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HomeMy WebLinkAbout04. 2025.04.17 - Monthly Financial Update (Preliminary 2024 Review)Vail Local Marketing District Monthly Financial Update April 17, 2025 Lodging Tax Collections 2023 2024 2024 Budget % Change $ Change from % Change Month Actuals Budget Actuals Variance from Budget 2023 from 2023 January 842,530 834,105 829,813 (4,291) -0.5%(12,717) -1.5% February 846,467 858,002 895,959 37,956 4.4%49,492 5.8% March 1,105,774 1,058,398 1,175,363 116,965 11.1%69,589 6.3% April 246,595 244,129 160,893 (83,236) -34.1%(85,702) -34.8% May 65,366 64,712 69,329 4,616 7.1%3,963 6.1% June 248,701 246,214 247,361 1,147 0.5%(1,340) -0.5% July 344,795 341,347 348,209 6,862 2.0%3,414 1.0% August 282,899 280,070 309,370 29,300 10.5%26,471 9.4% September 368,337 364,654 318,191 (46,463) -12.7%(50,146) -13.6%* October 123,882 122,643 133,752 11,109 9.1%9,870 8.0% November 147,926 146,447 152,165 5,718 3.9%4,239 2.9% December 842,706 834,279 866,151 31,872 3.8%23,445 2.8% YTD Total 5,465,978$ 5,395,000$ 5,506,555$ 111,555$ 2.6%40,577$ 0.9% Prior Year Collections 23,134 - 10,017 10,017 (13,117) Total Lodging Tax Collections 5,489,112 5,395,000 5,516,572 121,572 2.3%27,460 0.5% *September 2023 collections included a one-time increase due to abnormal timing from a business remitting for multiple months. Excluding this variance, September 2024 collections are up 2.4% compared to the prior year. Annual MTD YTD Budget Less % of Prior Year Budget Amount Actual Amount Actual Amount YTD Actual Budget Total Actual 5,395,000.00 1,018,315.56 5,506,554.98 (111,554.98)102 5,465,977.91 .00 .00 10,017.05 (10,017.05)+++23,133.95 65,000.00 10,000.71 240,116.66 (175,116.66)369 125,983.99 $5,460,000.00 $1,028,316.27 $5,756,688.69 ($296,688.69)105%$5,615,095.85 $5,460,000.00 $1,028,316.27 $5,756,688.69 ($296,688.69)105%$5,615,095.85 51,736.00 13,378.35 52,618.41 (882.41)102 48,000.00 232,115.00 77,244.99 226,732.00 5,383.00 98 76,204.03 32,000.00 .00 32,000.00 .00 100 32,000.00 170,986.00 13,997.75 172,991.00 (2,005.00)101 162,275.00 271,063.00 67,096.97 262,475.33 8,587.67 97 212,517.08 152,500.00 12,912.00 152,500.00 .00 100 109,084.00 500,228.00 63,015.92 372,189.43 128,038.57 74 425,093.13 116,315.00 33,165.80 120,166.37 (3,851.37)103 42,434.15 401,980.00 85,868.37 416,295.59 (14,315.59)104 155,758.25 156,500.00 7,376.48 124,932.90 31,567.10 80 99,729.31 390,200.00 89,332.28 344,385.35 45,814.65 88 317,084.31 455,030.00 113,110.45 437,872.49 17,157.51 96 360,654.85 779,500.00 57,541.20 690,722.74 88,777.26 89 664,588.59 250,000.00 .00 5,000.00 245,000.00 2 .00 186,353.00 28,211.99 110,579.01 75,773.99 59 140,765.39 50,000.00 .00 50,000.00 .00 100 59,000.00 27,600.00 289.69 30,047.41 (2,447.41)109 12,163.54 $4,224,106.00 $662,542.24 $3,601,508.03 $622,597.97 85%$2,917,351.63 140,000.00 .00 82,595.12 57,404.88 59 115,388.44 1,460,930.00 102,581.97 1,537,939.13 (77,009.13)105 955,072.98 172,300.00 500.00 179,265.51 (6,965.51)104 125,895.87 31016.10 Lodging Tax- Prior Year 31610.00 Interest Department 0000 - Revenue Totals Department 0000 - Revenue 31016.00 Lodging Tax 33.11 Research 33.20 Accounting Fees 33.21 VLMD Marketing Coordination VVP / TOV REVENUE TOTALS EXPENSE Department 6300 - Marketing 33.00 Professional Fees Income Statement Through 12/31/2024 Account Account Description Fund Category Governmental Funds Fund Type Special Revenue Funds Fund 600 - Vail Local Marketing District REVENUE 55.03 LMD Digital 55.15 LMD International 73.00 Miscellaneous Department 6300 - Marketing Totals Department 6301 - VLMD Destination 55.00 LMD Traditional 55.23 LMD Contingency 55.25 Social 55.26 Marketing Sponsership 55.20 LMD Photography 55.21 LMD Website 55.22 LMD Branding and Production 55.09 In- Market Marketing 55.13 LMD Email Marketing 55.18 LMD Public Relations- Direct 33.50 Advertising Agent Fees 33.56 Public Relations Services Fees 55.05 Database Systems Annual MTD YTD Budget Less % of Prior Year Budget Amount Actual Amount Actual Amount YTD Actual Budget Total Actual Income Statement Through 12/31/2024 Account Account Description $1,773,230.00 $103,081.97 $1,799,799.76 ($26,569.76)101%$1,196,357.29 5,000.00 .00 .00 5,000.00 0 26,437.17 284,560.00 43,220.59 271,988.90 12,571.10 96 202,710.54 $289,560.00 $43,220.59 $271,988.90 $17,571.10 94%$229,147.71 1,000.00 .00 .00 1,000.00 0 .00 72,236.00 3,194.70 59,007.36 13,228.64 82 49,240.90 190,276.00 15,856.33 190,275.96 .04 100 180,015.00 25,000.00 (3,540.43)27,578.31 (2,578.31)110 29,759.47 2,155.00 .00 3,304.00 (1,149.00)153 2,025.00 10,000.00 .00 1,764.14 8,235.86 18 11,972.07 20,000.00 .00 21,544.80 (1,544.80)108 .00 .00 .00 .00 .00 +++749.00 $320,667.00 $15,510.60 $303,474.57 $17,192.43 95%$273,761.44 26,000.00 .00 26,000.00 .00 100 26,000.00 $26,000.00 $0.00 $26,000.00 $0.00 100%$26,000.00 .00 .00 .00 .00 +++210,000.00 .00 .00 .00 .00 +++1,200,000.00 $0.00 $0.00 $0.00 $0.00 +++$1,410,000.00 $6,633,563.00 $824,355.40 $6,002,771.26 $630,791.74 90%$6,052,618.07 5,460,000.00 1,028,316.27 5,756,688.69 (296,688.69)105%5,615,095.85 6,633,563.00 824,355.40 6,002,771.26 630,791.74 90%6,052,618.07 ($1,173,563.00)$203,960.87 ($246,082.57)$927,480.43 21%($437,522.22) Beginning Fund Balance 3,463,795 3,463,795 3,901,317 Ending Fund Balance (Preliminary)2,290,232 3,217,712 3,463,795 %age of Normal Annual Revenues 42%58%63% Department 6303 - VLMD Group Sales Totals Department 6304 - VLMD Special Events 55.54 LMD Event Liason Department 6304 - VLMD Special Events Totals 55.42 LMD Familiarization Trips 55.50 LMD Event Recruiting 55.51 LMD Participatory Events EXPENSE TOTALS Fund 600 - Vail Local Marketing District Net Gain (Loss) Department 9010 - Operating Transfers & Int Svc Ch Totals EXPENSE TOTALS Fund 600 - Vail Local Marketing District Totals REVENUE TOTALS Department 9010 - Operating Transfers & Int Svc Ch 82.10 Transfer to GF 82.42 Transfer to Marketing Fund 55.17 LMD Direct Sales 55.40 LMD Travel 55.41 LMD Memberships Department 6302 - VLMD Front Range Totals Department 6303 - VLMD Group Sales 55.01 LMD Print Advertising 55.10 LMD Marketing Department 6302 - VLMD Front Range 55.00 LMD Traditional 55.03 LMD Digital Department 6301 - VLMD Destination Totals