms
1 CARLSBAD INN HOTEL 132
2 CARLSBAD SEAPOINTE 95
3 FOUR SEASONS TIME SHARES 246
4 GRAND PACIFIC MARBRISA 155
5 GRAND PACIFIC PALISADES 161
6 HELM / TAMARACK BEACH RENTALS 56
7 LA COSTA RESORT AND SPA* 58
TOTAL
•fractional ownership
Chart 6: Future potential hotel projects
903
Properties U Hotel Rooms # Timeshare Rooms
1 DKN HOTEL-SPRINGHILL SUITES 104
2 FAIRFIELD INN 100
3 FOUR SEASONS AVIARA 108
4 GRAND PACIFIC MARBRISA 116
5 HOLIDAY INN 133
6 UCOSTA RESORT ANO SPA 234
7 LUMIERE HOTEL 39
8 SHERATON PHASE II 100
9 STAY8RIDGE SUITES 106
TOTAL 816 224
EXHIBIT 2
REQUEST FOR PROPOSALS
FOR
CITY OF CARLSBAD TOURISM INDUSTRY STUDY
September 30,2013
/</FO^^
PROPOSALS DUE:
5:00 P.M. (PST)
Monday. October 21.2013
RETURN TO:
City of Carisbad
Community & Economic Development
1635 FaradayAvenue
Carisbad, CA 92008
Attention: Kathy Dodson
REQUEST FOR PROPOSALS (RFP)
FOR CITY OF CARLSBAD
TOURISM INDUSTRY STUDY
I. INTRODUaiON
The City of Carisbad (the City) is seeking proposals from qualified firms for professional
services to conduct an in depth analysis of the cit/s tourism industry and to provide a
strategic action plan. The study is being conducted to provide the City with a thorough
understanding of the details and data related to tourism and to understand why Carisbad
does not peri'orm as well as other similar California destination cities. The study is intended
to provide the basis for a strategic action plan to help improve Carisbad's performance as a
year-round tourism destination,
II. PROJEa BACKGROUND AND DESCRIPTION
A. Project Background
The City of Carisbad is a scenic coastal community located in North San Diego County, 35
miles north of downtown San Diego and 54 miles south of the John Wayne Airport in
Orange County. The city's population is almost 107,000 and covers 39 square miles, 40
percent of which is dedicated to open space, including three lagoons, 46 miles of hiking
trails and neariy seven miles of coastline. The city benefits from the southern California
coastal climate with annual average high temperatures ranging from 62 to 71 degrees
throughout the year. On average, the city receives less than one inch of precipitation per
month.
Founded because its mineral water attracted visitors from throughout the region, Carlsbad
continues to be a Southern California tourist destination. In addition to those attracted to
the natural amenities (beaches, lagoons and trails), Carisbad is home to Legoland California
and the first U.S. Legoland Hotel. The city has two worid-class resorts -La Costa Resort &
Spa and the Park Hyatt Aviara. Both resorts offer tournament-level golf courses. The
Crossings municipal golf course and the Rancho Carlsbad course are two other courses
available to visitors. The Carisbad Premium Outlets offer year round designer retail brands
to the region's residents and visitors.
Carisbad also attracts thousands of visitors from May through June when the Flower Fields
are In full bloom. Active events also attract outside visitors to Carisbad. The city hosts
annual marathon, triathlon and 5K races.
The city's tourism and hospitality industry supports over 11,000 jobs and 1,500 local
businesses. It provides 12 percent of the city's general fund, generating over $14 million in
Transient Occupancy Tax (TOT) revenue in FY 2012-13. Carisbad is the county's second
largest generator in TOT revenue behind the City of San Diego. The city has over 4,000
hotel rooms and over 900 time share units.
Tourism revenues are generated by the city and two business improvement districts. The
city's transient tax rate is 10% on total rent receipts. The Carlsbad Tourism BID (CTBID)
levies a $1 assessment on each occupied room per night. The Carisbad Golf Lodging BID
(CGLBID) is a voluntary district that levies a $2 assessment on each occupied room per
night. The CTBID assessment is to administer the marketing and visitor programs to
promote the City of Carisbad as a tourism destination. The CGLBID assessment is to
promote golf related overnight stays in Carlsbad. Visit Carlsbad is the official destination
marketing organization for Carisbad and they are funded through CTBID revenue ($910,000
in FY 2012-13).
