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03.3 2020 VLMD Fund Statement COVID19
Significant Major 2020 Amended Budget 2nd Supplemental 2nd Supplemental 2020 Amended Budget Crisis 2020 Amended Budget Income Lodging Tax 3,590,000 (941,528) (331,024) 2,317,448 (451,608) 1,865,840 Interest Income 2,000 2,000 2,000 Total Income 3,592,000 (941,528) (331,024) 2,319,448 (451,608) 1,867,840 Expense Destination 999,512 999,512 999,512 International 205,000 205,000 205,000 Front Range 223,000 223,000 223,000 Groups and Meetings 680,738 680,738 680,738 Public Relations Expenses 92,500 92,500 92,500 Content/Influencer Strategy 94,600 94,600 94,600 Photography / Video 243,014 243,014 243,014 Research 85,000 85,000 85,000 Web Site 17,000 17,000 17,000 Admin Miscellaneous 8,000 8,000 8,000 Email Marketing - - - Branding 249,500 249,500 249,500 Professional Fees Database Warehousing and Research 184,500 184,500 184,500 Discover Vail professional Fees 60,295 60,295 60,295 Website Marketing 10,000 10,000 10,000 Vail App 10,000 10,000 10,000 Legal and Accounting 25,000 25,000 25,000 Contingency 70,000 70,000 70,000 Advertising 86,000 86,000 86,000 Advertising Agent Fees 62,000 62,000 62,000 Marketing Coordination-TOV 95,000 95,000 95,000 Marketing Coordination-VVP 40,000 40,000 40,000 Professional Fees - MYPR 117,500 117,500 117,500 Total Professional Fees 760,295 760,295 760,295 Special Event Funding Special Event Funding 3,841 3,841 3,841 Event Liaison 25,000 25,000 25,000 Total Special Events 28,841 28,841 28,841 Total Expense 3,687,000 (340,000) (575,000) 2,772,000 (450,000) 2,322,000 Revenue over (Under) Expenditures (95,000) (452,552) (454,160) Beginning Fund Balance 1,350,108 1,350,108 1,350,108 Ending Fund Balance 1,255,108 897,556 895,948 Fund Balance (25% required) 35% 25% 25% Note: 25% of Fund Balance is based on "normal" year of revenues Decrease in Revenue 1,272,552 1,724,160 Total Expense Decrease 915,000 1,365,000 Use of Fund Balance 357,552 359,160 VAIL LOCAL MARKETING DISTRICT 2020 AMENDED BUDGET SUMMARY OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCE