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74.94 73.54 1.90%
138.08 132.68 4.07%
103.47 97.57 6.05%
991,004 953,932 3.89%
742,652 701,512 5.86%
102,542,287
93,073,749
10.17%
73.39 73.14 0.35%
128.14 128.73 (0.46%)
94.04 94.15 (0.12%)
937,140 919,477 1.92%
687,749 672,463 2.27%
88,126,498 86,567,283
1.80%
MONTH CONSUMED Sep Oct
10.67%
80,916,209 73,117,433
640,905 615,589 4.11%
959,994 923,160 3.99%
84.29 79.20 6.42%
126.25 118.78 6.29%
66.76 66.68 0.12%
Nov
9.14%
59,478,188 54,494,747
539,444 512,632 5.23%
994,748 953,932 4.28%
59.79 57.13 4.67%
110.26 106.30 3.72%
54.23 53.74 0.91%
Dec
5.34%
87,879,324 83,426,161
656,978 642,203 2.30%
997,580 954,649 4.50%
88.09 87.39 0.80%
133.76 129.91 2.97%
65.86 67.27 (2.10%)
Jan
0.67%
45,944,797 45,638,792
361,178 359,477 0.47%
547,060 535,313 2.19%
83.98 85.26 (1.49%)
127.21 126.96 0.20%
66.02 67.15 (1.68%)
02/17 Feb
$ 1.28 B increase in hotel revenues in the
Dallas City Limits Occupancy (%) This Year Last Year % Change ADR ($) This Year Last Year % Change RevPAR ($) This Year Last Year % Change Supply This Year Last Year % Change Demand This Year Last Year % Change Revenue ($) This Year Last Year % Change -
-
-
-
-
-
May
Jun
-
-
-
-
-
-
Jul
-
-
-
-
-
-
Aug
-
-
-
-
-
-
67 months since the district was created
-
-
-
-
-
-
-
Apr
-
-
-
-
-
Mar
(monthly data to prior year)
Dallas City Limits
Hotel Lodging Performance
464,887,303 436,318,165 6.55%
3,628,906 3,503,876 3.57%
5,427,526 5,240,463 3.57%
85.65 83.26 2.88%
128.11 124.52 2.88%
66.86 66.86 (0.00%)
FYTD
1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 -
October
November
80,158 92,300
Variance (Cumulative) Hotel Occupancy Tax Public Improvement District
9.63%
8.47%
December
99,449 136,431
19,291 44,131
9.57%
1,799,595 1,664,207
1,799,595 1,664,207
8.43%
80,158 92,300
2,000,000 1,800,000
9.65%
November 1,780,304 1,620,077
1,586,384 1,462,966
Variance (Monthly) Hotel Occupancy Tax Public Improvement District
Forecast (based on YTD) ## Hotel Occupancy Tax ## Public Improvement District
1,586,384 1,462,966
Actual Hotel Occupancy Tax Public Improvement District
8.16%
October 1,506,227 1,370,666
###
Budget Hotel Occupancy Tax Public Improvement District
7
7.40%
January
6.08%
8.74%
8.45%
9.60%
April
May
243,667 328,821
34,841 47,017
9.69%
1,822,939 1,674,186
9.69%
-
May 1,788,098 1,627,169
9.69%
Actual/Forecast PID
208,826 281,804
34,524 46,590
9.60%
1,806,366 1,658,965
9.60%
-
April 1,771,841 1,612,376
Budget PID
174,301 235,214
30,371 40,985
8.45%
1,589,073 1,459,404
8.45%
-
March 1,558,702 1,418,419
March
143,930 194,229
31,434 42,419
8.74%
1,644,653 1,510,448
8.74%
-
February 1,613,219 1,468,030
Actual/Forecast HOT
February
112,496 151,810
(94,448) (89,792)
5.39%
1,027,373 931,065
5.46%
1,027,373 931,065
January 1,121,821 1,020,857
Budget HOT
206,944 241,602
107,495 105,171
7.80%
1,472,617 1,347,432
7.83%
1,472,617 1,347,432
December 1,365,122 1,242,261
Fiscal Year 2017-18 Revenue - Budget to Actual
Dallas Hotel Occupancy Tax Dallas Tourism Public Improvement District
June
274,540 370,483
30,873 41,662
8.59%
1,615,318 1,483,507
8.59%
-
June 1,584,445 1,441,845
8.59%
July
305,191 411,845
30,651 41,362
8.53%
1,603,691 1,472,829
8.53%
-
July 1,573,040 1,431,467
8.53%
7.64%
7.46%
359,487 485,116
26,824 36,198
359,487 485,116
359,487 485,116
18,808,865 17,274,050
5,885,970 5,405,671
18,449,378 16,788,934
100.00%
September
7.46%
1,403,472 1,288,947
7.46%
-
September 1,376,648 1,252,749
August
332,663 448,918
27,472 37,073
7.64%
1,437,383 1,320,092
7.64%
-
August 1,409,911 1,283,019
8
66.4 67.6 66.8 59.7 52.0 50.7 72.3 66.3 59.3 50.2 67.1 60.9 57.5 65.8 79.5 81.4 57.2 65.4 70.2 74.0 46.1 84.5 76.6 56.2 77.6 74.9 81.4 73.4 53.9 78.1 60.4
68.1 67.9 66.9 59.9 52.0 51.0 75.1 65.9 60.2 55.0 67.0 63.1 58.0 69.0 78.4 85.1 64.4 61.7 69.9 76.9 45.8 85.3 80.1 61.0 79.6 75.4 78.4 68.8 53.2 76.7 58.5 68.5
Top 25 Markets Average
67.6
58.8
59.2
