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HomeMy WebLinkAboutItem 06.hNovember 7, 2016 Item No.________ APPROVAL OF CONVENTION AND VISITORS BUREAU 2017 BUDGET Proposed Action Staff recommends adoption of the following motion: Move to approve the Convention and Visitors Bureau 2017 budget. Overview Each year the Lakeville Convention and Visitors Bureau presents a budget for approval by the City Council. Attached is the proposed 2017 budget. It has been reviewed and approved by both the CVB Advisory Board and the Lakeville Area Chamber of Commerce Board of Directors. Primary Issues to Consider •Key issues relating to the 2017 budget are included in the attached submittal letter from Chamber of Commerce President Tim Roche. Supporting Information •Proposed 2017 CVB Budget Justin Miller City Administrator Financial Impact: $___N/A_________Budgeted: Y/N ____ Source: __________________ Related Documents (CIP, ERP, etc.): ________________________________________ Community Values: Diversified Economic Development October 31, 2016 The Honorable Mayor Matt Little City of Lakeville 20195 Holyoke Avenue Lakeville, MN 55044 Dear Mayor Little: Action was taken at the Convention and Visitor’s Bureau’s Advisory Board meeting on Wednesday, September 21st, 2016 to approve the Budget as presented. The Lakeville Area Chamber of Commerce Board of Directors officially approved the Budget on Tuesday, October 18, 2016. The Budget provides for funding to support the following services: A. Informational services in answering inquiries about the City, including annual festivals and other community events, via mail, telephones and personal contacts. B. Provide conference planning, coordination and registration assistance to organizations and businesses. C. Supply convention support material. D. Prepare and present presentations to groups to attract visitors to the City. E. Distribute brochures, maps, and guides of the City to potential visitors and meeting planners. F. Provide representation at the trade shows, conventions, and exhibits to attract new visitors to the City. G. Promote the city as a convention center for Minnesota by regional and statewide advertising of the City’s hospitality industry and attractions. Some changes have been made to the budget from previous years, which are outlined below. 1. Income I: The hotels are anticipating a no-growth year in regards to income, which in turn leads to a no-growth year of revenue for the CVB. 2. Income II: Added the anticipated complete yearly revenue from the new Lakeville Hotel, Candlewood Suites which went online in July of 2016. 3. Income III: Overall revenue is budgeted to increase by $31,536.74 from $206,089.19 in 2016 to $237,625.93 in 2017. 4. Personnel Expense: With no change in health benefits and a 3% payroll increase for 2017, there is minimal change in personnel expenses. 5. Operations & Equipment Expenses: No significant changes planned for 2017. 6. Advertising Expenses: There is very significant increase in advertising expenses from 2016 to 2017 due to the increased reveue: a. Direct Advertising efforts – An aggressive increase of over $20,000 directly promoting Lakeville through a variety of Online, Social media, Print, TV & Radio Advertising. See the “2017 AD Schedule” for details. b. The budget is set so that 1/3 of the advertising expenses are directed to print only, 1/3 is directed to online only and 1/3 is directed to both print and online co-op packages. c. Travel – Annually attended tradeshows move around the region and while a majority were in close proximity to Lakeville in 2016, a majority in 2017 are now requiring longer travel and overnight accommodations. 7. Over 51% of all expenses goes directly into advertising Lakeville’s which is very healthy and strong in comparison to other Convention & Visitor Bureaus. Please find enclosed a copy of the 2017 Convention & Visitor Bureau budget, along with spreadsheets highlighting the marketing and payroll costs. Thank you for your continued support. If you have any questions concerning the budget, please feel free to contact me. Sincerely, Tim Roche, President Lakeville Area Chamber of Commerce & Convention & Visitors Bureau Cc: Jerilyn Erickson Justin Miller Sarah Smith Larkin Jeanne Hutter 1 2017 Schedule Advertising/Promotions revised 09/6/16 ADVERTISING CIRCULATION COST CO-OPS • Metro Marketing Committee ($180,000 budget) WI, IA, CAN D $ 5,000 • Minneapolis South ($25,500 advertising budget/possible $34,000) D, TV $ 8,500 Billboard, TV in Des Moines, digital campaign IA, SD, MN, WI, eblasts A-Res? • Hotel billboard $400 monthly/$1100 art annual (drive by traffic) O $ 5,900 • Welcome Magazine pick up at chambers (city/chamber/schools/cvb) 5000 P,D $ 400 and CVB digital ad EXPLORE MINNESOTA • Explore MN Travel Guide listing - Lakeville 300,000 P,D $ 1,130 • Listings in Explorer (3 seasonal prints $300 each) 1,600,000 P,D $ 900 • Exploreminnesota.com listing P,D $ 450 • Fishing Guide for welcome centers, MOA, Governors Fishing 10,000 P,D $ 225 • Midwest Living travel contest D $ 500 LOCAL • Lakeville Arts Center Playbill $450/Festival 150 5,000 P,D $ 600 • Sun Thisweek Newspaper Community Guide 40,000 P $ 500 • Sun Thisweek – 2 holiday ads stuff your turkey 40,000 P $ 600 • Pan O Prog ad SunThisWeek 44,000 P $ 250 • Chamber Directory/Official Lakeville Guide 6,000 P,D $ 1,300 • Score radio/magazine (high school sports) R,D $ 350 • Panthers Basketball tournament D $ 250 LAKEVILLE AD CAMPAIGN • AAA Living (spring and fall, national, MN, IA) 828,622 P,D $ 2,420 • USA Today – Go Escape (national) 1 million PD, newsstand, Orbitz 5 million D $ 3,500 • Have Fun Biking and website – brought to biking events too 50,000 P,D $ 2,300 • Official Visitors Guide – Meet Minneapolis (listing) 275,000 P $ 650 • TCTAA Visitors Guide and coupon/target IA marketing 55,000/150,000 P,D $ 1,050 • Des Moines Iowa Herald – holiday shopping 55,000 P,D $ 900 IOWA CUSTOMIZED NEWSPAPERS (Travel Magazines/inserts) • Vacationland Dubuque Spring - Half page 35,000 P $ 900 • Waterloo Courier Summer Travel Section – half page 45,000 P $ 1,100 • Mason City Globe Gazette Summer - Half-page 20,000 P $ 610 • DBQ Magazine Spring -half page target addresses 5,000 P $ 745 • Davenport Quad City Times Summer Travel Guide 45,000 P $ 550 • Waterloo Fall Travel Guide – quarter page 45,000 P $ 600 • Fall Vacationland Dubuque – half page 31,000 P $ 650 • Digital marketing 210,000 D $ 1,500 Graphic art $ 850 2 • CTM map 421 racks P $ 550 CTM brochure display (3-4 months) $300 month 10,000 O $ 1,100 South of Lakeville, and east including Rochester • Tear off map and 2 ads/hotel use 10,000 P $ 2,500 + Graphic art for some projects • Direct mail postcards (targeted list) 50,000 P $ 4,000 SOCIAL MEDIA AND EMAIL • Facebook/Social Media and contests grown to 4,300 fans D $ 3,000 • Constant Contact (eblasts to mailing list) $60 per month D $ 660 DIRECTORIES