HomeMy WebLinkAbout02.1. 180320 VLMD Supp 1- TOVTo: Vail Town Council
From: Vail Local Marketing District Advisory Council
Date: March 20, 2018
Subject: Vail Local Marketing District 2018 Supplemental
I. SUMMARY
On Tuesday afternoon you will be asked to approve Resolution 8, amending the 2018
Vail Local Marketing District budget.
II.FUNDING REQUESTS
The purpose of this supplemental is to reflect decisions that occurred since the 2018
budget was finalized.
On December 19th, 2017 Council approved a $310,000 Council Contribution for the
Colorado Classic bike race event, with $200,000 to be contributed from the Vail Local
Marketing District and the remaining $110,000 from the Town of Vail’s General Fund.
The above adjustment will result in a projected fund balance of $836,244, or
approximately 26% of annual revenues, within Council’s directive of 25% of annual
revenues.
Vail Local Marketing District
2018 Budget
(Unaudited)
2017 2017 2018 1st 2018
Amended Actual Budget Supplemental Amended
Income
Lodging Tax 3,300,000 3,276,976 3,200,000 3,200,000
Interest Income 2,000 147 2,000 2,000
Total Income 3,302,000 3,277,123 3,202,000 3,202,000
Expense
Destination 1,285,500 1,359,423 1,182,548 1,182,548
International 273,000 280,048 235,052 235,052
Front Range 264,000 265,231 222,000 222,000
Groups and Meetings 752,965 670,198 756,375 756,375
Public Relations Expenses 115,000 120,242 85,200 85,200
Content/Influencer Strategy - - 100,000 100,000
Photography / Video 258,000 241,800 112,000 112,000
Research 136,088 140,506 84,365 84,365
Web Site 104,000 69,384 50,000 50,000
Admin Miscellaneous 7,487 6,831 8,000 8,000
Email Marketing 6,500 6,500 6,500 6,500
Branding 110,000 110,000 98,000 98,000
Professional Fees
Vail App - - 35,000 35,000
Legal and Accounting 25,000 25,000 25,000 25,000
Advertising - - 48,000 48,000
Advertising Agent Fees 45,000 45,000 45,000 45,000
Marketing Coordination-TOV 95,000 90,000 95,000 95,000
Marketing Coordination-VVP 40,000 45,000 40,000 40,000
Professional Fees - MYPR 132,460 132,460 124,960 124,960
Ft Range Promotion Fees 22,000 22,000 22,000 22,000
Total Professional Fees 359,460 359,460 434,960 434,960
Special Event Funding
Special Event Funding 53,000 3,990 - 200,000 200,000
Pro-Cycling Challenge - - - -
Event Liason 25,000 - 25,000 25,000
Total Special Events 78,000 3,990 25,000 225,000
Total Expense 3,750,000 3,633,612 3,400,000 3,600,000
Net Income (448,000) (356,489) (198,000) (398,000)
Beginning Fund Balance 1,590,734 1,590,734 1,142,734 91,511 1,234,245
Ending Fund Balance 1,142,734 1,234,245 944,734 836,245
%age Fund Balance (25% required)35%38%30%26%
2
RESOLUTION NO. 8
SERIES OF 2018
A RESOLUTION APPROVING AN AMENDED OPERATING PLAN AND
BUDGET OF THE VAIL LOCAL MARKETING DISTRICT, FOR ITS FISCAL
YEAR JANUARY 1, 2018 THROUGH DECEMBER 31, 2018
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, C.R.S. §29-25-110 requires the Council’s annual approval of the
operating plan the Vail Local Marketing District (the “VLMD”).
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO THAT:
Section 1. The Council approves the operating plan and budget of the VLMD
for marketing related expenditures beginning on the first day of January, 2018, and
ending on the 31st day of December, 2018.
Section 2. This Resolution shall take effect immediately upon its passage.
INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town Council of
the Town of Vail held this 20th day of March, 2018.
___________________________________
Dave Chapin, Town Mayor
Attested:
_________________________
Patty McKenney, Town Clerk
Resolution No. 1, Series of 2018