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Item 06.d
Date: Item No. CONVENTION AND VISITORS BUREAU 2018 BUDGET Proposed Action Staff recommends adoption of the following motion: Move to approve the Convention and Visitors Bureau 2018 budget. Overview Each year the Lakeville Convention and Visitors Bureau presents a budget for approval by the City Council. Attached is the proposed 2018 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 2018 budget are included in the attached submittal letter from Chamber of Commerce President Tim Roche. Supporting Information • Proposed 2018 CVB Budget Financial Impact: $ Budgeted: Y☐ N☐ Source: Related Documents: (CIP, ERP, etc.): Envision Lakeville Community Values: Diversified Economic Development Report Completed by: Justin Miller, City Administrator November 6, 2017 N/A October 17, 2017 The Honorable Mayor Doug Anderson City of Lakeville 20195 Holyoke Avenue Lakeville, MN 55044 Dear Mayor Anderson: Action was taken at the Convention and Visitors Bureau’s Advisory Board meeting on Monday, October 16, 2017 to approve the budget as presented. The Lakeville Area Chamber of Commerce Board of Directors officially approved the CVB budget on Tuesday, October 17, 2016. The Budget provides for funding supporting the following services aiding in Lakeville’s economic climate: A. Informational services in answering inquiries about the city of Lakeville’s annual festivals, community events, hospitality industry businesses and services. B. Provide conference planning, coordination and registration assistance to organizations and businesses. C. Supply convention and event support materials. 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/event planners. F. Provide representation at trade shows, conventions, and exhibits to attract new visitors to the City. G. Promote the City as a destination center for Minnesota through marketing which also includes regional and statewide advertising of the City’s hospitality industry and attractions. Changes made to the 2018 budget from previous years are outlined below. 1. Income: 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. We have budgeted a small decrease to be fiscally conservative. 2. Personnel Expense: With no change in health benefits and a 3% payroll increase for 2018, there is minimal change in personnel expenses. 3. Operations & Equipment Expenses: No significant changes planned. Page 2 4. Advertising Expenses: After a successful digital marketing campaign in 2017, the CVB is directing more monies towards digital marketing in 2018. a. 2017 Digital Marketing - $16,800 b. 2018 Digital Marketing - $34,552 2018 digital marketing strategies and campaigns will include a combination of Social Media, Display & Retargeting, Paid Search/Website Optimization and Email Marketing in the Market Segments of Leisure Traveler, Business Traveler/Meetings and Weddings. These monies were reallocated from various places (print, travel, etc) and the overall expenses stayed consistent from 2017. 5. Over 52.5% ($125,000 of $238,000) in expenses goes directly into advertising Lakeville which is very healthy and strong in comparison to other Convention & Visitor Bureaus. Over the past 3 years we have been able to increase the advertising budget from $83,000 to $125,000! An increase of $42,000 while total revenues have increased $45,000 over those 3 years. Leveraging our co-operative advertising partnerships both regionally and state-wide, the value of our advertising dollars stretch from $125,000 to approximately $290,000. Please find enclosed a copy of the 2018 Convention & Visitor Bureau budget, along with spreadsheets highlighting the marketing and payroll costs. Also enclosed is a list of the approved 2018 CVB Advisory Board of Directors. Thank you for your continued support. If you have any questions concerning the budget, please feel free to contact me. Sincerely, Tim Roche, President Lakeville Area Chamber of Commerce & Convention & Visitors Bureau Cc: Jerilyn Erickson Justin Miller Mike Puppe Jeanne Hutter 2018 CVB Actual / Budget Projections 2018 CVB BUDGET 3% Payroll Increase JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Total 2004 ACTUAL 6,475.33$ 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$ 22,262.68$ 19,963.61$ 20,438.78$ 23,260.45$ 23,303.45$ 204,260.90$ 2017 ACTUAL 24,527.63$ 13,319.52$ 14,167.53$ 13,796.47$ 16,722.16$ 16,294.63$ 18,419.19$ 27,237.36$ 22,775.17$ 18,000.00$ 26,536.32$ 20,000.00$ 231,795.99$ 195.65%112.28%121.40%104.97%117.46%111.99%108.14%122.35% Revenues - 2018 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2018 Budget 2017 Budget 2016 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$ 165.00$ 122.19$ Lodging Tax - Flat 24,527.63$ 13,319.52$ 14,167.53$ 13,796.47$ 16,722.16$ 16,294.63$ 18,419.19$ 27,237.36$ 22,775.17$ 18,000.00$ 26,536.32$ 20,000.00$ 231,795.99$ 237,090.61$ 204,210.27$ Lodging Tax - New Hotel -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Miscellaneous/Other Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ EMT Grants -$ -$ -$ -$ -$ 6,500.00$ -$ -$ -$ -$ -$ -$ 6,500.00$ 6,500.00$ 8,949.00$ TOTAL REVENUES 24,527.63$ 13,319.52$ 14,212.53$ 13,796.47$ 16,722.16$ 22,839.63$ 18,419.19$ 27,237.36$ 22,820.17$ 18,000.00$ 26,536.32$ 20,030.00$ 238,460.99$ 243,755.61$ 213,281.46$ EXPENSES - 2017 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2018 Budget 2017 Budget 2016 Actual 401K Employer Expenses 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 1,887.40$ 1,832.43$ 1,934.46$ Payroll Tax Social Security 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 4,110.74$ 4,210.45$ 3,997.87$ Payroll Tax Medicare 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 962.02$ 933.16$ 934.99$ Payroll Tax FUTA 20.00$ 20.00$ 15.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 55.00$ 55.00$ 42.00$ Payroll Tax SUTA 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 335.94$ 325.87$ 62.00$ 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$ 3,930.00$ 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$ 749.40$ 830.17$ Wages - Jeanne 3% Increase 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 62,913.29$ 61,080.86$ 59,301.84$ 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$ 660.00$ Wages President -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Wages - Bonus -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 500.00$ Total Personnel Expenses 6,315.73$ 6,315.73$ 6,310.