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Home My WebLink About2013-04-16 Agenda and Support Documentation Town Council Special SessionVAIL TOWN COUNCIL SPECIAL MEETING AGENDA ��y�� ,��' �(,�j�� VAIL TOWN COUNCIL CHAMBERS 75 S. Frontage Road W. Vail, CO 81657 1:00 P.M., APRIL 16, 2013 NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council will consider an item. Public comments on work session item may be solicited by the Town Council ITEM/TOPIC: VAIL LOCAL MARKETING DISTRICT MEETING 2• ITEM/TOPIC: Vail Local Marketing District Advisory Council Strategy Update and Supplemental Budget Request (30 min.) PRESENTER(S): Adam Sutner, Mia Vlaar and John Dawsey ACTION REQUESTED OF COUNCIL: Vail Local Marketing District Advisory Council recommends that the Vail Local Marketing District listen to the presentation, ask questions and provide direction for the requested supplemental budget of $100,000. BACKGROUND: The mission of the Vail Local Marketing District is to market and promote Vail to attract overnight destination guests primarily during the May - October time frame, creating economic vitality by increasing both the visitor base and sales tax revenues. The goals outlined in the 2013 VLMD Operating Plan are: Continue the momentum and build on the powerful leadership position of the year- round brand in order to: 1. Increase May - October occupancy 3% 2. Increase sales tax and lodging tax revenue at a rate to exceed annual inflation as measured by CPI 3. Increase group occupancy by 5% 4. Increase destination visits to be 60% of the mix 5. Increase international visits to be 5% of the mix 6. Increase net promoter score to 86 7. Increase Vail brand awareness to 96% HEALTH & WELLBEING OPPORTUNITY James Chung of Reach Advisors was contracted in 2008 for a brand perceptual study for Vail which identified mountain travelers highly disposed toward an offering like Vail. During 2008 - 2013 the focus has been on groups (continuing medical education and medical conferences), events (Pink Vail and Living Well Summit), enterprises (Arthrex), PR (Vitality Center), culinary offerings and small specialty groups forums (Ellen Miller, Chris Carmichael, Trail Wise Guides). The Town Council identified Health & Wellbeing as a priority in the 2012 Strategic Plan as has Eagle County. Vail is now positioned for the Health & Wellbeing brand evolution by embarking on the following next steps: 1. Integration into the current Vail brand positioning 2. Make Health & Wellbeing understood, organized and articulated as part of the brand framework 3. Align with stakeholders and�'�� communications and creative strategy with measurable results BUDGET DETAIL The current 2013 VLMD budget of $2,571,725 will be utilized to achieve the first 5 goals listed above. The request for the supplement budget will be used to achieve goals 6& 7. The supplemental request for $100,000 is recommended to be spent as follows: Branding $52,000 Digital Video Distribution $31,500 International $13,000 Research $3,500 This supplemental amount will be allocated from the VLMD fund balance, still leaving 37% which is well above the recommended 25% remaining in the fund balance. 3. ITEM/TOPIC: Adjournment (1:30 p.m.) 4/ 16/2013 TU�N�P f�f 4�Ai�."� VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 16, 2013 ITEM/TOPIC: VAIL LOCAL MARKETING DISTRICT MEETING 4/ 16/2013 TU�N�P f�f 4�Ai�."