GROUPS, MEETINGS • Midwest Meetings Annual Directory 35,000 P $ 350 • Associations North Directory CVB edition (formerly MSAE) P $ 350 • Meetings advertising still TBD (Cvent?) D $ 3,000 PROMOTION • Lakeville Coupon Pages (includes production/printing) 10,000 P,D $ 4,000 • Lakeville Restaurant Pages (new resident mailing/racks/hotels/groups) 5,000 P,D $ 2,000 • Postcards (mailings) 5,000 P $ 1,500 • Brochures (update/reorder) 1,000 P $ 1,300 • Website updates refresh/updates/coupons/etc. D $ 1,200 • Online attraction stores (chamber/cvb web/graphic art) D $ 500 DIGITAL ADVERTISING CAMPAIGN • Ad Taxi – spring campaign (art $400) D $ 8,400 Programmatic Marketing $2,000- $10/CPM impressions 200,000 (age gender income geography interest/on laptop, tablet or phone) Behaviorally Targeted $2,000 - $40/CPM targeted email recipients 50,000 (same as above through list data e-blast) Mobile Geo-Fencing & Geo Targeting $1,000 $10/CPM impressions 100,000 Specific location and retarget later by behavior Retargeting $2,000 $10/CPM (track who went to our site) impressions 200,000 You tube targeted video $1,000 $.50/guaranteed view viewers 2,000 • Ad Taxi – fall campaign same as above D $ 8,400 • Additional digital marketing TBD $ 2,000 RADIO • KFMW-FM/KOKZ Radio IA “go wild” contest 347,000 R, D $ 3,900 FUTER PROJECTS TO DISCUSS • Directory – Chamber sell ads • Key Card advertising RFID quote $8,300 for 25,000 • Bikes and racks/bike map • Signage at Lakeville parks • A-Res (reservation generator on CVB website) • Grant Program including opportunities and protection (rebranding for example) • Postcards with mailing insignia 2015 CVB Actual / Budget Projections 2016 CVB BUDGET 3% Payroll IncreaseJANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2015 Actual 2004 ACTUAL 6,475.33$ 6,615.58$ 5,219.74$ 5,765.56$ 6,667.29$ 6,703.23$ 7,657.29$ 10,443.65$ 12,919.13$ 12,012.78$ 9,249.86$ 7,548.57$ 97,278.01$ 2005 ACTUAL 6,754.95$ 6,011.41$ 4,742.20$ 5,265.12$ 7,469.57$ 7,612.60$ 7,517.68$ 10,901.50$ 12,899.84$ 12,204.26$ 7,496.18$ 7,037.03$ 95,912.34$ 2006 ACTUAL 5,910.31$ 5,737.44$ 4,080.95$ 4,503.97$ 6,464.47$ 5,989.09$ 7,083.51$ 8,645.81$ 9,524.12$ 9,350.57$ 8,116.92$ 7,304.46$ 82,711.62$ 2007 ACTUAL 6,211.39$ 8,178.02$ 7,269.12$ 6,896.73$ 10,339.80$ 9,243.04$ 10,001.61$ 17,018.02$ 16,358.08$ 17,115.06$ 13,323.87$ 12,429.96$ 134,384.70$ 2008 ACTUAL 10,529.81$ 10,583.13$ 8,468.77$ 9,948.02$ 12,193.32$ 11,055.54$ 13,202.07$ 16,192.22$ 14,265.85$ 16,670.53$ 13,995.50$ 13,151.56$ 150,256.32$ 2009 ACTUAL 9,521.83$ 9,506.27$ 7,644.43$ 8,012.52$ 9,737.60$ 8,642.13$ 10,329.53$ 10,240.62$ 14,621.43$ 13,154.40$ 10,707.74$ 10,776.60$ 122,895.10$ 2010 ACTUAL 7,905.18$ 8,861.88$ 7,217.81$ 8,229.16$ 9,213.82$ 8,462.88$ 9,467.66$ 12,527.41$ 18,485.67$ 15,084.79$ 12,577.34$ 12,212.37$ 130,245.97$ 2011 ACTUAL 9,300.08$ 9,272.62$ 8,668.10$ 9,329.46$ 11,350.96$ 11,140.37$ 12,940.24$ 16,492.89$ 17,372.76$ 16,490.54$ 15,195.14$ 13,857.47$ 151,410.63$ 2012 ACTUAL 10,200.58$ 10,453.41$ 9,713.02$ 10,232.54$ 12,007.30$ 10,979.51$ 12,410.72$ 18,511.17$ 17,953.79$ 17,558.21$ 15,440.91$ 12,230.38$ 157,691.54$ 2013 ACTUAL 11,527.23$ 11,999.15$ 9,325.00$ 9,764.97$ 12,330.17$ 12,750.47$ 14,035.53$ 17,996.91$ 17,885.20$ 8,366.88$ 25,385.92$ 15,593.03$ 166,960.46$ 2014 ACTUAL 11,856.76$ 11,598.04$ 10,304.18$ 11,343.04$ 12,855.33$ 12,257.43$ 16,166.67$ 18,849.51$ 19,500.76$ 20,127.21$ 15,868.87$ 14,500.06$ 175,227.86$ 2015 ACTUAL 11,625.37$ 11,539.12$ 