Quarterly Financial Report
Fourth 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 fourth quarter financial report reflects an ending undesignated fund balance of $403K, which represents approximately 5 months of the CVB Fund 2022 budgeted operating expenditures ($319K in excess reserve – above the 1-month minimum fund balance reserve policy). The projected ending fund balance is 22 percent or $71K higher than the amended year-end fund balance of $332K.
At the end of the fourth quarter, expenditures exceed revenues by $14K, mainly due to a planned drawdown of fund balance for one-time projects.
Revenues vs Expenditures
- Revenues are projected to come in under budget due to the cancellation of the Bootfest event in 2021.
- Personnel costs are coming in under budget due to a vacancy and no overtime pay for Bootfest.
- 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
Budget Amendments
As of the fourth quarter of FY 2021-22, the CVB Fund Budget has been amended twice in the amount of $300K for the Deleon Plaza Statue Project and $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 second quarter of FY 2022, the CVB Fund had 1 vacancy out of 4 approved full-time positions.