Total United States Class Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Top 25 Markets Anaheim/Santa Ana, CA Atlanta, GA Boston, MA Chicago, IL Dallas, TX Denver, CO Detroit, MI Houston, TX Los Angeles/Long Beach, CA Miami/Hialeah, FL Minneapolis/St Paul, MN-WI Nashville, TN New Orleans, LA New York, NY Norfolk/Virginia Beach, VA Oahu Island, HI Orlando, FL Philadelphia, PA-NJ Phoenix, AZ San Diego, CA San Francisco/San Mateo, CA Seattle, WA St Louis, MO-IL Tampa/St Petersburg, FL Washington, DC-MD-VA 147.42
156.72 114.18 144.93 113.83 113.22 121.68 98.99 110.93 179.06 250.76 165.50 134.77 167.42 185.12 79.55 230.38 140.56 120.13 161.57 156.67 216.32 141.32 96.79 144.07 141.03
279.61 178.63 137.71 110.80 90.46 69.50
125.31
143.23
144.43 111.00 146.98 108.02 110.41 117.56 96.69 140.09 170.69 225.47 108.52 131.48 169.26 182.46 78.58 232.87 131.95 115.45 156.69 151.25 232.37 139.19 96.45 139.52 143.36
272.09 175.43 135.01 108.30 87.19 66.55
121.65
2016
104.36
117.70 75.19 87.21 62.57 75.83 76.80 57.39 76.58 140.37 213.37 106.65 83.21 116.98 142.39 36.40 196.41 112.66 73.25 128.59 118.06 169.70 97.24 51.49 110.44 82.53
190.41 121.36 92.12 66.40 47.07 35.45
74.22
2017
100.27
104.46 73.56 87.22 54.19 74.06 71.61 55.60 92.21 135.61 183.54 62.08 85.98 118.86 134.97 36.24 196.85 101.01 64.91 121.53 113.32 189.23 102.13 52.01 108.97 86.64
180.80 118.59 90.13 64.62 45.36 33.72
71.55
2016
2017
2017
2016
Running 28 Days (ending 02/17/2018) ADR ($) RevPAR ($)
Occ (%)
1.5
3.8 -0.6 1.4 9.6 -0.1 3.6 0.8 4.9 -1.3 4.5 12.7 -5.6 -0.5 4.0 -0.8 0.9 4.7 8.4 2.6 0.6 -3.7 -6.2 -1.4 -1.9 -3.2
2.5 0.5 0.2 0.4 0.0 0.7
0.7
3.5
8.5 2.9 -1.4 5.4 2.5 3.5 2.4 -20.8 4.9 11.2 52.5 2.5 -1.1 1.5 1.2 -1.1 6.5 4.1 3.1 3.6 -6.9 1.5 0.4 3.3 -1.6
2.8 1.8 2.0 2.3 3.7 4.4
3.0
ADR
5.3
12.7 2.2 0.0 15.5 2.4 7.3 3.2 -17.0 3.5 16.3 71.8 -3.2 -1.6 5.5 0.4 -0.2 11.5 12.8 5.8 4.2 -10.3 -4.8 -1.0 1.3 -4.7
5.3 2.3 2.2 2.8 3.8 5.1
3.7
RevPAR
Percent Change (%) Occ
9 70.5% 65.9% 65.8% 61.9% 60.5% 61.0%
Dallas Dallas Dallas Dallas Dallas Dallas
City of Dallas+ Dallas Comp Set+ Atlanta Comp Set+ Chicago Large Comp Set+ Houston Large Comp Set+ New Orleans Large Comp Set+ San Antonio Large Comp Set+ San Diego Large Comp Set+
66.2% 69.2% 74.4% 51.9% 64.6% 70.7% 60.8% 73.8%
64.6% 54.5% 59.1%
Top 25 Markets United States Texas
MD Large Convention Hotels+ MD LuxUpUpsc wout Conv Hotels+ MD Upscale+ MD Upper Midscale+ MD Midscale+ MD Economy+
63.5% 61.0% 56.9% 63.9% 73.3% 81.3% 55.5% 55.7% 60.8% 75.1% 43.2% 83.1% 78.7% 57.9% 70.2% 67.4% 73.4% 62.3% 48.6% 68.7% 52.3%
Dallas, TX Denver, CO Detroit, MI Houston, TX Los Angeles/Long Beach, CA Miami/Hialeah, FL Minneapolis/St Paul, MN-WI Nashville, TN New Orleans, LA New York, NY Norfolk/Virginia Beach, VA Oahu Island, HI Orlando, FL Philadelphia, PA-NJ Phoenix, AZ San Diego, CA San Francisco/San Mateo, CA Seattle, WA St Louis, MO-IL Tampa/St Petersburg, FL Washington, DC-MD-VA
2017
Occ % $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
112.31 119.82 109.45 106.99 172.26 232.42 117.25 126.15 141.90 185.98 75.35 239.42 135.96 118.64 143.52 139.56 269.19 135.33 93.22 131.64 132.23
2017
66.6% 64.7% 74.8% 48.4% 60.7% 69.5% 67.2% 73.9%
66.1% 67.2% 67.2% 63.8% 62.5% 63.2% $ $ $ $ $ $ $ $
$ $ $ $ $ $ 132.66 172.19 193.98 148.80 159.22 193.15 172.99 193.59
178.18 170.33 123.40 97.60 77.61 49.36
63.5% $ 146.00 54.0% $ 123.33 55.7% $ 101.95
64.8% 59.8% 56.7% 55.8% 74.8% 76.7% 52.6% 57.6% 61.9% 72.0% 42.4% 82.9% 75.2% 52.8% 68.4% 66.9% 74.1% 63.2% 48.6% 71.6% 56.4%
2016
108.70 115.42 108.32 103.88 165.99 215.63 106.09 120.49 148.55 184.78 73.77 245.51 124.88 114.28 141.44 142.21 253.48 128.65 92.06 137.07 171.22
$ $ $ $ $ $ $ $
$ $ $ $ $ $ 127.13 168.37 181.97 140.26 161.16 206.43 160.80 207.43
172.21 165.48 121.15 96.39 76.99 48.79
$ 144.18 $ 120.93 $ 98.21
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2016
71.35 73.08 62.30 68.40 126.32 189.01 65.09 70.30 86.32 139.74 32.55 199.05 107.07 68.70 100.69 94.01 197.49 84.34 45.30 90.39 69.17
$ $ $ $ $ $ $ $
$ $ $ $ $ $
87.87 119.21 144.34 77.28 102.85 136.52 105.19 142.83
125.56 112.23 81.19 60.40 46.98 30.10
$ 94.30 $ 67.17 $ 60.23
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2017