B. Project Description
Industrv Studv and Action Plan
Despite these year-round attractive amenities, the city's average annual occupancy rate is
66 percent. Carisbad's vacancy is extremely variable on an annual basis, achieving
occupancy over 80% in the summer months and dropping below 50% between November
and January. This is below occupancy rates in comparable cities such as San Diego, Santa
Barbara, Santa Monica and Anaheim. The city seeks a study to analyze the tourism industry
in Carisbad in order to understand why the city is not performing as well as comparable
California destination cities. Together with the study, the City of Carisbad seeks a strategic
action plan providing recommended actions and strategies to improve and prepare for
future tourism opportunities.
111. SCOPE OF REQUIRED SERVICES
The Consultant will design a study and action plan program to address the following needs.
The Consultant will meet with the economic development team at designated key points in
the assessment process to provide updates and receive feedback.
Task 1; Analvsis: The following areas should be analyzed. Consultants are encouraged to
provide any additional data, metrics or approaches that will further the analysis of
Carisbad's tourism industry to better inform the development of an action plan that wilt
improve the city's ability to capitalize on market opportunities.
Companson with similar California destination cities: Consultant is expected to suggest
comparison cities
1. Hotel occupancy rate and TOT revenue
2. Number of rooms by category per visitor and TOT revenue.
3. Tourism marketing spending by category
4. Return on investment in tourism marketing spending
5. Market segmentation
6. Room rate by type
Carlsbad tourism analysis
1. Analysis of potential increases in occupancy, TOT and spending
2. Potential return on investment of tourism marketing spending
3. Segmentation analysis - spending and stay duration by segment.
4. Hotel mix analysis- by property type (e.g., resort, limited service, extended stay,
economy, etc.)
5. Qualitative report on successful marketing programs of destination cities in
California
6. Organizational analysis of Carisbad's tourism funding structure with comparative
report on other organizational examples and performance metrics. Analysis should
include revenue streams that fund tourism as well as tourism expenditures.
Task 2: Strategic Action Plan: Based on the industry analysis conducted in Task 1, the
Consultant shall develop a strategic action plan recommending actions and strategies to
help the City of Carisbad improve its performance as a California destination city. The plan
should include specific recommendations for strengthening the tourism industry
partnerships and collaborations. Recommendations may also include but not be limited to:
changes in revenue streams and organizational structure; recommendation of untapped or
underrepresented markets; successful marketing strategies and tactics.
Task 3: Presentations and Reports: Consultants shall prepare the following reports:
1. Report on analysis of Carisbad's tourism industry at the end of Task 1. Consultants
would be expected to present this information to internal city staff.
2. Five copies of a draft final report. The report should include:
a. An executive summary.
b. An analysis of the results. This section should include a verbal discussion of the
results as well as graphic illustrations of significant findings.
c. Strategic action plan. The action plan should include any relevant timing or
prioritization related to the recommendations.
3. Presentation to City Council presenting major findings of study and most significant
recommendations in the action plan.
V. PROPOSAL REQUIREMENTS
Contents of the Proposal
The proposal shall Include the following items in the order listed:
1. General - The proposal should be concise, well-organized, and demonstrate the
consultant's qualifications and experience applicable to the project.
2. Firm Experience - Provide a summary of projects that are similar in scope (limit to the
three most applicable) to the type of study noted herein. The summary should include
client name, description, project team, date completed and total project cost.
3. Project Team - Provide the names and qualifications of the key individuals who will be
responsible for delivering these services, their respective roles and the organizational
structure of the team. Technical support staff should be included if they will perform a
significant role in the preparation ofthe work products. Ifthe firm has multiple offices, the
office of record for each team member shall be listed as well as the primary office location
where the work is to be peri^ormed. Please include the percent of time to be spent on the
project by each key individual.