� VAIL TOWN COUNCIL AGENDA MEMO MEETING DATE: April 16, 2013 ITEM/TOPIC: Vail Local Marketing District Advisory Council Strategy Update and Supplemental Budget Request PRESENTER(S): Adam Sutner, Mia Vlaar and John Dawsey ACTION REQUESTED OF COUNCIL: Vail Local Marketing District Advisory Council recommends that the Vail Local Marketing District listen to the presentation, ask questions and provide direction for the requested supplemental budget of $100,000. BACKGROUND: The mission of the Vail Loca� Marketing District is to market and promote Vail to attract overnight destination guests primarily during the May — October time frame, creating economic vitality by increasing both the visitor base and sales tax revenues. The goals outlined in the 2013 VLMD Operating Plan are: Continue the momentum and build on the powerFul leadership position of the year�-ound brand in order to: 1. Increase May — October occupancy 3°/o 2. Increase sales tax and lodging tax revenue at a rate to exceed annual inflation as measured by CPI 3. Increase group occupancy by 5% 4. Increase destination visits to be 60% of the mix 5. Increase international visits to be 5% of the mix 6. Increase net promoter score to 86 7. Increase Vail brand awareness to 96% HEALTH & WELLBEING OPPORTUNITY James Chung of Reach Advisors was contracted in 2008 for a brand perceptual study for Vail which identified mountain travelers highly disposed toward an offering like Vail. During 2008 — 2013 the focus has been on groups (continuing medical education and medical conferences), events (Pink Vail and Living Well Summit), enterprises (Arthrex), PR (Vitality Center), culinary offerings and small specialty groups forums (Ellen Miller, Chris Carmichael, Trail Wise Guides). The Town Council identified Health & Wellbeing as a priority in the 2012 Strategic Plan as has Eagle County. Vail is now positioned for the Health & Wellbeing brand evolution by embarking on the following next steps: 1. Integration into the current Vail brand positioning 2. Make Health & Wellbeing understood, organized and articulated as part of the brand framework 3. Align with stakeholders and create a communications and creative strategy with measurable results BUDGET DETAIL The current 2013 VLMD budget of $2,571,725 will be utilized to achieve the first 5 goals listed above. The request for the supplement budget will be used to achieve goals 6& 7. The supplemental request for $100,000 is recommended to be spent as follows: Branding $52,000 Digital Video Distribution $31,500 International $13,000 4/ 16/2013 Research $3,500 This supplemental amount will be allocated from the VLMD fund balance, still leaving 37% which is well above the recommended 25% remaining in the fund balance. ATTACHMENTS: VLMD Supplemental 4/ 16/2013 �r ►�il� VA ! L � IVlemoran�lu�a To: From: Date: Subject � � Vail Local Marketing District Vail Local Marketing District Advisory Council April 16, 2013 2013 Brand Positioning Presentation and Supplemental Budget Request SUMMARY Vail Local Marketing District Advisory Council Strategy Update and Supplemental Budget Request BACKGROUND The mission of the Vail Local Marketing District is to market and promote Vail to attract overnight destination guests primarily during the May — October time frame, creating economic vitality by increasing both the visitor base and sales tax revenues. The goals outlined in the 2013 VLMD operating plan are: Continue the momentum and build on the powerful leadership position of the year-round Vail brand in order to: 1. Increase May — October occupancy by 3% 2. Increase sales tax and lodging tax revenue at a rate to exceed annual inflation as measured by CPI 3. Increase group occupancy by 5°/o 4. Increase destination visits to be 60% of the mix 5. Increase international visits to be 5% of the mix 6. Increase net promoter score to 86 7. Increase Vail brand awareness to 96% HEALTH & WELLBEING OPPORTUNITY James Chung of Reach Advisors was contracted in 2008 for a brand perceptual study for Vail which identified mountain travelers highly disposed towards an offering like Vail through active participation, passionate pursuits, hands on learning and the desire to develop and challenge themselves. The quantitative research also indicated the sector as having significant gravitational pull and potential growth. Summer and subsequently winter positioning aligned with this finding. During 2008 — 2013 the focus has been on groups (continuing medical education), events (Pink Vail), enterprises (Arthrex), PR 