70.41 68.97 61.37 57.97 124.21 165.31 55.85 69.45 91.98 133.05 31.27 203.61 93.86 60.38 96.69 95.10 187.80 81.30 44.74 98.15 96.58
$ $ $ $ $ $ $ $
$ $ $ $ $ $
84.69 108.95 136.09 67.92 97.84 143.37 108.03 153.24
113.83 111.25 81.45 61.51 48.15 30.84
$ 91.60 $ 65.29 $ 54.69
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
2016
RevPAR ADR
RevPAR
-0.6% 7.0% -0.5% 7.2% 6.4% 1.8% -9.5% -0.1%
6.6% -2.0% -2.1% -3.0% -3.2% -3.5%
1.7% 0.9% 6.1%
4.3% 2.3% 6.6% 6.1% -1.2% -6.4% 7.6% -6.7%
3.5% 2.9% 1.9% 1.3% 0.8% 1.2%
1.3% 2.0% 3.8%
3.8% 9.4% 6.1% 13.8% 5.1% -4.8% -2.6% -6.8%
10.3% 0.9% -0.3% -1.8% -2.4% -2.4%
3.0% 2.9% 10.1%
8.5% 9.4% 6.1% 20.7% 5.0% -4.8% -2.2% -3.9%
10.3% 9.0% 9.2% 9.9% 3.2% -0.7%
5.7% 5.0% 13.1%
4.6% 0.0% 0.1% 6.1% -0.1% 0.0% 0.4% 3.1%
0.0% 8.1% 9.5% 12.0% 5.8% 1.7%
2.6% 2.0% 2.7%
5.5% 5.4% 2.5% 2.8% 4.2% -0.1% 2.9% 4.7% 2.2% 4.1% 0.6% 1.1% 0.8% 2.4% 2.6% 1.2% 2.7% 3.9% 2.0% 3.8% 1.7%
4.0% 7.0% -0.4% 13.7% 6.3% 1.8% -9.1% 2.9%
6.6% 5.9% 7.2% 8.6% 2.4% -1.8%
4.3% 2.9% 8.9%
3.4% 7.5% 3.0% 17.7% 2.1% 6.0% 8.5% 1.2% 0.4% 8.6% 2.5% 1.4% 5.6% 12.3% 5.3% 1.9% 1.7% 2.5% 1.9% -0.5% -5.7%
Room Rev Room Avail Room Sold
-1.9% 3.3% 1.3% 6.9% 2.1% 3.8% 6.0% 11.6% 0.5% 1.0% 1.5% 4.0% 14.6% 3.0% 18.0% 21.3% -2.0% 3.8% 1.7% 6.0% 6.1% 7.8% 14.3% 14.2% 5.4% 10.5% 16.5% 19.9% -3.3% 4.7% 1.2% 6.0% -1.8% -4.5% -6.1% -4.1% 4.4% 0.6% 5.0% 9.3% 1.9% 2.2% 4.1% 4.7% 0.2% -2.5% -2.2% -1.1% 4.8% 8.9% 14.1% 15.0% 9.6% 3.8% 13.8% 16.5% 2.6% 1.5% 4.1% 6.9% 0.7% -1.9% -1.2% 0.0% -1.0% 6.2% 5.2% 8.1% -1.4% 5.2% 3.7% 7.8% 0.0% 1.3% 1.3% 3.2% -4.1% -4.0% -7.9% -4.4% -7.3% -22.8% -28.4% -27.2%
Occ
Percent Change from YTD 2015
Year to Date - December 2017 vs December 2016 ADR
207 16 23 49 25 17 16 18
4 50 117 132 75 145
495 53,794 5,199
686 339 396 886 1,024 428 345 354 293 654 334 93 498 400 474 485 397 359 332 466 722
Census
32,180 10,768 13,683 28,713 12,616 10,983 7,840 10,635
5,567 15,902 16,932 12,919 6,846 15,670
66,209 5,133,903 463,903
86,128 47,304 43,623 87,718 102,709 54,816 42,740 41,737 40,358 119,899 36,372 29,901 124,882 48,176 65,299 61,748 52,423 45,160 38,872 46,381 112,017
Census
Rooms
Participation Properties
10
49.49% 2.47% 1.58% 0.76% 45.03% 0.67% 100.00%
2018 Budget 18,449,378 922,500 589,375 281,875 16,788,934 250,000 37,282,062
35,462,875
1,024,657 204,931 250,000
2.79% 0.56% 0.68%
100.00%
5,548,545 2,167,799 1,246,615 4,461,753 2,338,695 3,251,814 16,197,654 -
15.12% 5.91% 3.40% 12.16% 6.37% 8.86% 44.14% -
6,232,817
-
360,403 199,345 99,996 428,432 286,019 378,958 2,311,818 2,167,846 -
(63,047) (174,900)
(111,853)
926,219 117,912 154,640 180,810 1,709,627 695,811 279,952 2,167,846 6,232,817
01/18 MTD Actual 961,806 73,064 47,130 4,164,202 874,762 6,120,964
987,893 156,483 930,003 226,059 927,208 390,388 150,799 533,839 4,302,672
13,683 51,201 827,432 (1,117) (178,713) 69,481 52,458 533,839 (20,833) 1,347,431
January, 2018 MTD MTD Actual Variance 1,048,340 (73,481) (76,875) 110,555 61,441 25,666 2,177 931,065 (89,792) 320,154 320,154 2,435,780 143,624
2,955,241
85,388 17,078 20,833
466,545 180,650 103,884 382,229 196,975 275,151 1,349,807 -
4,302,672
85,388 17,078 20,833
497,794 283,627 161,947 488,659 162,659 223,071 1,951,076 533,839 -
1,347,431
-
31,249 102,977 58,063 106,430 (34,316) (52,080) 601,269 533,839 -
(102,466) (102,466) (765,551) (1,969,358) (1,203,807)
(663,085) (1,866,892) (1,203,807)
974,210 105,282 102,571 227,176 1,105,921 320,907 98,341 20,833 2,955,241
MTD Budget 1,121,821 76,875 49,114 23,489 1,020,857 2,292,156
45.59%
Note: in NET row, positive numbers mean revenues in excess of expenditures and negative numbers reflect a shortfall.
-
6.70% 57.00% 55.89% 27.84% (17.42%) (18.93%) 44.54% -
13,715,801
-
1,412,188 845,210 336,000 1,387,533 742,856 1,093,221 4,109,174 3,789,619 -
(252,188) 945,320
1,197,508
1.40% 3,643,725 48.63% 376,163 806.69% 274,670 (0.49%) 516,723 (16.16%) 3,092,809 21.65% 1,330,053 53.34% 692,039 3,789,619 (100.00%) 45.59% 13,715,801
01/18 Percent YTD Variance Actual (6.55%) 5,466,099 (100.00%) 294,242 125.10% 66,155 9.27% 4,254,432 (8.80%) 4,832,381 6.27% 14,913,309