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 6,295.73$ 75,603.80$ 73,554.14$ 72,193.33$ Accounting Fees 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 300.00$ 3,600.00$ 4,020.00$ 2,648.25$ Advisory Board Meetings -$ 150.00$ 150.00$ -$ 500.00$ -$ 150.00$ 150.00$ -$ 150.00$ -$ 500.00$ 1,750.00$ 1,750.00$ 1,729.81$ Audit Expense -$ -$ -$ -$ -$ -$ 5,000.00$ 1,000.00$ 1,000.00$ -$ -$ -$ 7,000.00$ 7,000.00$ 6,934.35$ Bank Service Charges -$ -$ 15.00$ -$ -$ 15.00$ -$ 15.00$ -$ -$ 15.00$ -$ 60.00$ 20.00$ 60.00$ Chamber Management Fee 4%981.11$ 532.78$ 566.70$ 490.98$ 668.89$ 651.79$ 736.77$ 1,089.49$ 911.01$ 720.00$ 1,061.45$ 800.00$ 9,210.96$ 9,340.89$ 8,125.49$ Depreciation -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Insurance-Directors 480.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 480.00$ 460.00$ 450.00$ Insurance-Workmans Com 650.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 650.00$ 600.00$ 588.88$ Insurance-Buld & Contents 325.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 325.00$ 300.00$ 258.16$ 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$ 1,800.00$ 564.45$ 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$ 300.00$ 168.75$ 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$ 2,220.00$ 2,097.81$ 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$ 1,020.00$ 1,307.22$ Other Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (123.87)$ Total Operations Expenses 3,931.11$ 2,177.78$ 2,226.70$ 1,985.98$ 2,663.89$ 2,161.79$ 7,381.77$ 3,749.49$ 3,406.01$ 2,365.00$ 2,571.45$ 2,795.00$ 37,415.96$ 37,830.89$ 33,809.30$ Computer Technology -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,000.00$ 1,756.49$ Office Equipment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Maintenance & Repairs -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Equipment Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,000.00$ -$ Advertising -25,975.00$ 17,838.00$ 4,055.00$ 4,725.00$ 10,033.00$ 4,545.00$ 5,675.00$ 8,783.00$ 3,550.00$ 2,070.00$ 8,388.00$ 1,800.00$ 97,437.00$ 94,840.00$ 79,280.08$ - MPLS SOUTH Co-op 8,500.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 8,500.00$ 8,500.00$ - EXPLORE MN Tourism 4,500.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 4,500.00$ 5,000.00$ - TCTAA & AAA -$ 100.00$ 350.00$ 950.00$ 670.00$ -$ -$ 500.00$ 950.00$ 270.00$ -$ -$ 3,790.00$ - LAKEVILLE 7,975.00$ 11,975.00$ 3,705.00$ 3,775.00$ 3,600.00$ 4,545.00$ 5,675.00$ 2,520.00$ 2,600.00$ 1,800.00$ 2,625.00$ 1,800.00$ 52,595.00$ 81,340.00$ - LAKEVILLE DIGITAL MARKETING -$ 5,763.00$ -$ -$ 5,763.00$ -$ -$ 5,763.00$ -$ -$ 5,763.00$ -$ 23,052.00$ -$ - SUPER BOWL FAM TOUR 5,000.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 5,000.00$ 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$ 3,300.00$ 2,678.08$ Contests/Awards/Gifts -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,300.00$ 944.34$ Conferences & Education -$ 500.00$ 300.00$ 1,650.00$ 150.00$ 600.00$ -$ -$ 650.00$ 150.00$ 250.00$ 50.00$ 4,300.00$ 3,600.00$ 2,230.69$ Dropbox 100.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 100.00$ Event Sponsorship -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 241.92$ Marketing Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 775.36$ Memberships -$ 350.00$ 900.00$ -$ 500.00$ -$ -$ -$ 650.00$ -$ -$ -$ 2,400.00$ 3,250.00$ 1,575.00$ Postage & Shipping Expense 200.00$ -$ -$ 300.00$ -$ -$ 300.00$ -$ -$ -$ 200.00$ -$ 1,000.00$ 750.00$ 267.70$ Printing 150.00$ -$ 300.00$ 150.00$ -$ -$ -$ 150.00$ -$ -$ 150.00$ -$ 900.00$ 600.00$ 2,400.73$ Public Relations 