4/ 16/2013 2-1-1 (Vitality Center), yoga at Solaris, culinary offerings and small specialty groups/forums (Ellen Miller, Chris Carmichael, Living Well Summit). The Town Council identified Heath & Wellbeing as a priority in the 2012 Strategic Plan as has Eagle County. Colorado has been named in recent studies as the leanest/fittest population in the nation. And, Neilsen/Scarborough media research has begun to track these associated profiles as a viable audience: Flourishing Families and Power Elite. Vail is now positioned for the Health & Wellbeing brand evolution by embarking on the following next steps: 1. Integration of Health & Wellbeing into the current Vail brand positioning 2. Evolve the Vail brand framework so that the role of Health & Wellbeing is understood, organized and articulated 3. Create a process designed to move this initiative forward that aligns the stakeholders, frames the brand thinking and creates a communication strategy with measurable results 4. Overall evolvement of Vail's year-round creative strategy IV. BUDGET DETAIL The current 2013 VLMD budget of $2,571,725 will be utilized to achieve the first five goals listed above: 1. Increase occupancy 2. Increase sales and lodging tax 3. Increase group occupancy 4. Increase destination visits 5. Increase international visits The request for a supplemental allocation will be used to achieve the last two goals listed above: 6. Increase net promoter score 7. Increase Vail brand awareness and ultimately conversion The supplemental request for $100,000 is recommended to be spent as follows: • Branding: $52,000 (Evolution of brand positioning/framework, creative, copy platform, brand guidelines, brand video, PR) • Digital Video Distribution: $31,500 • International: $13,000 • Research: $3,500 This supplemental amount will be allocated from the VLMD fund balance, still leaving 37% which is well above the recommended 25% remaining in the fund balance. Town of Vail 4/16/2013 Page 2 2-1-2 V. ACTION REQUESTED OF VAIL LOCAL MARKETING DISTRICT Vail Local Marketing District Advisory Council recommends that the Vail Local Marketing District listen to the presentation, ask questions and provide direction for the requested supplemental budget of $100,000. 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The Health & Wel I bei ng M ission • For 2013, the begin leading VLMDAC has embarked on a strategic direction to the Health & Wellbeing opportunity forward - Visualize and articulate - Align the Vail community on its understanding - Set the stage for aggressive and concrete development - Provide aggressive community and stakeholder leadership • In its initial phase, the VLMDAC will seek to evolve the Vail brand to incorporate H& W into the current brand positioning which is serving Vail well and generating growth on both the business level and the brand perception level • Over time, as community infrastructure further develops, as our collective `proof points' in the way Vail is experienced develops, and as more enterprises develop, these will be incorporated more concretely into our brand and experiential offering • During this time, the VLMDAC's role is to set the stage and pave the way forward — the role of private enterprise is to provide assets The Health & Wellbeing Opportunity • Reach Advisors 2008 Brand perceptual study persona of mountain traveler highly disposed offering like Vail . - Active participants - Passionate pursuits - Hands on and learning orientated - Want to develop and challenge themselves identified a towards an Winter and subsequently summer positioning aligned with this persona • 2008-2013; focus on groups, events, enterprises (Arthrex), PR (Vitality Center), Solaris Yoga, Culinary, small specialty groups like Ellen Miller, Living Well Summit, Pink Vail, et. al. • Current; H&W Center opportunity, VLMDAC marketing strategy, further CSE Event integration The Health & Wellbeing Opportunity • Colorado home to leanest/fittest