4. Project Approach & Schedule - Provide a summary of the firm's proposed approach to
the project. Approaches should stress efficiency and innovative ways to achieve the scope
of work in a cost-effective, timely manner. Include a proposed schedule for the product
delivery. Provide a statement of time commitment by the firm to this project, justifying
the firm's ability to complete the project within schedule.
5. Cost Proposal - Provide the total direct and indirect costs to complete all tasks identified
in the Scope of Work, or as modified by a proposed alternate approach. Include a list of
any sub consultants proposed for the project, the scope of work and cost for each sub
consultant, and the approximate percentage of the work (as a percentage of the total
project) to be performed by each sub consultant.
VI. Resources
1. 2012 San Diego Convention & Visitor's Bureau Carlsbad Profile:
http://www.carlsbadca.gov/services/departments/economicdevelopment/Documents/
2012$DCVBProfile.pdf
2. August CTBID Financial Report:
http://www.carisbadca.gov/services/departments/economicdevelopment/Documents/
AugustCTBIDFinancialReport.pdf
3. Visit Carisbad: httD://visitcarlsbad.com/
4. Hospitality & Leisure Infographic:
http.//www.carisbadca.gov/services/departments/economicdevelopment/industries/k
ev-industries/Pages/hospitalitv-leisure.aspx
SELECTION PROCEDURE
Proposals will be reviewed and ranked by a selection committee composed of city staff
members. During the evaluation process, the selection committee and the City of Carisbad
reserve the right to request additional information or clarification from firms responding to
this RFP. All proposals deemed responsive by the committee will be evaluated using the
following criteria (listed in no particular order of importance or value of rating).
Proposed services and methodology
Overall response to request
Best value
Schedule
Related experience of firm and project team, as related to this request
If necessary, and at the sole option of the city, the top firms may be invited to an interview
prior to final selection. If the city selects this approach, sufficient time will be given to the
firms to prepare for the interview.
Selection will be based upon the consultant's current ability to provide the highest level of
quality services that meets the requirements and goals of this RFP, the needs of the city,
and provides the best value to the city.
Upon ranking of the proposals based on a review of the selection criteria, staff will begin
negotiations with the firm as to final scope of work, schedule and price. If staff is unable to
reach an acceptable agreement with the selected firm, staff will terminate negotiations,
and initiate negotiations with the next-ranked firm. Upon conclusion of successful
negotiations, staff will recommend to the city management that the city enter into the
proposed agreement.
A copy of the city's professional services agreement is attached for your review. The form
of this agreement will not be subject to negotiations; therefore, if you are not able to sign
this agreement do not submit a proposal.
The City of Carisbad reserves the right to reject any or all proposals or any part of the
proposal, to waive minor defects or technicalities, to award multiple contracts, or to solicit
new proposals for the same scope of work or a modified scope of work.
Vll. SUBMITTAL
Submit five (5) original copies of your proposal no later than 5 p.m., October 21, 2013. Please
address the submittal to:
KATHY DODSON
COMMUNITY & ECONOMIC DEVELOPMENT DIRECTOR
CITY OF CARLSBAD
COMMUNITY & ECONOMIC DEVELOPMENT
1635 FARADAY AVENUE
CARLSBAD, CA 92008
Proposals received after the specified time will not be considered and will be returned to
the consultant. Any questions you may have pertaining to this RFP should be addressed to
Kathy Dodson via email, kathv.dodson@carlsbadca.gov. Questions will not be accepted in any
other format. Answers citing the question, but not identifying the questioner, will be
distributed simultaneously to all vendors who received the RFP. Any other officer, agent, or
employee of the City of Carisbad will not accept verbal questions regarding this RFP. All
questions regarding this RFP must be received in writing (via e-mail) no later than October 7,
2013. Written responses to these questions will be distributed via email to all vendors no later
than October 11, 2013. Thank you for your Interest and we look forward to reviewing your
proposal.