Note: in the MTD and YTD Variance columns, positive numbers mean over budgeted figures and negative number mean under budgeted figures.
Total
Executive Administrative Fixed Operating Costs Sales Experience Marketing Public Improvement District Event Trust Fund Future Obligations Special Funds: Cash Flow Future Obligations Capital Expenditures In-Kind
ALLOCATIONS/EXPENDITURES By Function
(1,229,588) 589,599
Use of Reserves Additions to Reserves Change in Cash
11,690,527 1,263,404 1,230,838 2,726,113 13,271,046 3,850,873 1,180,074 250,000 35,462,875 1,819,187
32.97% 3.56% 3.47% 7.69% 37.42% 10.86% 3.33% 0.70% 100.00%
NET (Revenues - Expenditures)
Payroll & Related Costs Fixed Operating Costs Other Operating Expenses Travel & Entertainment Media & Promotional Activities Advertising & PR Services Professional Services Event Trust Fund Future Obligations In-Kind Total
EXPENDITURES/INVESTMENTS By Type
Hotel Occupancy Tax Dues Sponsorships/Partnerships Other Miscellaneous Public Improvement District Event Trust Fund Futue Obligations In-Kind Total
REVENUES
Dallas Convention & Visitors Bureau Fiscal Year 2017-2018
11,820,956
341,552 68,310 83,333
1,866,182 722,599 415,538 1,528,918 787,898 1,100,605 5,399,216 -
(409,863) (605,568)
12,165,896
341,552 68,310 83,333
1,772,637 919,238 385,601 1,514,773 1,018,033 965,945 4,315,195 1,270,474 4,000
4,000 (409,863) 528,376
934,239
12,165,896
11,820,956
(195,705)
3,872,501 379,640 1,165,332 635,971 2,961,148 1,386,026 490,804 1,270,474 4,000 -
344,940
-
(93,545) 196,639 (29,937) (14,145) 230,135 (134,660) (1,084,021) 1,270,474 4,000
4,000 1,133,944
1,129,944
(24,340) (41,493) 755,053 (272,734) (1,462,534) 102,402 97,445 1,270,474 4,000 (83,333) 344,940
October - January YTD YTD Actual Variance 6,006,091 232,617 225,548 (81,952) 165,273 (31,186) 241,566 147,609 5,405,670 151,809 1,055,987 1,055,987 13,100,135 1,474,884
3,896,841 421,133 410,279 908,705 4,423,682 1,283,624 393,359 83,333
11,625,251
YTD Budget 5,773,474 307,500 196,459 93,957 5,253,861 -
2.92%
-
23,296,979
683,104 136,621 166,667
(5.01%) 3,775,908 27.21% 1,248,561 (7.20%) 861,014 (0.93%) 2,946,980 29.21% 1,320,662 (12.24%) 2,285,869 (20.08%) 11,882,459 (1,270,474) (4,000)
(4,000) (819,725) 61,223
884,948
4,000 (1,229,588) 1,640,212
2,865,800
(0.62%) 7,818,026 11,666,186 (9.85%) 883,764 1,221,909 184.03% 65,506 1,985,891 (30.01%) 2,090,142 2,453,380 (33.06%) 10,309,898 11,808,512 7.98% 2,464,847 3,953,275 24.77% 689,270 1,277,520 (1,270,474) (4,000) 4,000 (100.00%) 250,000 250,000 2.92% 23,296,979 35,891,146
Remaining Percent 2018 Projected Variance Budget Year-End 4.03% 12,443,287 18,681,995 (26.65%) 696,952 840,548 (15.87%) 424,102 558,190 157.10% 40,309 429,483 2.89% 11,383,264 16,940,743 (1,055,987) 1,055,987 250,000 250,000 12.69% 24,181,927 38,756,946
80
23 15 13
Budgeted Positions 19 10
Executive Summary
Hotel Occupancy Tax is $73k or 7% below budget for the month and $233k or 4% above budget YTD. Dues are $77k or 100% below budget for the month and $82k or 27% below budget YTD. Income from membership dues is deferred over a 12-month period and, as such, remains relatively constant. Hotel member dues will start being paid by DTPID next month. Sponsorships/Partnerships is $61k or 125% above budget for the month and $31k or 16% below budget YTD. The timing of actual receipts will result in dramatic swings in the MTD and YTD variances. These will also vary as the PID continues to cover certain costs previously born by the hotels. The larger sponsorship opportunities occur in the fourth quarter. Other Miscellaneous is $2k or 9% above budget for the month and $148k or 157% above budget YTD. Percentage variations seem high in this category due to the relatively small budget associated with the revenue streams. PID Assessment is $90k or 9% below budget for the month and $152k or 3% above budget YTD. Event Trust Fund is not initially budgeted. Funds are recognized as they become available through the program (currently at $1,056k).
Executive Summary