population - 253,000 health and wellness workers across the state and a $11.3 billion annual payroll, the health and wellness industry has a compelling economic impact within Colorado - Health & Wellness identified as one of three key sectors to Eagle County's economic growth - Town of Vail Council strategic objective • Reach Advisors quantitative research indicates the informal sector as having significant gravitational pull and growth • Nielsen/Scarborough Media research has begun to track these associated profiles as a viable audience with critical mass: Flourishing Families; media targeting precision • Mav-Oct. leveraae: svnerav with the winter reason for bein VLMDAC H& W Marketing Objectives 1) Integration of Health & Wellbeing into current Vail May — Oct. brand positioning - maintaining the integrated year round positioning and the Vail Like Nothing on Earth tag line 2) Evolve the Vail brand framework so that the role of Health & Wellbeing is understood, organized, and articulated 3) Create a process design to move this initiative forward that aligns the stakeholders, frames the brand thinking, creates a communication strategy with measurable results - Importantly, shows the way forward to help align and guide the business community 4) Overall evolvement of Vail's year-round creative strategy 5) Foster and nurture private enterprise initiatives supporting H& W Winter Like Nothing on Earth Summer Emotional Physical Cultural 4/ 16/2013 2-1-9 Vitality I�i�� t}�w��g �� art�: Winter Like Nothing on Earth Summer Emotional Physical Cultural 4/ 16/2013 2-1 -10 Vitality Health & Wellbeing �..i�� t}�i�,� ��n �art�:� ,4 � CULTURAL VITALITY ACTIVITY Dance Art Music Culinary Festivals Museum I �'��-��.�,�, � ► PHYSICAL VITALITY ACTIVITY Outdoor Recreation Sports Hiking Fitness � Adventure Nature/Mountains MINDSET Rich experiences Heritage Vail's Spirit � Fine living Creative/Inspired Artistic Farmers' Market Worldly/sophisticate� Galleries/Exhibits Appreciation � Shopping �i International� - , MINDSET Participate/active Live life to fullest Engaged/connected Energetic/Vivacious VAI L JOY OF LIVING � , , 4/ 16/2013 2-1 -11 � EMOTIONAL ACTIVITY Health/Wellness Relaxation Spa Medical Assets Healthy eating Service Beauty /Blue Sky Friends/family Connection VITALITY MINDSET Calm/relaxed Rejuvenate/Refresh Healthy living Vitality Inspired/Aware Togetherness Arouse/Stimulate Awaken � Sanctuary I�i�� t}�w��g �� art�:� Evolving The Vail May-October Brand Several evolving dynamics to be addressed: the opportunity to help crac 'ellbeing movement as a po e business potential behind the fruition of Vail's 50t" An rs - the integration beginning ir le as it relates to the VLMD. � the road to the 2015 World International business as it did following 1989, and especially now given Vail's relative growth in International strength 5. the need to, working wit ; • , _ . . _ • . . • • . . _ • � : _ . icith younger demographi important is to keep the - sure a value perception amongst the higher level demographic tha ' 2013 — New Brand Positioning For passionate mountain travelers, outdoor adventurers, and those who aspire to live life at its fullest, Vail is the preferred destination for whom the mountains represent an expression of physical and cultural vitality, well-being, and an aspirational sense of life at its best. 2013 — New Brand Positioning For passionate mountain travelers, outdoor adventurers, and those who aspire to live life at its fullest, Vail is the preferred destination for whom the mountains represent an expression of physical and cultural vitality, well-being, and an aspirational sense of I ife at its best. Because of mother nature's generosity, coupled with a community passion and spirit for living well, and the modern day leadership and commitment to excellence in all aspects, Vail can credibly lay claim to being an experience like nothing on earth. Vail Like nothing on earth Vai I's Target Aud ience