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Home My WebLink About04. 2024 VLMD Fund Forecast 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCE VAIL LOCAL MARKETING DISTRICT 2023 Amended Budget 2023 Preliminary Actuals Variance Fav/(Unfav)2024 Budget Budget Shifts 1st Supplemental 2024 Amended Budget 2024 Forecast 2025 Income Lodging Tax 5,305,000 5,489,112 184,112 5,395,000 5,395,000 5,468,681 5,502,655 Interest Income 36,000 125,984 89,984 65,000 65,000 254,613 51,071 Total Income 5,341,000 5,615,096 274,096 5,460,000 - - 5,460,000 5,723,294 5,553,726 Expense Destination 990,000 1,070,461 (80,461) 1,141,040 (4,205) 464,065 1,600,900 1,600,900 International 126,500 125,896 604 172,300 172,300 172,300 Front Range 355,000 229,148 125,852 250,000 4,205 35,355 289,560 289,560 Groups and Meetings 300,705 273,761 26,944 320,667 320,667 320,667 Public Relations Expenses 140,500 99,729 40,771 156,500 156,500 156,500 Content/Influencer Strategy 145,140 140,765 4,375 172,153 14,200 186,353 186,353 Photography / Video 561,675 317,084 244,591 390,200 390,200 390,200 Research 78,050 76,204 1,846 123,805 108,310 232,115 232,115 Web Site 385,270 360,655 24,615 374,090 80,940 455,030 455,030 Admin Miscellaneous 8,000 12,164 (4,164) 27,600 27,600 27,600 Email Marketing 199,360 155,758 43,602 338,000 63,980 401,980 401,980 Branding 764,010 664,589 99,421 749,500 30,000 779,500 779,500 Contingency 250,000 - 250,000 250,000 250,000 250,000 Database Warehousing and Research 444,545 425,093 19,452 500,227 500,227 500,227 In-Market Marketing 60,000 42,434 17,566 100,735 15,580 116,315 116,315 Marketing Sponsorship 59,000 59,000 - 50,000 50,000 50,000 Professional Fees - - Legal and Accounting 32,000 32,000 - 32,000 32,000 32,000 Lodging Liaison 48,000 48,000 - 51,736 51,736 51,736 Advertising Agent Fees 191,760 212,517 (20,757) 221,160 49,933 271,093 271,093 Marketing Coordination-TOV 143,000 143,000 - 143,000 143,000 143,000 Marketing Coordination-VVP 45,275 45,275 - 53,986 53,986 53,986 Professional Fees - MYPR 119,000 109,084 9,916 152,500 152,500 152,500 Total Professional Fees 579,035 589,876 -10,841 654,382 - 49,933 704,315 704,315 0 Total Expense 5,446,790 4,642,618 804,172 5,771,200 - 862,363 6,633,563 6,633,563 1 Revenue over (Under) Expenditures (105,790) 972,478 1,078,268 (311,200) - (862,363) (1,173,563) (910,269) 5,553,725 Transfer to General Fund 1,410,000 1,410,000 - - - - - Beginning Fund Balance 3,901,317 3,901,317 3,463,795 3,463,795 3,463,795 Ending Fund Balance 2,385,527 3,463,795 3,152,595 2,290,232 2,553,527 Fund Balance (25% required)45%62%58%42%45%0%