KATHY DODSON
COMMUNITY & ECONOMIC DEVELOPMENT DIRECTOR
Attachment "A" Schedule for nomination, selection and award
Attachment "B" Professional Services Agreement
ATTACHMENT "A"
SCHEDULE FOR NOMINATION, SELECTION AND AWARD
The City anticipates the process for nominating and selecting a consultant, and awarding the
contract will be according to the following tentative schedule:
A. Issue RFP September 30, 2013
B. Questions Due to City October 7, 2013
C. Responses to Questions Posted October 11,2013
D. Proposal Due Date October 21, 2013
E. Oral Interviews (if necessary) Late October 2013
F. Selection and Notification Early November 2013
G. Contract Negotiations Complete Mid November 2013
F. Approval of Contract Early December 2013
G. Notice to Proceed with Work January 2014
The above timeframes are estimates only.
Carlsbad Tourism Study
RFP Proposal
Kathy Dodson
August 20, 2013
^ C CITY OF
>^ CARLSBAD
Carlsbad Tourism Overview
Tourism in Carlsbad
provides:
• 12% of the city's
General Fund revenue
• Support for over
1,500 local businesses
• 11,000 jobs
CARLSBAD
Carlsbad's Tourism Industry Size
• 4,067 hotel rooms
• 903 time share units
• $14,702,411 in FY 2012-13 TOT revenue
• 2"^^ largest TOT revenue generator in San
Diego County ($150,000,000 - City of San
Diego TOT revenue)
CTBID Assessment Revenue
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
Feb Mar April May June July Aug Sept Oct Nov Dec
>2008
•2009
•2012
CITY OF
CARLSBAD
Comparison Data Table
TOT Rate FY 2012 TOT Rev Avg. Annual Occ. Rate
Carlsbad 10% $12,863,391 66%
San Diego/La
Jolla 10.50% $150,819,218 72%
Santa Barbara 12% $13,661,701 68%
Santa Monica 14% $34,874,000 84%
Anaheim 15% $82,605,000 75%
Carlsbad Tourism
How do we straighten out the curve?
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
Hotel Occupancy Rate
2012 2008
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
CITY OF
>^ CARLSBAD
Occupancy Rate Sv\/ings
• Summer occupancies are typically above 80%
• Off season occupancy rates dip below 50%
Amenities
• Carlsbad has year round good weather
• Carlsbad attractions such as LEGOLAND
California, the beach, golf courses and
shopping venues such as the Carlsbad
Premium Outlets are open year round
CITY OF
>^ CARLSBAD
Comparison Conclusions
• Tourism occupancy rates are lower than in
similar destination cities
• Off season drop doesn't match with our year
round weather and amenities
• Comparative industry data is needed to
develop a strategic plan to improve
performance
<^.t CITY OF
Request for Proposal Objective
Gain an understanding of how Carlsbad's
tourism industry performs related to similar
destination cities
dentify opportunities to improve Carlsbad's
annual occupancy rate, which will help
existing businesses within current
infrastructure
CITY OF
CARLSBAD
Tourism Study - Comparison
Comparison with similar California destination cities
• Hotel occupancy rate and TOT revenue
• Numberof rooms by category per visitor and TOT
revenue
• Tourism marketing spending by category
• Return on investment in tourism marketing spending
• Market segmentation
• Room rate by type
Tourism Study - Analysis
Economic Analvsis
• Analysis of potential increases in occupancy, TOT and
spending
• Potential return on investment of tourism marketing
spending
• Segmentation analysis - spending and stay duration
by segment
Marketing Analvsis
• Qualitative report on successful marketing program
of destination cities in California
CARLSBAD
Tourism Study - Action Plan
Based on the analyses, provide recommended
actions and strategies to improve and prepare
for future opportunities.
