1 / 17

2008-2009 Fiscal Budget

2008-2009 Fiscal Budget. PRESENTED BY: GARRY D. CRONIN MARCH 25, 2008. Incremental Tax - .51% (6% X 8.5%). Sales Tax 6.0%. KY Center 1.0%. Lodging Tax 1.0% (06/05). CVB 4.5%. Bond Debt Service 2.0%. Room Tax Breakdown. Total Room Tax = 15.01%. $11.3MM. $11.3MM. $10.47MM.

hollie
Download Presentation

2008-2009 Fiscal Budget

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2008-2009 Fiscal Budget PRESENTED BY: GARRY D. CRONIN MARCH 25, 2008

  2. Incremental Tax - .51% (6% X 8.5%) Sales Tax 6.0% KY Center 1.0% Lodging Tax 1.0% (06/05) CVB 4.5% Bond Debt Service 2.0% Room Tax Breakdown Total Room Tax = 15.01%

  3. $11.3MM $11.3MM $10.47MM $9.6MM $9.2MM $8.2MM $7.9MM $7.8MM $8.8MM $8.7MM Room Tax Trends (FY 03/04 – FY 07/08)

  4. Room Tax Ranking against Competitive Set

  5. • REVIEWED HISTORICAL DATA - Occupancy Rates - Average Room Rates - Hotel Room Inventory • SURVEYED GENERAL MANAGERS FROM VARIOUS HOTELS • REVIEWED PRIOR YEAR BED TAX TRENDS • RYDER CUP EFFECT • REVIEWED FUTURE BOOKED BUSINESS & LOST BUSINESS Methodology 2008/2009

  6. Ryder Cup Effect $300,000 Advertising $399,000 2.8% Projected Revenue 2008/2009 Total Budget = $13,935,514

  7. Ryder Cup Effect 2008/2009

  8. Bureau Budget by Department 2008/2009 Total Budget = $13,935,514

  9. Major Expense Components 2008/2009 Total Expenses = $13,935,514

  10. Partner Development $60,030 1.44% Finance/Administration 2008/2009 Total Budget = $4,176,571

  11. Convention Sales 2008/2009 Total Budget = $3,732,681

  12. Leisure (Group) $50,000 Meeting Planners 24-Page Outsert $150,000 Visitors Guide $150,000 Leisure (Tourism) $675,000 Convention Development $400,000 General Printing $195,000 Other $193,500 Community Awareness $100,000 Multicultural $20,000 Marketing/Communications 2008/2009 Total Budget = $3,621,385

  13. Bureau Services/Visitors Center 2008/2009 Total Budget = $1,382,132

  14. International Motor Coach Group $25,000 KTC Fall Conference $20,000 Special Events/ Sponsorships $287,000 28.06% Tourism 2008/2009 NTA Fall Marketplace $20,000 Total Budget = $1,022,747

  15. Remaining Principal Balance (03/08) $32,565,000 Principal paid off $6,435,000 2004A Fixed Rate Series Bond Issue: $39,000,000

  16. Remaining Principal Balance (03/08) $11,875,000 Principal paid off $3,300,000 2004B Variable Rate Series Bond Issue: $15,175,000

  17. FIXED RATE SERIES: 2004A BONDS FIXED RATE BONDS • Scheduled Annual Principal Payment: $1,655,000 (Dec 2008) • Scheduled Semi-Annual Interest Payments: $ 728,808 (Dec 2008) • $ 708,120 (June 2009) • Required Debt Service$3,091,928 • VARIABLE RATE SERIES: 2004B BONDS • Monthly Interest Payments • Fixed rate (4.34%) on $7.000MM $ 303,800 • Floating rate (3.5% avg. est) on $4.875MM $ 170,625 • Required Debt Service $ 474,425 MISCELLANEOUS FEES (liquidity, remarketing, etc) $ 150,000 TOTAL DEBT SERVICE REQUIREMENTS $3,716,353 EST 07/08 BED TAX COLLECTIONS: $5,300,671 (2%) EST INTEREST INCOME: TOTAL REVENUE $180,000 $$5,480,671 Bond Debt Service 2008-2009 PROJECTED SURPLUS$1,764,318

More Related