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FY 2010 Proposed Budget

FY 2010 Proposed Budget. City of Laredo Convention & Visitors Bureau. Hotel Tax Revenue and CVB Operating Budget. Hotel Occupancy Tax Collections As of 7.29.09 2.2 million of 2.8 projection (amended budget amount) 80.3% of projection has been met. CVB OPERATING BUDGET FY 2009: $2,725,778

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FY 2010 Proposed Budget

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  1. FY 2010 Proposed Budget City of LaredoConvention & Visitors Bureau

  2. Hotel Tax Revenue and CVB Operating Budget Hotel Occupancy Tax Collections As of 7.29.09 2.2 million of 2.8 projection (amended budget amount) 80.3% of projection has been met CVB OPERATING BUDGET FY 2009: $2,725,778 FY 2010: $1,847,185 PROPOSING A 32.23% DECREASE IN FUNDING Proposed Major Fund Cuts • Director $87,294 (100% unfunded) • Tourism Sales Manager $26,962 (50% unfunded) • Marketing Manager $16,519 (25% unfunded) • Management Fees $300,000 (agency contract) • Other Charges $402,000 (LEC operations)

  3. Room Revenues dropped 8% Decline is the largest since 1986 Occupancy Dropped 7.9% from one year ago Room-night price declined 3.9% Revenue Per Available Room declined 11.5% Market reports and trends indicate a likely worsening for the 2009 Second Quarter Source: Texas Hotel Factbook, First quarter 2009, issued by the Governor’s office of Economic Development and Tourism; Texas Dept. of Transportation; LCVB Local Tourism/ Hotel Market Indicators Laredo HOT revenue, as reported to the State Comptroller, vs. 2007, declines 0.6 % $53,294,801 vs. $52,996,936 Laredo occupancy vs. 2007, declines 2.9% / 58.8% vs. 55.9% Room nights sold vs. 2007, decline 4% / 865,991 vs. 827,818 Occupancy first quarter, 08 vs. 09, declines 11.9% / 56.8% vs. 44.9% Room revenue first quarter 08 vs. 09, declines 20.5% $13,127,633 vs. $10,443,000 Laredo TX Travel Information Center visitor inquiries (Jan-Jul YTD 08 vs. 09) decline 49.7% CVB walk in visitors (Oct-Jul FYTD 08 vs. 09) decline 14% I-94 permits issued at Port of Laredo through April 09 vs. 08 decline 18.7% Texas Hotel Outlook First Quarter 2009

  4. HOTEL MOTEL OCCUPANCY TAX COLLECTIONS FY 2009 Projection: $3,424,128 (original budget) Amended to $2.8 M FY 2010 Projection: $2,543,982 PROJECTING A 25.7% DECREASE IN COLLECTIONS

  5. FY 2009 Vs. FY 2010 BILLBOARD, PRINT and ELECTRONIC ADVERTISING BUDGET FY 2009: $705,045 FY 2010: $743,952 INCREASING THE ADVERTISING BUDGET BY $38,907

  6. New in 2009 U.S. Marketing • Hosted Meet the Bureau Night event to raise local awareness for CVB services • Hosted four media familiarization tours • Executed and administered contract for US domestic marketing, advertising and public relations services • Tag line • Advertising and collateral image redesign

  7. New in 2009 Mexico Marketing • Mexico Shopping Spree • Spanish Language Visitors Guide • Monterrey Vehicle purchase and van wrap • Style fashion shows in Monterrey, Nuevo Leon MX • Print advertising in Guadalajara • Downtown merchant coupon sheet

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