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FY11 Budget Workshop May 18, 2010

FY11 Budget Workshop May 18, 2010 . FY11 Proposed Convention and Visitor’s Bureau and Convention Center Budgets . Overview of Tourist Taxes (in millions). Greater Fort Lauderdale Average Occupancy Rate. Greater Fort Lauderdale Average Daily Rates.

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FY11 Budget Workshop May 18, 2010

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  1. FY11 Budget Workshop May 18, 2010 FY11 Proposed Convention and Visitor’s Bureau and Convention Center Budgets

  2. Overview of Tourist Taxes (in millions)

  3. Greater Fort Lauderdale Average Occupancy Rate

  4. Greater Fort Lauderdale Average Daily Rates

  5. Greater Fort Lauderdale Convention & Visitors Bureau RevPAR Analysis

  6. Multi-Year Forecast and Planning • Multi-year revenue and expense forecasts indicate preventative actions are needed to avoid steep reductions over next five years. • Increase reserves and decrease expenses to provide a “cushion” until revenue levels return to prior levels. (Recently completed through 2nd supplemental budget)

  7. Multi-Year Forecast and Planning (continued) • Continue decreased expenses for the next five years • Monitor revenues and expenses on an ongoing basis and adjust as needed

  8. Tourism-Related Operating Budgets*

  9. Convention and Visitors Bureau-Recommended Major Changes FY10 to FY11 • $3.4M increase in reserve due to FY10 mid-year expense reductions to provide “cushion” to avoid severe cuts in future years. • $240K decrease in promotional activities, promotional supplies and contract services public relations.

  10. Convention Center - Recommended Major Changes FY10 to FY11 • $2M increase in reserve due to FY10 mid-year reductions to provide “cushion” to avoid severe cuts in future years. • $250K decrease in transfer of tourist tax to CVB fund based on overall reduction in tourist tax. • $450K decrease in advertising. • $640K decrease in insurance coverage • $4.6M decrease due to re-phasing of funding for Spangler Road By-Pass project.

  11. Recommended FY 11-14 Convention Center Capital Program • Convention Center Capital Program Recommendations • FY 11 – Curtain Wall $660K • FY 12 –Entrance Renovations $575K • FY 13 – Entrance Renovations $575K • FY 14 – HVAC Chiller & Fountain $650K • FY 15 - HVAC Chiller & Fountain $650K

  12. Arena Fund Allocations • Supported with Two Cents Tourist Tax and $2M Sales Tax Rebate • All proceeds are transferred to the Arena Debt Service Fund

  13. Arena Fund Allocations • After Arena debt expenses are satisfied, balance is allocated for: • CVB promotional expenses including Film Office, • Beach Renourishment • Beach Renourishment workshop is scheduled for September 21st

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