Highly segmented; families, non-families, destination, Front Range, International Emotional connection between destination and guest - well-traveled, they value rich experiences - sense of adventure, challenge - participants, not spectators - engaged and thoughtful - edgy perception We identify our target in an emotional manner — behavior and beliefs rather than the traditional drivers: geography, income Not so much about the what or where, but about the who This is the red thread that ties the segments together and differentiates Vail Working with our media partners, we are beginning to target a slightly different audience receptive to this newly evolved messaging Integrated Brand Positioning Winter For passionate and dedicated skiers, Vail Mountain is the preferred ski resort for whom skiing represents an elemental expression of personal achievement and singularity of man against nature, or the Esprit d' Corps of belonging to an elite club. Because of mother nature's generosity in snow and terrain, coupled with the vision inherent in the spirit of Vail's founders and the modern day commitment to excellence in all aspects of operation, Vail can credibly lay claim to being an experience like nothing on earth. Vail Like nothing on earth Mav-October For passionate mountain travelers, outdoor adventurers, and those who aspire to live life at its fullest, Vail is the preferred destination for whom the mountains represent an expression of physical and cultural vitality, well-being, and an aspirational sense of life at its best. Because of mother nature's generosity, coupled with a community passion and spirit for living well, and the modern day leadership and commitment to excellence in all aspects, Vail can credibly lay claim to being an experience like nothing on earth. Vail Like nothing on earth ,4 � CULTURAL VITALITY ACTIVITY Dance Art Music Culinary Festivals Museum Farmers' Market Galleries/Exhibits Shopping International� ! .�'��i� � 7 PHYSICAL VITALITY ACTIVITY Outdoor Recreation Sports Hiking Fitness � Adventure Nature/Mountains � — � . MINDSET Rich experiences Heritage Vail's Spirit — Fine living Creative/Inspired Artistic Worldly/sophisticated Appreciation , MINDSET Participate/active Live life to fullest Engaged/connected Energetic/Vivacious Aspire Aspire 4/ 16/2013 2-1 -17 � � VITALITY OF WELL BEING ACTIVITY Health/Wellness Relaxation Spa Medical Assets Healthy eating Service Beauty /Blue Sky Friends/family Connection Life Long Learning MINDSET Calm/relaxed Rejuvenate/Refresh Healthy living Vitality Inspired/Aware Togetherness Arouse/Stimulate Awaken Sanctuary Aspire �..i�� t�i�,��n ��: ,4 � CULTURAL VITALITY ACTIVITY Dance Art Music Culinary Festivals Museum Farmers' Market Galleries/Exhibits Shopping International � ! .�'��i� � 7 PHYSICAL VITALITY ACTIVITY Outdoor Recreation Sports Hiking Fitness � Adventure Nature/Mountains MINDSET Rich experiences Heritage Vail's Spirit �� Fine living Creative/Inspired Artistic Worldly/sophisticated Appreciation Aspire 4/ 16/2013 2-1 -18 � i, , MINDSET Participate/active Live life to fullest Engaged/connected Energetic/Vivacious Aspire �'W �i�LITY OF WELL BEING ACTIVITY . Health/Wellness i� Relaxation r Spa Medical Assets Healthy eating Service Beauty /Blue Sky Friends/family Connection Life Long Learning MINDSET Calm/relaxed Rejuvenate/Refresh Healthy living Vitality Inspired/Aware Togetherness Arouse/Stimulate Awaken Sanctuary Aspire �..,�� r��t�i�,��n ��: 2014 — Adding in Epic Discovery For passionate mountain travelers, outdoor adventurers, and those who aspire to live life at its fullest, Vail is the preferred destination for whom the mountains represent an expressio � Itural vitality, well-being, and an aspirational sense :• •- .