HomeMy WebLinkAbout2022-07-13; Carlsbad Tourism Business Improvement District; ; CTBID Finance UpdateMeeting Date: July 13, 2022
Subject: CTBID Finance Update
Recommended Action
Receive an informational report regarding CTBID Funds and tourism in Carlsbad, discuss and
provide recommendations.
Item Explanation
This item provides an update on CTBID finances, including CTBID budget, revenue, and forecast.
This report will also include Smith Travel Report data. The CTBID Advisory Board will have an
opportunity to discuss and ask questions regarding CTBID finances.
Fiscal Impact
None
Environmental Impact
This action does not constitute a "project" within the meaning of the California Environmental
Quality Act under California Public Resources Code Section 21065 in that it has no potential to
cause either a direct physical change in the environment, or a reasonably foreseeable indirect
physical change in the environment.
July 13, 2022 Item #1 Page 1 of 1
FINANCE UPDATE
Recommendation: Receive an informational report regarding CTBID funds and tourism in
Carlsbad, discuss and provide recommendations. Item 1
Finance Update
June 30, 2022
CTBID Assessment Revenue
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
Series1 Series2 Series3$372,061$456,755$346,590$556,927$814,657$416,270$601,035$408,512$318,479$577,026$362,484$528,901$692,482Month of hotel stay
2021-22 Budget to Actual
Budget Actual Difference
2021/22 6/30/2022
Revenues:
CTBID Assessment $3,600,000 $ 6,080,118 $ 2,480,118
Interest Earnings $ - $ 25,700 $ 25,700
Total Estimated Revenues $3,600,000 $ 6,105,818 $ 2,505,818
Expenditures:
2% Administrative Fee - $ 72,000 $ 104,700 $ (32,700)
CCVB Contract $3,000,000 $ 2,615,958 $ 384,042
Staff support $ 50,000 $ 19,206 $ 30,794
Civitas Contract $ 50,000 $ 22,570 $ 27,430
CTBID Grants $ 100,000 $ 64,710 $ 35,290
Total Expenses $3,272,000 $ 2,827,144 $ 444,856
FYTD 2021 vs 2022
Actual Actual $%
Revenues:6/30/2021 6/30/2022 Difference Difference
CTBID Assessment $ 1,867,249 $ 6,080,118 $ 4,212,869 225.6%
Interest Earnings $ 17,327 $ 25,700 $ 8,373 48.3%
Total Estimated Revenues $ 1,884,576 $ 6,105,818 $ 4,221,242 224.0%
Expenditures:
2% Admin. Fee - City $ 37,345 $ 104,700 $ 67,355 180.4%
CCVB Contract $ 564,600 $ 2,615,958 $ 2,051,358 363.3%
Staff support $ 17,543 $ 19,206 $ 1,663 9.5%
Civitas Contract $ 12,000 $ 22,570 $ 10,570 88.1%
CTBID Grants $ 30,000 $ 64,710 $ 34,710 115.7%
Total Expenses $ 661,488 $ 2,827,144 $ 2,165,656 327.4%
Financial Highlights –May 2022
May CTBID Revenue collections $692,482
May TOT Revenue $3,543,133
May Occupancy rate 71.5%
Last 12 months CTBID rev is up 224%over the prior 12-month
period
Occupancy is up 11 basis points or 18% over the previous year
Current reserve balance = $2,286,032
Total number of hotel rooms 5,056
Smith Travel Research Data
For the month of: May 2022
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
City of Carlsbad, CA+71.5 60.5 216.25 172.53 154.65 104.45 67.9 50.5 202.57 139.86 137.61 70.62
San Diego County, CA 73.8 62.1 200.86 150.80 148.16 93.65 70.0 50.9 183.07 127.23 128.11 64.80
San Diego/La Jolla, CA 75.5 60.6 252.40 188.46 190.57 114.30 72.0 47.8 229.82 162.28 165.37 77.57
Sea World/Old Town/Airport, CA 70.7 65.7 206.39 180.25 145.98 118.42 68.1 50.3 183.53 147.63 125.06 74.26
Santa Barbara, CA+71.7 68.9 331.13 281.89 237.41 194.36 69.9 56.6 295.85 229.91 206.90 130.06
Palm Springs, CA 61.8 55.8 225.04 196.73 138.98 109.68 68.4 49.8 266.21 180.38 182.17 89.86
Anaheim, CA 71.0 60.7 117.19 84.08 83.22 51.05 69.3 57.3 113.01 76.99 78.34 44.11
Santa Monica, CA+77.6 59.9 410.86 315.64 318.83 189.18 73.3 42.7 400.27 273.51 293.32 116.68
City of Oceanside, CA+64.7 60.0 170.24 124.54 110.21 74.69 62.8 57.4 153.29 102.26 96.28 58.74
City of Dana Point, CA+65.9 43.5 416.48 404.45 274.42 175.76 55.5 31.1 387.40 355.80 215.03 110.82
City of Newport Beach, CA+60.2 52.7 341.95 287.16 205.89 151.26 55.4 38.8 326.56 278.41 180.96 108.07
Huntington Beach, CA+72.7 62.4 265.26 223.99 192.82 139.87 66.3 50.0 243.46 191.78 161.50 95.81
Current Month - May 2022 vs May 2021
Occ %
Year to Date - May 2022 vs May 2021
Occ %RevPARADRRevPARADR