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HomeMy WebLinkAbout05.1. VLMDAC minutes August 30 2021 Vail Local Marketing District Advisory Council Special Meeting August 30, 2021, 9:00 am Town Council Chambers & Zoom VLMDAC member attendees: Esmarie Faessler (Sonnenalp), Laurie Mullen (Member at Large), Erica Cannava (Manor Vail Lodge), Jana Morgan (Sweet Basil), Liana Moore (Antlers), Jenn Bruno (TOV council), Scott Gubrud (Four Seasons), Kam Bozich (Slifer Smith and Frampton) Additional attendees: Kristin Yantis (MYPR), Meggen Kirkham (SITE Marketing), Ainslie Fortune (Cactus), Mia Vlaar (Town of Vail), Jeremy Gross (Town of Vail), Liz Gladitsch (Town of Vail), Carlie Smith (Town of Vail), Mark Herron (lodging Liaison), Lauren Scutt (Cactus) Call to Order Esmarie called meeting to order 2022 Strategic Plan & Budget 2022 proposed budget 2022 Revenue Projection $ 3,555,000 Annual Marketing budget $ 3,555,000 Initiatives Using Reserves $ 504,240 Contingency-Destination Stewardship Plan $ 100,000 Contingency $ 130,760 Total VLMD budget for 2022 $4,200,000 Decrease in Fund Balance $649,000 The proposed budget will use $649,000 of the fund balance. The 2022 projected ending fund balance is $926,786, 25% of annual revenues. Operating plan- 2022 $3,555,000 which is down 4% from 2019 and up from 2021 amended budget 2019 and 2020 VLMD put reserves in and they are being used in 2021 and 2022 Annual expenditures budget is $4,200,000 the highest the VLMD has ever had. That is up 7.6% from 2021 and up 15.6% from 2019 (uses reserves of $649,000) End the fund balance at $926,000 25% of annual revenues and within council’s directive Discussion ensued over Historic Budget Breakout by Category – see presentation for more info Traditional vs. Digital- Looks like we are cutting back a lot on traditional, can we look at that We are spending less in both (traditional we have $288,500 and Digital we have $740,000) Traditional is ONLY television International, Groups stay the same. Public relations has shifted because of the new campaign Maybe we need to focus on how are the guests booking? We don’t know. Historic Budget break out has a lot of detail, suggestion was take out the % of budget for council presentation. Discussion about the Loyalty Program- the desired behaviors and benefits A/B/C Reward test In Market Redemption Engage and Earn Sustainability Rewards Important point to emphasize is 2022 is not about program structure it’s about testing behaviors and benefits, then we will have the building blocks to create a program in 2023 Is the council comfortable with the $4.2 in operating budget? You voted on the $4.2m at the August meeting, you are voting on the break-out with the small changes that need to be made. Make the changes and email this out to the board to vote before the September meeting. Other Business Adjournment Motion to adjourn by Jenn / second by Scott / unanimous VLMDAC Executive Session pursuant to: 1( C.R.S. 24-6-402(4) (e) -to determine positions, develop a strategy and instruct negotiators, Re: 2022 VLMD Budget Upcoming Meetings: VLMDAC Monthly Meeting Wednesday, September 15, 2021 Vail Town Council Chambers /Virtual Via Zoom VLMD Operating Plan & Budget Presentation, September 21, 2021 Town Council Chambers