Generally, the shortages in HOT, PID and ETF will get readjusted as we close out the fiscal year and do not have a negative impact on this year’s overall VisitDallas budget. Some of the anticipated revenue this year was offset by the PID; additionally, there is approximately $0.5 million in inkind contributions that will also be included before yearend close.
• •
•
•
• •
Revenues: $144k or 6% above budget for the month; $1,475k or 13% above budget for the year
EXPLANATION OF VARIANCES
Dallas Convention & Visitors Bureau Fiscal Year 2017-2018
• • •
•
• •
• • •
Payroll & Related Costs are $14k or 1% under budget for the month and $24k or 1% under budget YTD. Fixed Operating Costs are $51k or 49% over budget for the month and $41k or 10% under budget YTD. Other Operating Expenses are $827k or 807% over budget for the month and $755k or 184% over budget YTD. Overages here relate to the timing of certain DTPID expenses to the KBHCCD and the state and local hotel associations. Travel & Entertainment is $1k or 0.5% under budget for the month and $273k or 30% under budget YTD. Media & Promotional Activities are $179k or 16% over budget for the month and $1,463k or 33% over budget YTD. The primary variance is related to the timing of incentives paid to citywide meetings; consumption will always vary from budget. Additional variances are due to the timing of paid advertising campaigns. Advertising & PR Services are $69k or 22% over budget for the month and $102k or 8% over budget YTD. This overage is due to the timing of certain advertising and PR contract expenses, as well as higher production for videos and other creative materials. Professional Services are $52k or 53% over budget for the month and $97k or 25% over budget YTD. Event Trust Fund – These funds are unbudgeted and only obligated as part of the state’s incremental tax program (currently at $1,270k). Future Obligations – These refer to expenses for large groups set aside in prior years. They do not come out of the current year’s budget, but rather from the reserves accumulated for that purpose.
Expenditures: $1,347k or 46% over budget for the month; $345k or 3% over budget for the year
11
12
(102,466) 1,580,624
Use of Reserves Additions to Reserves Change in Cash
Cash (end of period) CD's (Reserve)
Cash (beginning of period) Change in Net Deficit Purchases Depreciation Write-Down of Initial Estimates Prepaid Expenses Accounts Receivable Accounts Receivable - City Accounts Payable Deferred Support Deferred Support - Membership Accrued Liabilities Investing Activities Change in Cash/Equivalents
(604,499) -
231,766 1,683,090 9,016 (379,063) 401,913 (58,012) (32,375) (876,591) (1,584,243) (836,265)
1,683,090
NET
CASH FLOW
1,040,343 81,187 30,193 62,597 537,785 128,465 46,913 (396,219) 1,531,264
Actual October 1,618,759 77,695 10,575 44,359 1,462,966 3,214,354
Payroll & Related Costs Fixed Operating Costs Other Operating Expenses Travel & Entertainment Media & Promotional Activities Advertising & PR Services Professional Services Event Trust Fund Future Obligations In-Kind Total
EXPENDITURES
Hotel Occupancy Tax Dues Sponsorships/Partnerships Other Miscellaneous Public Improvement District Event Trust Fund Future Obligations In-Kind Total
REVENUES
Dallas Convention & Visitors Bureau Fiscal Year 2017-2018
Actual
(307,488) -
(604,499) 495,130 9,016 (466,227) (141,403) (213,234) (36,726) 261,802 (650) 389,303 297,011
4,000 (102,466) 396,664
495,130
914,547 95,808 81,179 137,481 813,096 587,205 191,246 562,000 4,000 3,386,562
1,836,321 74,675 26,443 15,060 1,664,207 264,986 3,881,692
November
(1,866,892)
987,893 156,483 930,003 226,059 927,208 390,388 150,799 533,839 4,302,672
Actual January 1,048,340 110,555 25,666 931,065 320,154 2,435,780
3,337,645 -
2,482,795 -
(307,488) 3,337,645 622,911 (1,866,892) 2,130,889 96,213 147,931 (99,358) 391,477 399,639 (30,053) (20,967) (223,186) 228,129 71,798 605,164 336,588 3,645,133 (854,850)
(102,466) (102,466) 520,445 (1,969,358)
622,911
929,718 46,162 123,957 209,834 683,059 279,968 101,846 570,854 2,945,398