<< CITY OF
CARLSBAD
Recommendation
Direct staff to prepare and issue a Request for
Proposal for professional services to develop an
economic analysis of the tourism industry in
Carlsbad
100%
Updated Information
Carlsbad Occupancv 12-month Trend
so
NEWPORT IT
BCH/DANA PT Y
2013
SD/LA JOLLA SD/HARBOR/SHELTER
PALM ANAHEIM SANTA BARBAI
SPRINGS MARIA MSA
^ CARLSBAD
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Updated Information
Jan Feb Mar Apr May Jun Jul Aug Sept Oct
•Carlsbad Transient —San Diego County Transient Carlsbad Group San Diego County Group
CITY OF ^ C , T
^ CARLSBAD
Request for Proposals
Based on approval of project from City Council:
• RFP issued on September 30, 2013
• RFP was posted online and 11 companies were
notified
• Proposals were due on October 21, 2013
• Nine proposals were received
• Preliminary review conducted on November
14, 2013 and top four candidates identified
($26,425 - $107,900)
CITY OF
^ CARLSBAD
CTBID
The city would welcome CTBID participation
in the selection and management ofthe
tourism study contract.
Financial Update
Mm
120,000
100,000
80,000
60,000
40,000
20,000
o
yv /V /V
<y A? ^ <y
^
Moffth of hotc^i stav
Mi
N-^'
Hotel Timeshare
El
f* *^ ft/
53%
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
:|an Feb Mar April May June July Aug Seot Oct Nov Dec
• 2008 0 2009 0 2010 H2011 0 2012 0 2013
Month of hotel stay
i I ^ I 11 w
90.0%
80.0%
10.0%
0.0%
^^RSllilllll
NT' ^<f s^<.^'
onth of hotel stay • 2007 BIOOS • 2009 a 2010 •2011 a 2012 . 2013
*Does not include comp rooms " *- :--:>J'/a^'^ '3^
30%
250/0
-IQO/o
I 1 • 1 1*** I 1 %M I
^i^^ ^ ^fc ^
nr
Sept Oct Nov Dec Jan Feb March April May June July Aug Sept
Month of hotel stay
• CTBID BTOT
^ '-.-if I I ^1
This slide shows how actual revenues are tracking compared to the budget on a
month to month basis.
REVENUES JULY AUG SEPT OCT YTD NOV DEC JAN FEB MAR APRIL MAY JUNE
Budget $ 88,555 $ 105,732 $ 102,298 $ 72,942 $369,526 $75,633 $ 58,633 $56,774 $ 63,889 $ 66,064 $78,330 $80,200 $ 75,950
Actual 93,843 109,101 103,683 77,744 $384,371
Difference over/(unde $ 5,288 $ 3,369 $ 1,385 $ 4,802 $ 14,845
Budget Actual Difference
2013/14 10/31/2013
Revenues:
CTBID Assessment $ 925,000 $ 384,466 $ (540,534)
Interest Earnings $ -$ 857 $ 857
Total Estimated Revenues $ 925,000 $ 385,323 $ (539,677)
Expenditures:
2% Administrative Fee -$ 18,500 $ 7,688 $ (10,812)
CCVB Contract $ 750,000 $ 250,000 $ (500,000)
Staff support $ 18,000 $ 5,058 $ (12,942)
CTBID Grants $ 150.000 $ 5,000 $ (145,000)
Total Expenses $ 936,500 $ 267,746 $ (668,754)
Actual Actual $ %
Revenues: 10/31/2012 10/31/2013 Difference Difference
CTBID Assessment $ 361,857 $ 384,466 $ 22,610 6.2%
Interest Earnings $ (263) $ 857 $ 1,119 -425.9%
Total Estimated Revenues $ 361,594 $ 385,323 $ 23,729 6.6%
Expenditures:
2% Admin. Fee - City $ 7,238 $ 7,688 $ 450 6.2%
CCVB Contract $ 266,668 $ 250,000 $ (16,668) -6.3%
staff support $ 2,795 $ 5,058 $ 2,263 81.0%
CTBID Grants $ -$ 5,000 $ 5,000 0.0%
Total Expenses $ 276,701 $ 267,746 $ (8,955) -3.2%
1 • 1 • I
October CTBID Revenue collections $77,744
October TOT Revenue $1,202,854
October Occupancy rate 62.3%
Last 12 months CTBID rev is up 6% over the prior 12 month
period
Last 12 months TOT rev is up 16.24% over the prior 12 month
period
Current Reserve balance = $113,000
Ave Occupancy rate last 12 months = 63%
Total number of hotel rooms 3,943