Quarterly Financial Report

First Quarter of FY 2021-2022

Convention & Visitors Bureau Fund Current Financial Condition

Convention & Visitors Bureau (CVB) Fund accounts for the financial operations of the CVB Program and the annual Bootfest Festival Program.


The CVB Fund first quarter financial report reflects an ending undesignated fund balance of $632K, which represents approximately 10 months of the CVB Fund 2022 budgeted operating expenditures ($446K in excess reserve – above the 1-month minimum fund balance reserve policy). The projected ending fund balance is 5 percent or $29K higher than the amended year-end fund balance of $602K.


At the end of the first quarter, expenditures exceed revenues by $10K, mainly due to transfers coming in below budget due to cancellation of Bootfest 2021.

Victoria Paddling Trail


Revenues vs Expenditures

  • Revenues are coming in under budget due to the cancellation of the Bootfest event in 2021.
  • Contractual Services are coming in under budget due to the cancellation of the Bootfest Event in 2021.
  • Other Charges are coming in under budget due to advertising, sports marketing, brochures, amd group meeting sales expenditure lines.
  • Cost of Goods Sold is coming in under budget due to the cancellation of the Bootfest Event in 2021
  • Revenues are coming in under budget due to cancellation of the Bootfest 2021 event.
  • Personnel Costs are coming in under budget due to cancellation of the Bootfest 2021 event (no overtime costs related to the event).
  • Supplies are coming in under budget due to the small tools and uniforms line items.
  • Contractual Services are coming in under budget due to cancellation of the Bootfest 2021 event.
  • Other Charges are coming in over budget due to subscriptions & memberships and advertising line items.
  • Costs of Goods Sold is coming in under budget due to cancellation of the Bootfest 2021 event.
  • Capital Outlay is coming in under budget due to the timing of expenditures. These purchases are made irregularly throughout the fiscal year.

CVB logo

Budget Amendments

As of the first quarter of FY 2021-22, the CVB Fund Budget has been amended once in the amount of $12K for the FY 2020-21 carryover encumbrances (these encumbrances were not included in this financial report since the funding for the FY 2020-21 encumbrances came from prior year reserved fund balance of $12K).


As of the first quarter of FY 2022, the CVB Fund had 1 vacancy out of 4 approved full-time positions.