• e at its best. Because of mother nature's generosity, coupled with a community passion and spirit for living well, and the modern day leadership and commitment to excellence in all aspects, Vail can credibly lay claim to being an experience like nothing on earth. Vail Like nothing on earth Why The New Position i ng Works • A leadership sensibility; Vail as a place of `rest and rejuvenation, a place differentiated by its spirit of living well and playing well that is differentiated from the myriad of competitive resorts - Vail Like Nothing on Earth • The idea Health & Wellbeing winds across the brand horizontally; all things (cultural, physical and emotional) contribute to the larger idea • In our communications, it's a question then of weighting and tonality, and personality, as well as judicious media and other communication support - not just seminars, or events, or summits • We don't want guests to play back, `Oh, I go to Vail for Health and Wellbeing', we want them to play back, `I go to Vail because I feel better and I live incredibly well when I'm there'..... • Seek to connect with a new audience not previously `aware' of Vail The Rollout Strate gy 3— Identify and agree on objectives, develop strategies, and develop measurement tools 4— Gain community, Council, CSE , VR and key stakeholder alignment on things like framework, vocabulary, objectives, how we'll recognize success, long term development, et. al. 5. Revisit VLMDAC 2013 strategies and tactics as is appropriate 6. ROI measurement plan; results, research, development 6. Develop long term plans; 1-year, 3-year, and 5-year � ��I�.•��F.��,��!,�� Marketing Advertising Existing Enterprises Alignment of the Community Relevant Groups 2013 4/ 16/2013 2-1 -23 2014 2015 I�i�� t}�w��g �� art�:� ��I�.•��F.��,��!,�� Marketing Advertising Existing Enterprises Alignment of the Community Relevant Groups 2013 New Enterprises Icon In-town placements Welcome Centers More Enterprises Wellness Center Development More CSE Events 4/ 16/2013 2-1 -24 2014 2015 �..i�� t}�i�,� ��n �art�:� ��I�.•��F.��,��!,�� Marketing Advertising Existing Enterprises Alignment of the Community Relevant Groups New Enterprises Iconic In-town placements Welcome Center Build Out More Enterprises Wellness Center Development Dedicated CSE Events 2013 4/ 16/2013 2-1 -25 2014 2015 Alpine Championships Life Long Learning Initiatives Vail Brand Claims H& W territory leadership Wellness Center Announcement 2015 �..i�� t}�i�,� ��n �art�:� Marketing Advertising Existing Enterprises Alignment of the Community Group Development New Enterprises Iconic In-town placements Welcome Center Build Out More Enterprises Wellness Center Development Dedicated CSE Events 2015 Alpine Championships Life Long Learning Initiatives Vail Brand Claims H& W territory leadership Wellness Center Announcement 2013 2014 2015 4/ 16/2013 2-1 -26 �..i�� t}�i�,� ��n �art�:� Specific Immediate Deliverables 1. Develop revised Media/Creative Brief - Media Partners - Marketing Partners - PR Partners - Creative partnerships 2. Creative and Communications Development 3. Present New Media and Creative ideas in 4/19 VLMDAC Meeting 1. Print Ads 2. Brand Video 4. Develop and recommend process for community and stakeholder alignment and buy in 5. Web build out, Welcome Centers, connecting existing dots Conversion - (Aware to Consider) ;� Conversion ' (Consider to Recent) Beaver Brecken- Aspen Vail Creek rid e Keystone Heavenly g � � � � � � � � � � � � � � ; 96% ; 89% ; 54% ; 86% ; 65% ; 30% ; � � � � � � � � � � � � � � � � � � � � � � 9% ; 22% ; 13% ; 4% ; � � � � � � � � � � � � � � 2% ; 8% ; 4% ; 0% � � 4/ 16/2Q 13 Sust�ini�g Campaign �� Lil�� tl�in��n ��r�t�. The H& W Development Strategy 2013 Goal: Increase Vail's Awareness from 89% to 96% 2013 Goal: Increase Recent Visitation from 6% to 8% Aspen Vail � � 89 % �' � ' � 96% � � � 96% � � � ' 6i � 4% � , � ��, � � y _ , � Beaver Brecken- Keystone Heavenly Creek rid:�e �,, � � / ��_� Exceed annual inflation as measured by CPI � +5% 60% of Mix 5% of Mix . • . �J :. 4/ 16/2013 2-1 -30 �..i�� t}�i�,� ��n �art�:� �,, � � / ��_� Exceed annual inflation as measured by CPI � +5% 60% of Mix 5% of Mix . • . �J :. 