11,490.26$ 12,274.50$ 13,900.00$ 12,869.71$ 15,334.52$ 19,095.08$ 21,375.31$ 21,353.52$ 15,669.64$ 21,080.46$ 187,607.49$ 2016 ACTUAL 12,536.44$ 11,862.56$ 11,670.48$ 13,142.78$ 14,236.89$ 14,550.10$ 17,032.68$ 18,656.00$ 22,500.00$ 23,500.00$ 19,373.00$ 18,000.00$ 197,060.93$ Revenues - 2017 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2017 Budget 2016 Projected 2015 Actual Actual/Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Interest Income -$ -$ 45.00$ -$ -$ 45.00$ -$ -$ 45.00$ -$ -$ 30.00$ 165.00$ 126.89$ 154.17$ Lodging Tax - Flat 15,236.44$ 14,562.56$ 14,370.48$ 15,842.78$ 16,936.89$ 17,250.10$ 19,732.68$ 22,356.00$ 25,700.00$ 26,200.00$ 22,073.00$ 20,700.00$ 230,960.93$ 181,013.30$ 187,567.89$ Lodging Tax - New Hotel -$ -$ -$ -$ -$ -$ -$ -$ -$ 16,000.00$ -$ Miscellaneous/Other Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ EMT Grants -$ -$ -$ -$ -$ 6,500.00$ -$ -$ -$ -$ -$ -$ 6,500.00$ 8,949.00$ 5,353.33$ TOTAL REVENUES 15,236.44$ 14,562.56$ 14,415.48$ 15,842.78$ 16,936.89$ 23,795.10$ 19,732.68$ 22,356.00$ 25,745.00$ 26,200.00$ 22,073.00$ 20,730.00$ 237,625.93$ 206,089.19$ 193,075.39$ EXPENSES - 2017 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2017 Budget 2016 Budget 2015 Actual 401K Employer Expenses 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 152.70$ 1,832.43$ 1,904.46$ 1,924.80$ Payroll Tax Social Security 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 332.29$ 4,210.45$ 3,935.83$ 4,102.20$ Payroll Tax Medicare 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 77.76$ 933.16$ 920.47$ 959.39$ Payroll Tax FUTA 20.00$ 20.00$ 15.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 55.00$ 42.00$ 42.00$ Payroll Tax SUTA 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 27.16$ 325.87$ 62.00$ 60.00$ Health Insurance Stipend 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 327.50$ 3,930.00$ 3,930.00$ 3,602.50$ Dental Insurance - Employer 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 62.45$ 749.40$ 820.91$ 672.41$ Wages - Jeanne 3% Increase 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 5,090.07$ 61,080.86$ 59,301.84$ 57,474.56$ Other Payroll Expense 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 55.00$ 660.00$ 660.00$ 630.00$ Wages President -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Wages - Bonus -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 500.00$ Total Personnel Expenses 6,144.93$ 6,144.93$ 6,139.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 6,124.93$ 73,554.14$ 71,577.51$ 69,967.86$ Accounting Fees 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 335.00$ 4,020.00$ 3,463.60$ 3,460.05$ Advisory Board Meetings -$ 150.00$ 150.00$ -$ 500.00$ -$ 150.00$ 150.00$ -$ 150.00$ -$ 500.00$ 1,750.00$ 1,716.50$ 1,529.51$ Audit Expense -$ -$ -$ -$ -$ -$ 5,000.00$ 1,000.00$ 1,000.00$ -$ -$ -$ 7,000.00$ 6,284.35$ 6,530.10$ Bank Service Charges -$ -$ 5.00$ -$ -$ 5.00$ -$ 5.00$ -$ -$ 5.00$ -$ 20.00$ 20.00$ 120.00$ Chamber Management Fee 4%609.46$ 582.50$ 574.82$ 490.98$ 677.48$ 690.00$ 789.31$ 894.24$ 1,028.00$ 1,048.00$ 882.92$ 828.00$ 9,095.71$ 7,240.41$ 7,502.71$ Chamber Mgmt Fee - New Hotel -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 640.00$ -$ Depreciation -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 319.74$ Insurance-Directors 460.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 460.00$ 450.00$ 454.00$ Insurance-Workmans Com 600.