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HomeMy WebLinkAbout04. VLMDAC May Meeting Minutes Vail Local Marketing District Advisory Council Monthly Meeting May 18, 2023, 8:30 am Grand View Room VLMDAC member attendees: In Person- Esmarie Faessler (Sonnenalp), Jana Morgan (Sweet Basil), Liana Moore (Antlers), Michael Holton (Vail Health), Jonathan Reap (Four Seasons), Theron Gore (East West), Barry Davis (TOV Council member), Zoom- Douglas Kessler (Member at Large), Lauren Barotz (Vail Resorts) Additional attendees: In Person- Mia Vlaar (Town of Vail), Jeremy Gross (Town of Vail), Meggen Kirkham (SITE Marketing), Liz Gladitsch (Town of Vail), Amy Hume (Miles), Chris Romer (Vail Valley Partnership), Slade Cogswell (970), Michal Bednarczyk, Bob Brown (BAAG), Chris Christmas (Key Data) Zoom- Kay Schneider (Vail Valley Partnership), Jeremy Coleman (BAAG), Jenna Luberto (BAAG), Amanda McNally (MYPR), Carl Ribaudo (SMG Consulting), Charlie Herrington (Steep Motion), James Sauter, Jodi Doney (Eagle Airport), Kim Brussow (Vail Valley Partnership), Kristin Yantis (MYPR), Sylvia Rivera, Carlie Smith (Town of Vail) Call to Order Esmarie called meeting to order 8:33AM I. Monthly Financial Report March $1.1mil which is a half% down from last year Year to date $1.8mil Annual budget $4.3 mil which is 33% of budget II. Minutes • VLMDAC April 20th Minute Approval Approval Jana first/Liana second/ unanimous III. Information & Discussion Updates • Website Roadmap Review of roadmap by 970 Design See presentation for more details IV. First Supplemental Request Revenues- $5,271,500 Total amended Lodging Tax Revenue of $5,235,500: $735,500, or 16% from 2023 original budget Increase investment income by $35,000 Expenditures- $5,456,790 (excluding $1.4M transfer to GF) Total amended budget of $5,456,790 or 16% increase over original budget New requests will also have an estimated ongoing impact of $185K/year Fund Balance- $2,316,747 2023 annual budget utilizes $185,290 of fund balance in addition to the $1.4M transfer to the TOV general fund Estimated fund balance at the end of 2023 is $2,316,747; 44% of annual revenues; $1.0M over 25% min May 18th- First Supplemental Request Presented to Board June 1st- Publish first supplemental request to Town Council Packet June 6th- Present to Town Council Total Supplemental Request to be presented at Town Council: $756,790 V. Information & Discussion Updates • DMO Structure SMG Consulting to examine the current Economic Development department and involved boards and commissions structure and process to contemplate weather the marketing, events and guest services operations may function more efficiently in the model of a destination marketing organization. $20,000 investment with a 50/50 split with the TOV • Mexico Media Mission Wasn’t presented • Late Winter Campaign Results Wasn’t presented Approval Jana/ Liana second/ Unanimous • Other Business • Adjournment Esmarie called meeting to adjourn Liana first/Jonathan second/unanimous 11:13 am Upcoming Meetings: VLMDAC Monthly Meeting Thursday, June 15th, 2023 Location- Grand View Room VLMD 1st Supplemental Request, June 6, 2023 Town Council Chambers