Actual December 1,502,671 73,178 17,700 156,481 1,347,432 470,847 3,568,309
2,779,117 -
2,482,795 296,322 296,322
(102,466) 193,856
296,322
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected February 1,613,219 76,875 49,115 23,490 1,468,030 3,230,728
2,971,310 -
2,779,117 192,193 192,193
(102,466) 89,728
192,193
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected March 1,558,702 76,875 49,115 23,490 1,418,419 3,126,599
3,570,600 -
2,971,310 599,290 599,290
(102,466) 496,824
599,290
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected April 1,771,841 76,875 49,115 23,490 1,612,376 3,533,696
4,200,940 -
3,570,600 630,340 630,340
(102,466) 527,875
630,340
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected May 1,788,098 76,875 49,115 23,490 1,627,169 3,564,747
4,442,304 -
4,200,940 241,364 241,364
(102,466) 138,898
241,364
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected June 1,584,445 76,875 49,115 23,490 1,441,845 3,175,770
4,661,884 -
4,442,304 219,580 219,580
(102,466) 117,114
219,580
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected July 1,573,040 76,875 49,115 23,490 1,431,467 3,153,986
4,569,886 -
4,661,884 (91,998) (91,998)
(102,466) (194,463)
(91,998)
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 2,934,406
Projected August 1,409,911 76,875 49,115 23,490 1,283,019 2,842,409
Projected
4,414,356 -
4,569,886 (155,530) (155,530)
(102,466) (257,996)
(155,530)
974,211 105,284 102,570 227,176 1,105,921 320,906 98,340 250,000 3,184,406
1,376,648 76,875 49,115 23,490 1,252,749 250,000 3,028,876
September
4,414,356 -
231,766 2,865,800 18,032 1,381,812 309,083 519,870 (120,121) (609,846) 71,148 (253,188) 4,182,590
4,000 (1,229,588) 1,640,212
2,865,800
11,666,186 1,221,909 1,985,891 2,453,380 11,808,512 3,953,275 1,277,520 1,270,474 4,000 250,000 35,891,146
Projected Year-End 18,681,995 840,548 558,190 429,483 16,940,743 1,055,987 250,000 38,756,946
100,000 (1,229,588) 689,599
1,819,187
11,690,527 1,263,404 1,230,838 2,726,113 13,271,046 3,850,873 1,180,074 250,000 35,462,875
2018 Budget 18,449,378 922,500 589,375 281,875 16,788,934 250,000 37,282,062
(96,000) 950,613
1,046,613
(24,341) (41,495) 755,053 (272,733) (1,462,534) 102,402 97,446 1,270,474 4,000 428,271
Variance 232,617 (81,952) (31,185) 147,608 151,809 1,055,987 1,474,884
Cash Flow
Notes: While expenses are budgeted evenly across the fiscal year; the timing of the actual expenses can cause dramatic swings in MTD and YTD variances. It is expected that the amounts shown currently under budget will be fully expended by year’s end.
•
•
•
•
The NET line in the center of the page represents the surplus of revenues for that month over the expenditures for that month. Negative numbers indicate a deficit. The Change in Cash line reflects the NET number above with Reserves being used as the source for current year portions of Future Obligations. It also reflects additions to Reserves for Future Obligations beyond the current year. The bottom half of the page shows Cash and Cash Equivalents at the beginning of the month, the adjusting transactions for the month, and the Cash and Cash Equivalents at the end of the month. This bottom line indicates how much available cash we anticipate having at the end of each month. This statement is simplified by only showing actual monthly transactions and assuming no major changes for the remaining months.
Explanations:
•
Revenues – This projection shows revenues actually collected to date and assumes future collections at budget levels. The monthly spread is based on historical information and any known special circumstances in the current fiscal year. Expenditures – This report shows expenditures actually spent to date and projects future expenses within budget. Managers are monitoring their available budget monthly and adjusting spending patterns to avoid any deficits. Most expenses are spread evenly over the 12-month period.
Assumptions:
•
Executive Summary
Special Funds – While not actual expenses, these are funds set aside for Future Obligations and not available in the current year.