50.00$ 50.00$ 50.00$ 50.00$ 150.00$ 50.00$ 50.00$ 150.00$ 150.00$ 50.00$ 150.00$ 50.00$ 1,000.00$ Promotional Items 1,000.00$ -$ 1,000.00$ -$ -$ -$ -$ -$ -$ -$ 750.00$ -$ 2,750.00$ 1,750.00$ 2,070.80$ Tour/Planners FAMs 100.00$ 100.00$ -$ -$ 100.00$ -$ 100.00$ 100.00$ 100.00$ -$ 600.00$ Trade Show Expense -$ -$ 150.00$ 800.00$ 1,400.00$ 450.00$ 200.00$ 200.00$ 300.00$ 600.00$ 850.00$ -$ 4,950.00$ 4,900.00$ 12.85$ Travel 200.00$ 600.00$ 400.00$ 300.00$ 250.00$ 1,350.00$ 500.00$ 250.00$ 1,300.00$ 500.00$ 250.00$ 200.00$ 6,100.00$ 6,550.00$ 3,613.63$ Web Site Hosting -$ -$ -$ -$ -$ -$ -$ -$ 600.00$ -$ -$ 600.00$ 600.00$ 140.00$ Advertising Expenses 28,050.00$ 19,713.00$ 7,430.00$ 8,250.00$ 12,858.00$ 7,270.00$ 7,100.00$ 9,908.00$ 6,975.00$ 4,245.00$ 11,263.00$ 2,375.00$ 125,437.00$ 121,440.00$ 97,987.67$ Total Expenses 38,296.84$ 28,206.51$ 15,967.43$ 16,531.71$ 21,817.62$ 15,727.52$ 20,777.50$ 19,953.23$ 16,676.74$ 12,905.73$ 20,130.19$ 11,465.73$ 238,456.76$ 233,825.03$ 203,990.30$ NET INCOME/(LOSS)(13,769.21)$ (14,886.99)$ (1,754.90)$ (2,735.24)$ (5,095.46)$ 7,112.11$ (2,358.31)$ 7,284.13$ 6,143.43$ 5,094.27$ 6,406.14$ 8,564.27$ 4.22$ 9,930.58$ 9,291.16$ 2017 CHAMBER WAGE SCHEDULE - Director of Tourism Jeanne Hutter 61080.86 January February March April May June July August September October November December TOTALS Salary 3% Increase - $62,913.29 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 5,242.77$ 62,913.29$ 401K 3% Employee Contribution (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (1,832.40)$ H.S.A. Employee Contribution -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Taxable Wages 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$ 61,080.89$ Payroll Tax Social Security .0673 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 342.56$ 4,110.74$ Payroll Tax Medicare .01575 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 80.17$ 962.02$ Payroll Tax FUTA $55 Max 20.00$ 20.00$ 15.00$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 55.00$ Payroll Tax SUTA .0055 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 28.00$ 335.94$ TOTALS 5,560.80$ 5,560.80$ 5,555.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 5,540.80$ 66,544.60$ 401K 3% Employer Match 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 157.28$ 1,887.40$ 401K Employee Contribution (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (152.70)$ (1,832.40)$ GROSS TOTAL 5,718.08$ 5,718.08$ 5,713.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 5,698.08$ 68,432.00$ NET TOTAL 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 5,094.66$ 61,135.89$ Revenues - 2018 2018 Budget 2017 Budget 2016 Actual 2015 Actual 2014 Actual 2013 ACTUAL 2012 ACTUAL 2011 ACTUAL 2010 ACTUAL 2009 ACTUAL 2008 ACTUAL 2007 ACTUAL 2006 ACTUAL Actual/Budget Interest Income 165.00$ 165.00$ 122.19$ 154.17$ 198.58$ 206.83$ 424.72$ 349.11$ 969.42$ 836.36$ 910.15$ 110.45$ 82.34$ Lodging Tax - Flat 243,698.63$ 237,090.61$ 204,210.27$ 187,567.89$ 175,227.86$ 166,960.62$ 157,691.54$ 151,410.63$ 130,245.97$ 122,895.10$ 150,256.32$ 112,238.10$ 92,286.23$ Lodging Tax - New Hotel -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Miscellaneous/Other Revenue -$ -$ -$ -$ 400.00$ EMT Grants 6,500.00$ 6,500.00$ 8,949.00$ 5,353.33$ 1,150.00$ 5,642.80$ 1,150.00$ 3,130.70$ 3,521.90$ TOTAL REVENUES 250,363.63$ 243,755.61$ 