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HomeMy WebLinkAbout2015-01-21; Carlsbad Tourism Business Improvement District; 01-15-110; VisitCarlsbad FY 2014-15 Mid Year UpdateCARLSBAD TOURISM BUSINESS IMPROVEMENT DISTRICT AGENDA BILL CTBID STAFF GENERAL COUNSEL AB# MTG. 01-15-110 1-21-15 VisitCarlsbad FY 2014-15 Mid Year Update RECOMMENDED ACTION: Receive report. ITEM EXPLANATION: The CTBID contracted with Carisbad Convention and Visitors Bureau ("VisitCarisbad") to provide various tourism services. The contract requires VisitCarisbad "To provide periodic updates at the CTBID's request and a year-end report on the program of work deliverables which shall include an accounting of funds spent by program in a format approved by the CTBID Board. Allocation of the unspent funds shall be determined by the CTBID Board." Attached is the mid-year Profit and Loss report for the fiscal year ending June 30, 2015 (Exhibit 1). This is an information only item and no action is required ofthe CTBID. 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. VisitCarisbad FY 2014-15 Profit and Loss as of December 31, 2014. DEPARTMENT CONTACT: Cheryl Gerhardt, 760-602-2753, cheryl.gerhardt@carisbadca.gov VISIT CARLSBAD Profit and Loss July - December, 2014 Income 700 Public Sources 701 CTBID Revenues Total 700 Public Sources 705 Private Sources 706 Retail Sales Total 705 Private Sources Total Income Gross Profit Expenses 800 Labor Expenses 801 Salaries - Officers 802 Salaries - Direct Labor 803 Employee Benefits 804 Workers Comp. Insurance 806 Payroll Tax Expense (SUI, FUTA) Total 800 Labor Expenses 900 Promotional Programs carisbad where to go for fun EXHIBIT 1 TOTAL 388,778.00 $ 388,778.00 82.90 $ 82.90 $ 388,860.90 $ 388,860.90 46,221.59 56,418.79 9,789.72 1,907.00 7,870.50 $ 120,300.60 Net Operating Income Net Income $ 45,604.68 $ 45,604.68 FY2015 BUDGET 755.500 $755,500 $755,500 92,443 97,374 23,000 4,000 17,000 $233,817 VARIANCE -366.722 -$366,722 -$366,639 -46.221 -40,955 -13,210 -2.093 -9,130 •$113,516 901 Advertising & Production 2,971.10 5,000 -2,029 902 Research 8,000 -8,000 903 OutsideServices 903.1 Interactive Marketing 154,309.00 331,609 -177,300 903.2 Group Direct Services 50,000 -50,000 903.3 Public Relations Services 31,434.14 70.000 -38.566 Total 903 OutsideServices $ 185,743.14 $451,809 -$265,866 904 Travel & Entertainment 6,450.03 15,000 -8.550 905 Dues & Subscriptions 6,273.43 5.000 1.273 906 Collateral Prod. & Fulfillment 858.60 5,000 -4.141 907 Public Relations Events 2,839.00 6,500 -3.661 Total 900 Promotional Programs $ 205,135.30 $496,109 -$290,974 950 General Administration Expenses 951 Bank Service Charges 201.59 1.000 -798 952 Equipment Rental & Replacement 1,537.27 3.000 -1,463 953 Facility Repairs & Maint. 150 -150 954 General Liabilty Insurance 1,211.00 1,200 11 956 Office Supplies 284.27 2,000 -1,716 957 Postage 116.83 974 -857 958 Taxes - General 59.63 150 -90 959 Telephone 2,770.30 5,000 -2,230 960 Professional Services 3,200.00 5,600 -2,400 961 Volunteer Program 357.42 1.000 • -643 962 Miscellaneous Expenses 2,709.81 1.000 1,710 963 Utilities 1,093.39 2.500 -1.407 964 Computer Expense 2,342.71 2.000 343 Total 950 Generai Administration Expenses Unapplied Cash Bill Payment Expense 'otal Expenses $ 15,884.22 29.10 $25,574 -$9,690 Total 950 Generai Administration Expenses Unapplied Cash Bill Payment Expense 'otal Expenses $ 343,256.22 $755,500 -$412,244 Wednesday. Jan 14. 2015 01:00:10 PM PST GMT-8 - Cash Basis 4'