EXPLANATION OF CASH FLOW AND ASSUMPTIONS
•
Dallas Convention & Visitors Bureau Fiscal Year 2017-2018
13
VisitDallas Statement of Activities As of Wednesday, January 31, 2018 Audited FY 2017 Actual
MTD 1/31/2018 Budget
FY 2018 Budget
MTD 1/31/2018 Actual
YTD 1/31/2018 Budget
YTD 1/31/2018 Actual
SUPPORT & REVENUE Hotel-Motel Tax PID Recovery Fee Membership Sponsorships Partnerships Government Funding Rebates Registration Advertising/Royalties Merchandise Sales Ticket Sales Interest Other Income In-Kind Donations TOTAL SUPPORT & REVENUE
$16,675,447 14,890,959 888,967 103,340 171,107 7,341,765 10,451 29,715 125,503 1,643 668,048 0 (8,838) 651,964 $41,550,071
$18,449,378 16,788,934 922,500 256,250 333,125 0 20,500 5,125 76,875 0 153,750 5,125 20,500 250,000 $37,282,062
$1,121,821 1,020,857 76,875 21,354 27,760 0 1,708 427 6,406 0 12,813 427 1,708 0 $2,292,156
$1,048,340 931,065 0 14,000 96,555 320,154 0 3,017 10,359 0 12,290 0 0 0 $2,435,780
$5,773,474 5,253,861 307,500 85,417 111,042 0 6,833 1,708 25,625 0 51,250 1,708 6,833 0 $11,625,251
$6,006,092 5,405,671 225,548 21,500 143,773 1,055,987 133,110 37,312 39,700 0 31,444 0 0 0 $13,100,137
EXPENSES PROGRAM SERVICES: Executive Diversity & Inclusion Sports Marketing Tourism Film Commission Sales Management Sales Experience Management Partner Experience Visitor Experience Client Experience Marketing Public Relations Special Events & Activities Event Trust Fund Public Improvement District TOTAL PROGRAM SERVICES
1,089,004 560,280 1,085,027 1,782,637 169,158 1,544,613 3,047,493 881,285 535,664 167,980 946,479 1,787,244 866,289 178,999 7,289,818 11,786,238 33,718,208
1,327,413 501,070 1,457,872 2,112,191 200,000 1,154,233 3,432,520 485,458 553,287 306,024 1,018,926 2,143,130 1,158,684 0 0 16,788,934 32,639,742
110,618 41,756 121,489 176,016 16,667 96,186 286,043 40,455 46,107 25,502 84,911 178,594 96,557 0 0 1,399,078 2,719,979
129,668 53,718 112,472 191,893 10,037 189,825 298,834 61,644 39,636 10,183 51,197 181,853 41,217 0 533,839 1,951,076 3,857,092
442,471 167,023 485,957 704,064 66,667 384,744 1,144,173 161,819 184,429 102,008 339,642 714,377 386,228 0 0 5,596,311 10,879,913
566,937 183,826 415,892 537,031 68,940 448,719 1,066,054 294,644 187,977 61,104 474,309 798,801 167,144 4,000 1,730,089 4,315,195 11,320,662
NON-PROGRAM EXPENSES: Finance & Administration Contracted Services Fixed Operating Costs Depreciation & Amortization TOTAL NON-PROGRAM EXPENSES TOTAL EXPENSES
2,260,390 582,725 1,147,255 342,892 4,333,262 38,051,470
1,842,798 325,000 927,373 319,242 3,414,413 36,054,155
153,567 27,083 77,281 26,603 284,534 3,004,513
208,918 74,709 161,947 0 445,574 4,302,666
614,266 108,333 309,124 106,414 1,138,137 12,018,050
727,293 191,944 346,456 39,145 1,304,838 12,625,500
Change in Net Assets Net Assets at beginning of year Net Assets at end of year
3,498,603 23,697,188 27,195,789
1,227,906 0 1,227,907
14
(712,356) 0 (712,357)
(1,866,885) 0 (1,866,886)
(392,801) 0 (392,799)
474,640 27,655,405 28,130,042
VisitDallas Balance Sheet As of Wednesday, January 31, 2018
Audited Year to Date 9/30/2014
Audited Year to Date 9/30/2015
Audited Year to Date 9/30/2016
Audited Year to Date 9/30/2017
Year to Date 1/31/2018
$395,394 10,985,897 657,071 1,963 $12,040,325
$1,714,668 14,063,732 0 4,136 $15,782,536
$1,728,049 18,123,139 0 6,010 $19,857,198
$1,308,111 19,618,457 0 7,516 $20,934,084
$3,917,028 19,368,457 0 7,516 $23,293,001
2,013,664 0 2,169,306 0 7,056 57,320 (1,000) 1,000
2,151,671 0 4,917,690 (116,961) 8,767 74,511 (1,000) 0
2,670,533 0 2,241,527 (116,961) 8,538 71,093 (1,000) 0
1,656,770 1,083,903 4,703,313 (251,182) 8,338 83,516 (1,000) 0
1,617,691 931,065 3,474,339 (251,182) 7,823 199,118 (1,000) 250
35,000 108,246 3,789 129,891 100,000 $4,624,272
116,443 21,299 0 24,728 100,000 $7,297,148
135,000 27,641 0 137,767 100,000 $5,274,138
225,000 641,056 0 141,895 100,000 $8,391,609
225,000 165,048 0 141,895 100,000 $6,610,047
NOTES RECEIVABLE: Notes Receivable - Long Term Premium on Notes Receivable TOTAL NOTES RECEIVABLE
1,396,654 712,105 2,108,759
1,392,778 691,253 2,084,031
1,170,700 666,525 1,837,225
1,057,533 637,797 1,695,330
957,533 637,797 1,595,330
PREPAID EXPENSES: Prepaid Rent Prepaid Rent - AAC Other Prepaid Expenses TOTAL PREPAID EXPENSES
51,466 187,500 79,213 $318,179
51,466 187,500 814,076 $1,053,042
51,466 187,500 570,468 $809,434
51,466 206,250 458,406 $716,122
51,466 206,250 149,324 $407,040
242,597 328,026 79,722 76,530 8,963 150,812 0 11,689
213,939 286,658 34,519 17,722 1 33,495 0 11,689
162,136 245,289 18,039 440,238 0 0 0 0