4/ 16/2013 2-1 -31 I�i�� t}�w��g �� art�:� Keeping It Organized — Targeting the right audience Zc corporate into new brand -.. - -� - �� w vocabulary, �onic assets, SE focus (in progress), platform, b assets, creative and strategy, imagery; photo (e.g. Farm To Table s Farmer's market, et. � Initial Results • VLMD directed focus on recruiting medical meetings/tourism as part of Town Council strategic plan - A full time sales person has been hired by VVP to focus on this sector - Focus on Health & Wellbeing conferences • In 2012, medical meetings represented 28% of all meetings recruited by VVP to Vail, resulting in $830,347 in revenue and 2,774 room nights - This does not include medical meetings that went directly to the properties, which, from an informal survey conducted by VVP, is increasing - Groups typically spend 80% of their spend off property; (9.8% lodging tax and 8.5% on total spend) • Outstanding leads for 2013 and 2014 are for 3,902 room nights Current Brand Territory Assessment • Safe; in line visually with VR creative • No campaign; rather, everything contributes in terms of tonality, personality, visual discipline • Video stand out as drive of high end of purchase funnel • Newspaper, web/digital drive low end conversion • Likeable, reasonably memorable, continuity • Thoughtful, slightly edgy at times, authentic, differentiated • Elegant in its sparseness; no long copy, no voice, no gimmicks • Distribution is decent, but lots of upside remaining - growing awareness can happen two ways; more reach ($$), or higher impact (creative strategy and media strategy) • Luxury of experience • Relatively infinite content potential 4/ 16/2013 2-1 -35 �i�� t}�i�,�� a��: Budqet Request BRANDING Evolution of Vail Brand Positioning/Framework, creative, copy platform, brand guidelines, Brand Video, PR Digital Video Distribution I nternational Research TOTAL INCREMENTAL REQUEST + 100K $52, 000 $31, 500 $13, 000 $3,500 $100, 000 4/ 16/2013 2 - 1 - 37 �i�� t}�i�,� �� a��: Income 310 • Lodging Tax 399 • Interest Income Total Income Expense 6301 • Destination 6302 • Front Range 6303 • Groups and Meetings 6304 • Public Relations Expenses 6306 • Photography / Video 6307 • Research 6308 • Web Site 6310 • Admin Miscellaneous 6315 • Email Marketing 6320 • Branding 6400 • Contingency 7000 • Professional Fees 7001 • Legal and Accounting 7003 • Advertising Agent Fees 7008 • PR - Professional Fees 7011 • Partnership Fees 7015 • Ft Range Promotion Fees Total 7000 • Professional Fees 9000 • Special Event Funding 9000.01 • Pro-Cycling Challenge 9000.02 • New Iconic Event Marketing Total 9000 • Special Events Total Expense Net Income Beginning Fund Balance Ending Fund Balance %age Fund Balance (25% required) Vail Local Marketing District 1st Supplemental 2012 2012 2012 Variance 2013 1st 2013 Budget Actual Fav/(Unfav) Budget Supplemental Proposed � � 2,000,000 2,452,910 452,910 2,200,000 2,200,000 1,200 289 (911) 1,200 1,200 2,001,200 2,453,199 451,999 2,201,200 - 2,201,200 515, 000 356, 000 410,000 77, 000 60, 000 71,225 30, 000 7, 500 24,500 75, 000 25, 000 20, 000 50, 000 125, 000 90, 000 30, 000 315, 000 611,842 393, 022 420, 844 103,249 100, 000 97,425 45, 000 3,193 12,257 30,000 20, 000 50, 000 125, 000 93, 000 44, 375 332,375 (96,842) (37,022) (10,844) (26,249) (40,000) (26,200) (15,000) 4, 307 12,243 45,000 25,000 (3,000) (14,375) (17,375) 793,500 405,000 537,500 92,000 80,000 107,225 45,000 7,500 4,000 50,000 20,000 175,000 110,000 30,000 335,000 100,000 11,666 88,334 100,000 100,000 58,334 41,666 15,000 200,000 70,000 130,000 115,000 2,166,225 2,219,207 (52,982) 2,571,725 (165,025) 233,992 399,017 (370,525) 1,061, 696 1,061, 696 1, 295,688 896,671 1,295,688 925,163 45% 53% 42% 4/ 16/2013 2-1 -38 13,000 31,500 3,500 52,000 806,500 405,000 537,500 92,000 111,500 110,725 45,000 7,500 4,000 102,000 20,000 175,000 110,000 30,000 335,000 100,000 15,000 - 115,000 100,000 2,671,725 (470,525) 1,295,688 825,163 37%