213,281.46$ 193,075.39$ 176,576.44$ 167,167.45$ 164,159.06$ 152,909.74$ 134,346.09$ 127,253.36$ 151,166.47$ 112,348.55$ 92,368.57$ EXPENSES - 2017 2018 Budget 2017 Budget 2016 Actual 2015 Actual 2014 Actual 2013 ACTUAL 2012 ACTUAL 2011 ACTUAL 2010 ACTUAL 2009 ACTUAL 2008 ACTUAL 2007 ACTUAL 2006 ACTUAL 401K Employer Expenses 1,887.40$ 1,832.43$ 1,934.46$ 1,924.80$ 1,313.64$ 1,275.24$ 1,238.16$ 1,213.80$ 1,190.16$ 1,190.16$ 1,166.76$ 1,111.20$ 1,058.28$ Payroll Tax Social Security 4,110.74$ 4,210.45$ 3,997.87$ 4,102.20$ 3,042.28$ 2,928.09$ 2,888.56$ 2,759.24$ 2,738.66$ 2,718.82$ 2,735.26$ 2,682.88$ 2,544.60$ Payroll Tax Medicare 962.02$ 933.16$ 934.99$ 959.39$ 711.49$ 684.73$ 675.49$ 645.30$ 640.56$ 635.90$ 639.67$ 627.40$ 597.63$ Payroll Tax FUTA 55.00$ 55.00$ 42.00$ 42.00$ 42.67$ 37.98$ 39.49$ 50.22$ 44.73$ 50.40$ 50.40$ 50.38$ 85.68$ Payroll Tax SUTA 335.94$ 325.87$ 62.00$ 60.00$ 65.80$ 173.64$ 170.88$ 168.74$ 167.67$ 113.98$ 112.50$ 214.12$ 241.10$ Health Insurance Stipend 3,930.00$ 3,930.00$ 3,930.00$ 3,602.50$ 5,390.57$ 5,101.32$ 3,986.96$ 3,534.16$ 3,122.56$ 3,443.02$ 3,014.50$ 3,256.14$ 3,445.32$ Dental Insurance - Employer 749.40$ 749.40$ 830.17$ 672.41$ -$ -$ -$ -$ Wages - Jeanne 3% Increase 62,913.29$ 61,080.86$ 59,301.84$ 57,474.56$ 43,785.96$ 42,510.72$ 41,272.56$ 40,463.28$ 36,809.84$ 36,080.64$ 33,054.89$ 36,435.06$ 34,217.64$ Other Payroll Expense 660.00$ 660.00$ 660.00$ 630.00$ -$ -$ -$ Wages President -$ -$ -$ -$ 6,644.20$ 6,275.75$ Wages - Bonus -$ -$ 500.00$ 500.00$ 1,000.00$ 1,500.00$ 1,031.81$ 1,517.37$ Total Personnel Expenses 75,603.80$ 73,554.14$ 72,193.33$ 69,967.86$ 61,996.61$ 60,487.47$ 51,303.91$ 50,352.11$ 44,714.18$ 44,232.92$ 40,773.98$ 44,377.18$ 42,190.25$ Accounting Fees 3,600.00$ 4,020.00$ 2,648.25$ 3,460.05$ 3,556.20$ 3,083.75$ 3,600.75$ 3,018.65$ 975.00$ 1,112.50$ 975.00$ 1,800.00$ 1,699.40$ Advisory Board Meetings 1,750.00$ 1,750.00$ 1,729.81$ 1,529.51$ 1,941.41$ 3,631.55$ 2,605.64$ 883.53$ 857.31$ 712.72$ 854.77$ 826.71$ 524.59$ Audit Expense 7,000.00$ 7,000.00$ 6,934.35$ 6,530.10$ 6,992.20$ 5,271.85$ 4,656.75$ 4,775.05$ 4,000.00$ 4,240.00$ 4,190.00$ 3,750.00$ 3,500.00$ Bank Service Charges 60.00$ 20.00$ 60.00$ 120.00$ -$ -$ -$ -$ -$ -$ 133.91$ 15.00$ 15.20$ Chamber Management Fee 4%9,687.07$ 9,340.89$ 8,125.49$ 7,502.71$ 8,764.94$ 8,317.29$ 7,884.58$ 7,566.03$ 6,512.29$ 6,144.75$ 7,512.82$ 5,611.88$ 4,614.29$ Depreciation -$ -$ -$ 319.74$ 389.93$ -$ 442.45$ 1,418.17$ 1,905.72$ -$ 300.00$ 75.00$ Insurance-Directors 480.00$ 460.00$ 450.00$ 454.00$ 437.00$ 375.00$ 355.00$ 330.00$ 330.00$ 330.00$ 325.00$ 716.00$ 350.00$ Insurance-Workmans Com 650.00$ 600.00$ 588.88$ 400.00$ 375.00$ 425.00$ 300.00$ 275.00$ 275.00$ 275.00$ 250.00$ 225.00$ 202.00$ Insurance-Buld & Contents 325.00$ 300.00$ 258.16$ 333.15$ 350.00$ 350.00$ 325.00$ 325.00$ 325.00$ 325.00$ 300.00$ 281.00$ 305.75$ Office Supplies 1,800.00$ 1,800.00$ 564.45$ 1,552.50$ 1,685.83$ 2,251.12$ 1,562.15$ 2,918.95$ 2,330.59$ 1,596.03$ 1,443.39$ 1,517.74$ 1,622.95$ Rent 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 9,000.00$ 8,875.14$ 8,815.14$ Supplies 300.00$ 300.00$ 168.75$ 138.65$ 126.99$ 149.10$ 158.96$ 204.43$ 118.27$ 192.48$ 179.32$ 208.45$ 247.52$ Telephone/Cable 2,220.00$ 2,220.00$ 2,097.81$ 2,220.00$ 2,192.70$ 2,352.27$ 2,268.86$ 2,102.65$ 2,092.44$ 2,064.94$ 1,865.54$ 1,925.41$ 