111,429 203,921 1,922 271,754 216,738 0 175,516 0
102,978 197,026 (764) 271,754 216,738 (21,113) 175,516 0
ASSETS CASH: Checking Accounts DTPID Account Certificate of Deposit Paypal Reserve TOTAL CASH ACCOUNTS RECEIVABLE: City of Dallas (HOT) City of Dallas (DTPID) Special Event Trust Funds ETF Reserve Business Travel Expense Advance Membership Allowance for Doubtful Accounts Membership Hotel Assessment A/R City of Dallas Employee A/R A/R Miscellaneous Interest Receivable - CDs Notes Receivable - Short Term Deferred Rent - Current TOTAL ACCOUNTS RECEIVABLE
FIXED ASSETS: Furniture & Fixtures (Net of Depreciation) Leasehold Improvements (Net of Amortization) Computer Systems (Net of Amortization/Depreciation) Web Page (Net of Amort/Depreciation) Marketing Video (Net of Depreciation) Brand Development (Net of Depreciation) Tourism Display (Net of Amortization/Depreciation) Telephone Equipment (Net of Amortization/Depreciation)
15
VisitDallas Balance Sheet As of Wednesday, January 31, 2018
Audited Year to Date 9/30/2014
Audited Year to Date 9/30/2015
Audited Year to Date 9/30/2016
Audited Year to Date 9/30/2017
Year to Date 1/31/2018
$0 $898,339
$276,700 $874,723
$0 $865,702
$60,750 $1,042,030
$60,750 $1,002,885
1,300,000 $21,289,874
1,200,000 $28,291,480
1,100,000 $29,743,697
1,000,000 $33,779,175
1,000,000 $33,908,303
LIABILITIES AND FUND BALANCE/NET ASSETS CURRENT LIABILITIES: Accounts Payable - Trade Accounts Payable - Purchase Cards Accounts Payable - Other Accrued Liabilities Accrued Liabilities - SETF Accrued Salaries & Incentives Accrued Vacation Deferred Compensation Deferred Membership Income Deferred Construction Allowance TOTAL CURRENT LIABILITIES
569,570 0 46,329 (9,838) 1,073,127 1,149,453 256,491 80,000 282,347 11,429 $3,458,908
758,509 (13,290) 53,642 (9,838) 3,054,065 1,325,317 311,905 160,000 334,102 11,429 $5,985,841
608,840 9,077 37,906 (249,838) 1,335,849 1,265,144 311,905 240,000 360,050 11,429 $3,930,362
801,811 8,235 150,948 (249,838) 1,489,553 1,442,337 371,551 240,000 368,268 11,429 $4,634,294
393,130 (145,558) 158,895 (249,838) 2,149,321 529,381 371,551 240,000 370,858 11,429 $3,829,169
Deferred Rent Deferred Construction Allowance Deferred Revenue - Suite Tickets TOTAL LIABILITIES:
111,971 72,381 2,312,800 $5,956,060
108,355 60,952 2,108,760 $8,263,908
91,628 49,523 1,974,992 $6,046,505
73,770 38,094 1,837,225 $6,583,383
73,770 38,094 1,837,225 $5,778,258
8,267,459 7,066,370 $15,333,829 $21,289,889
15,333,829 4,693,744 $20,027,573 $28,291,481
20,027,572 3,669,620 $23,697,192 $29,743,697
23,697,188 3,498,603 $27,195,791 $33,779,174
27,655,405 474,640 $28,130,045 $33,908,303
Fixed Asset Clearing Account TOTAL FIXED ASSETS Deferred Rent - Long Term TOTAL ASSETS
FUND BALANCE: Operating Reserve Prior Year Year-to-date change in Operating Reserve TOTAL FUND BALANCE TOTAL LIABILITIES & FUND BALANCE
16
17
Tourism 35%
Sports 15%
0
50,000
100,000
150,000
200,000
250,000
Self-Contained
YTD Goal
Citywide
Sports
YTD Actual
Room Night Production
Tourism
352,549 Room Nights at 60.6% of YTD goal 4 Citywides at 49.3% of YTD goal
Express
DALLAS CONVENTION & VISITORS BUREAU | COPYRIGHT 2017
SelfContained 18%
Citywide 22%
Express 10%
Goal Allocation
(data current as of 02/25)
Room Night/Citywide Details
FY2018 Metrics
18
2. Continue process to revamp traditional visitor center concept into the Dallas Experience Center (DXC) (an environment that exceeds visitor expectations, becomes an integral part of organization activities, provides a valuable resource to other stakeholders, and helps VisitDallas achieve additional strategic objectives). 3. Work with the City of Dallas, the hotel community, and other stakeholders to begin to develop a phased implementation plan of the Market & Future Strategy Study, including any additional research or analysis that may be required 4. Continue to meet with statewide and local elected officials, community leaders, and CEOs to increase the awareness and perception of VisitDallas. As part of local awareness and advocacy building efforts, identify a timeline and develop a campaign strategy to grow support and obtain approval for Metric 3 above
• Meet or exceed 2,200,000 room night bookings
1. Generate additional economic impact for the City of Dallas and DFW Region by maximizing visitors through Sales, Sports, Marketing, and Tourism (international and domestic) efforts utilizing Diversity & Inclusion best practices • Meet or exceed 15 citywide bookings
Metric
✓
20%
✓
↓
↓
Pace
✓
352,549
4
YTD
10%
20%
35%
15%
Weight
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Projected