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 600.00$ 588.88$ 400.00$ Insurance-Buld & Contents 300.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 300.00$ 258.16$ 333.15$ Office Supplies 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 1,800.00$ 1,085.34$ 1,552.50$ Rent 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 750.00$ 9,000.00$ 9,000.00$ 9,000.00$ Supplies 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 25.00$ 300.00$ 237.39$ 138.65$ Telephone/Cable 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 185.00$ 2,220.00$ 2,083.90$ 2,220.00$ Telephone - Cell 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 85.00$ 1,020.00$ 1,116.77$ 947.64$ Other Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 676.16$ Total Operations Expenses 3,499.46$ 2,262.50$ 2,259.82$ 2,020.98$ 2,707.48$ 2,225.00$ 7,469.31$ 3,579.24$ 3,558.00$ 2,728.00$ 2,417.92$ 2,858.00$ 37,585.71$ 34,185.30$ 35,184.21$ Computer Technology -$ 250.00$ -$ -$ 250.00$ -$ -$ 250.00$ -$ -$ 250.00$ -$ 1,000.00$ 1,242.47$ 457.87$ Office Equipment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Maintenance & Repairs -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Equipment Expense -$ 250.00$ -$ -$ 250.00$ -$ -$ 250.00$ -$ -$ 250.00$ -$ 1,000.00$ 1,242.47$ 457.87$ Advertising -19,860.00$ 3,805.00$ 3,965.00$ 16,050.00$ 1,850.00$ 3,760.00$ 12,040.00$ 3,410.00$ 10,350.00$ 8,830.00$ 4,910.00$ 6,010.00$ 94,840.00$ 74,576.94$ 69,053.89$ - MPLS SOUTH Co-op 8,500.00$ 8,500.00$ - EXPLORE MN Tourism 5,000.00$ 5,000.00$ - LAKEVILLE 6,360.00$ 3,805.00$ 3,965.00$ 16,050.00$ 1,850.00$ 3,760.00$ 12,040.00$ 3,410.00$ 10,350.00$ 8,830.00$ 4,910.00$ 6,010.00$ 81,340.00$ Advertising Giveaways -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Business Meetings 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 275.00$ 3,300.00$ 3,553.31$ 3,150.86$ Contests/Awards/Gifts -$ -$ -$ -$ 800.00$ -$ -$ -$ -$ -$ 300.00$ 200.00$ 1,300.00$ 1,114.66$ (17.26)$ Conferences & Education -$ 500.00$ 300.00$ 150.00$ 150.00$ 1,300.00$ 650.00$ 250.00$ 250.00$ 50.00$ 3,600.00$ 2,405.00$ 910.20$ Event Sponsorship -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 553.09$ Marketing Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 450.36$ 382.89$ Memberships -$ 350.00$ 900.00$ 850.00$ 500.00$ -$ -$ -$ 650.00$ -$ -$ -$ 3,250.00$ 1,425.00$ 250.00$ Postage & Shipping Expense 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 50.00$ 200.00$ 750.00$ 1,084.74$ 1,153.50$ Printing 150.00$ -$ 150.00$ -$ -$ 150.00$ -$ 150.00$ 600.00$ 2,800.00$ -$ Promotional Items -$ 1,000.00$ -$ -$ -$ -$ -$ -$ 750.00$ -$ 1,750.00$ 1,536.97$ 1,861.84$ Trade Show Expense -$ 100.00$ 750.00$ -$ 1,500.00$ 450.00$ 200.00$ 200.00$ 250.00$ 600.00$ 850.00$ -$ 4,900.00$ 2,900.00$ 1,870.66$ Travel 200.00$ 900.00$ 350.00$ 250.00$ 650.00$ 1,300.00$ 450.00$ 200.00$ 1,300.00$ 500.00$ 250.00$ 200.00$ 6,550.00$ 5,325.97$ 3,397.11$ Web Site Hosting -$ -$ -$ -$ 600.00$ -$ 600.00$ 390.00$ 508.00$ Advertising Expenses 20,535.00$ 5,980.00$ 7,590.00$ 17,775.00$ 5,775.00$ 7,135.00$ 13,015.00$ 4,285.00$ 13,525.00$ 11,105.00$ 7,785.00$ 6,935.00$ 121,440.00$ 97,562.95$ 83,074.78$ Total Expenses 30,179.39$ 14,637.43$ 15,989.75$ 25,920.91$ 14,857.40$ 15,484.93$ 26,609.24$ 14,239.17$ 23,207.93$ 19,957.93$ 16,577.85$ 15,917.93$ 233,579.84$ 204,568.23$ 188,684.72$ NET INCOME/(LOSS)(14,942.95)$ (74.87)$ (1,574.27)$ (10,078.13)$ 2,079.49$ 8,310.17$ (6,876.56)$ 8,116.83$ 2,537.07$ 6,242.07$ 5,495.15$ 4,812.07$ 4,046.09$ (5,197.47)$ 4,390.67$