1,851.43$ Telephone - Cell 1,020.00$ 1,020.00$ 1,307.22$ 947.64$ 1,003.75$ 1,913.58$ 2,255.17$ 1,533.79$ 1,782.06$ 1,500.00$ 1,110.92$ 922.74$ 894.40$ Other Expense -$ -$ (123.87)$ 676.16$ 494.80$ 289.71$ 303.54$ 298.82$ 607.26$ 435.67$ 224.80$ 490.42$ 610.79$ Total Operations Expenses 37,892.07$ 37,830.89$ 33,809.30$ 35,184.21$ 37,440.78$ 37,410.22$ 35,718.85$ 34,650.07$ 31,110.94$ 27,929.09$ 28,365.47$ 27,465.49$ 25,328.46$ Computer Technology -$ 1,000.00$ 1,756.49$ 457.87$ 650.46$ 622.37$ 1,497.76$ 323.11$ 929.39$ 349.69$ Office Equipment -$ -$ -$ -$ -$ 26.68$ Maintenance & Repairs -$ -$ -$ -$ -$ 120.00$ 120.00$ Equipment Expense -$ 1,000.00$ 1,756.49$ 457.87$ 650.46$ 622.37$ 1,524.44$ 323.11$ 929.39$ 349.69$ 120.00$ 120.00$ Advertising --$ 94,840.00$ 79,280.08$ 69,053.89$ 62,277.01$ 63,872.83$ 54,738.92$ 46,040.98$ 32,530.91$ 28,506.30$ 38,407.25$ 15,842.28$ 15,290.00$ - MPLS SOUTH Co-op -$ 8,500.00$ - EXPLORE MN Tourism -$ 5,000.00$ - LAKEVILLE -$ 81,340.00$ Advertising Giveaways -$ -$ -$ 540.00$ -$ -$ -$ (48.04)$ 167.60$ 363.00$ -$ -$ -$ -$ 3,999.59$ -$ Business Meetings 3,300.00$ 3,300.00$ 2,678.08$ 3,150.86$ 2,710.90$ 3,106.18$ 3,161.81$ 2,210.73$ 2,573.03$ 2,169.40$ 3,330.14$ 1,199.86$ 1,425.98$ Contests/Awards/Gifts 1,600.00$ 1,300.00$ 944.34$ (17.26)$ 565.85$ 104.00$ -$ -$ -$ Conferences & Education 5,300.00$ 3,600.00$ 2,230.69$ 910.20$ 1,834.00$ 2,073.00$ 204.00$ 995.00$ 1,395.00$ 2,750.00$ 1,725.00$ 1,169.00$ 180.00$ Event Sponsorship -$ -$ 241.92$ 553.09$ -$ 150.00$ 516.98$ 258.47$ Marketing Expense -$ -$ 775.36$ 382.89$ 389.00$ -$ 26.15$ Memberships 3,250.00$ 3,250.00$ 1,575.00$ 250.00$ 1,090.00$ 955.00$ 1,080.00$ 855.00$ 980.00$ 855.00$ 355.00$ 1,290.00$ 960.00$ Postage & Shipping Expense 1,200.00$ 750.00$ 267.70$ 1,153.50$ 885.21$ 368.00$ 1,344.15$ 750.00$ 6.05$ 5.65$ 778.98$ 300.00$ 300.00$ Printing 600.00$ 600.00$ 2,400.73$ -$ 242.89$ 2,255.30$ 350.45$ 237.80$ -$ 1,674.49$ 2,707.85$ 733.99$ 500.00$ Public Relations 1,000.00$ Promotional Items 1,750.00$ 1,750.00$ 2,070.80$ 1,861.84$ 2,750.29$ 2,809.35$ 1,466.86$ 2,237.13$ 1,258.64$ 897.66$ 970.41$ Tour/Planners FAMs 700.00$ Trade Show Expense 4,850.00$ 4,900.00$ 12.85$ 1,870.66$ 900.00$ 300.00$ 441.78$ -$ -$ -$ 76.08$ 859.90$ Travel 8,050.00$ 6,550.00$ 3,613.63$ 3,397.11$ 4,738.76$ 2,818.80$ 2,719.89$ 3,861.27$ 3,150.31$ 4,506.90$ 4,557.16$ 2,003.19$ 1,910.05$ Web Site Hosting 600.00$ 600.00$ 140.00$ 508.00$ 688.57$ 1,943.71$ 2,241.25$ 866.96$ 691.70$ 1,303.00$ 189.95$ 70.00$ 110.00$ Advertising Expenses 32,200.00$ 121,440.00$ 97,987.67$ 83,074.78$ 79,612.48$ 80,606.17$ 67,749.11$ 58,204.87$ 46,585.23$ 43,163.49$ 53,021.74$ 23,110.47$ 21,898.93$ Total Expenses 145,695.87$ 233,825.03$ 203,990.30$ 188,684.72$ 179,700.33$ 179,126.23$ 156,296.31$ 143,530.16$ 123,339.74$ 115,675.19$ 122,161.19$ 95,073.14$ 89,537.64$ NET INCOME/(LOSS)104,667.76$ 9,930.58$ 9,291.16$ 4,390.67$ (3,123.89)$ (11,958.78)$ 7,862.75$ 9,379.58$ 11,006.35$ 11,578.17$ 29,005.28$ 17,275.41$ 2,830.93$ Advertising to total expense 51.94%48.04%44.03%44.30%45.00%43.35%40.55%37.77%37.31%43.40%24.31%24.46% Advertising Expense Increase 23.93%17.95%4.35%-1.23%18.98%16.40%24.94%7.93%-18.59%129.43%5.53% Total Expense Increase 14.63%8.11%5.00%0.32%14.61%8.89%16.37%6.63%-5.31%28.49%6.18% Total Revenue Increase 14.29%10.47%9.34%5.63%1.83%7.36%13.82%5.57%-15.82%34.55%21.63%