HomeMy WebLinkAbout2008-24 2nd VLMD Budget Supplemental for 2008RESOLUTION NO. 24
Series of 2008
A RESOLUTION APPROVINGTHE AMENDED 2008 BUDGET FOR THE VAIL
LOCAL MARKETING DISTRICT, AND AUTHORIZING THE EXPENDITURES OF
SAID APPROPRIATIONS AS SET FORTA HEREIN; AND SETTING FORTH DETAILS
IN REGARD THERETO
WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of
Colorado is a home rule municipal corporation duly organized and existing under the laws
of the State of Colorado and the Town Charter (the "Charter"); and
WHEREAS, the members of the Town Council of the Town (the "Council") have
been duly elected and qualified; and
WHEREAS, contingencies have arisen during the fiscal year 2008 which could not
have been reasonably foreseen or anticipated by the Vail Local Marketing District Board at
the time it enacted Resolution No. 24, Series 2007, adopting the 2008 Budget for the Vail
Local Marketing District (the "VLMD") of Vail, Colorado; and
WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing
has been published; and
WHEREAS, notice of this public hearing to consider the adoption of the amended
VLMD budget was published in the VAIL DAILY on the l Oth day of November, 2008.
NOW THEREFORE, LET IT 13E RESOLVED by the Town Council of the Town of Vail,
Colorado, as follows:
Section 1.The Council approves the amended budget of the VLMD for the
2008 budget, and appropriates an additional $550,000 for marketing related
expenditures attached hereto as Exhibit A.
Section 2.The Council hereby finds, determines and declares that this
Resolution is neccssary and proper for the health, safety and welfare of the Town and the
inhabitants thercof.
Section 3.This Resolution shall be effective immediately upon adoption.
INTRODUCED, READ, APPROVED AND ADOPTED This 18th day of November,
2008.
Attested:Signed:
004oreiDonaldson, Town Clc jI~e e a d, Town Mayor
r
Resolution No. 24, Series 2008 ADO
Vail Local Marketing District
2008 Budget
zooe zoos
2007 Original Amended 2nd Proposed
Actual Budget Budget Supplemental Amended
Income
310 • Lodging Tax 2,063,915 2,075,000 2,075,000 2,075,000
313 • Other Income: Transfer from Gen'I Fund 3,837 550,000 550,000
399 • Interest Income 11,053 6,500 6,500 6,500
Totallncome 2,078,805 2,081,500 2,081,500 550,000 2,631,500
Expense
6301 • Destination
6301.01 • Advertising 158,790 235,000 285,000 150,000 435,000
Total 6301 • Destination 158,790 235,000 285,000 150,000 435,000
6302 • Front Range
6302.06 • Advertising 305,556 244,500 269,500 200,000 469,500
6302.07 • Partnerships 201,691 240,000 240,000 240,000
Total 6302 • Front Range 507,247 484,500 509,500 200,000 709,500
6303 • Groups and Meetings
6303.07 • Advertising 65,000 85,940 85,940 85,940
6303.03 • Marketing Services 43,000 54,500 54,500 54,500
6303.04 • TravellTradeshows 123,000 101,500 101,500 101,500
6303.05 • Memberships 2,000 5,000 5,000 5.000
6303.11 • Familiarization Trips 26,500 25,000 42,500 42,500
8303.15 • Public Relations 10,000 15,000 15,000 15,000
6303.17 • Direct Sales 12,000 12,000 12,000 12,000
Total 6303 • Groups and Meetings 281,433 298,940 316,440 316,440
6304 • Public Relations Expenses 107,628 116,000 170,000 170.000
6305 • Fulfillment 636 4,000 4,000 4,000
6306 • Photography 57,014 55,000 55,000 55,000
6307 • Research 27,918 19,500 19,500 19,500
6310 • Admin Misceilaneous 5,097 10,000 10,000 10,000
6311 • Database Mgmt 8 Direct Mail 1,370 6,000 6,000 150,000 156,000
6314 • Collateral 23,688 9,000 9,000 9,000
6315 • Web 8 Email Marketing 57,213 75,000 75,000 75,000
6316 • Events 53,000 53,000 153,000 50,000 203,000
6317 • Cross Sell 3,393
6318 • Asset Marketing 148,000 148,000 148,000
6400 • Contingency 7,092 37,500 16,682 16,682
7000 • Professional Fees
7001 • Legal and Accounting 21,097 18,000 20,000 20,000
7003 • Advertising Agent Fees 57,614 62,000 62,000 62,000
7004 • Media Agency Fees 20,000 20,000 20,000 20,000
7007 • Marketing Coordination-WPITOV 115,000 125,000 125,000 125,000
7008 • PR - Professional Fees 90,000 100,000 103,500 103,500
7009 • Web Site 80,261 95,000 95,000 95,000
7010 • Strategic Advisory Fess 43,712 97,000 115,818 115,818
7011 • Partnership 97,500 120,678 120,678 120,678
7012 • Air Service 20,000 20,000 20,000 20,000
7013 • Concierge Program 28,000 23,000 23,000 23,000
7014 • TOV Loan Repayment 37,000
Tota17000 • Professional Fees 610,184 680,678 704,996 704,996
Total Expense 1,901,703 2,232,118 2,482,118 550,000 3,032,118
Netlncome 177,702 750,618)400,618)400,818)
Beginning Fund Balance 825,792 825,792 1,002,894 1,002,894
Ending Fund Balance•1,002,894 675,174 602,276 602,276
Includes TOV Capital Contribution
Percent of Fund Balance to Revenue 48%32%29%23%
Exhibit A