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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.

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2008-2009 Fiscal Budget

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  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

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