Page 184 - Grapevine FY20 Approved Budget

FY 2019-20 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
CONVENTION AND VISITORS BUREAU FUND

2016-17 2017-18 2018-19 2018-19 2019-20
Actual Actual Budget Estimate Approved

BEGINNING FUND BALANCE: 10,062,169 12,771,586 3,494,535 3,494,535 8,975,671

OPERATING REVENUE:
Occupancy Taxes 13,848,845 14,577,354 14,313,754 15,948,793 14,782,796
Facility Rental Income 740,218 874,336 730,000 767,853 815,000
Interest Income 107,933 261,730 15,000 349,550 181,550
Sales & Merchandise 693,286 747,459 670,000 753,200 748,800
Train Operations 2,193,028 2,402,155 1,900,000 3,807,459 2,100,000
Festivals & New Vintage 3,784,733 3,434,008 3,700,000 3,267,109 3,500,000
Visitor Shuttle System 114,565 103,346 135,000 77,350 90,000
Miscellaneous Income 455,823 368,345 382,692 333,632 356,173
Total Operating Revenue 21,938,430 22,768,732 21,846,446 25,304,945 22,574,319

TRANSFERS IN:
Transfer from 4B Economic Devl. Fund 330,613 348,816 444,610 429,479 464,486
Transfer from Special Revenue Fund 0 2,261 0 0 0
Transfer from Utility Fund 0 0 0 100,000 0
Total Transfers In 330,613 351,077 444,610 529,479 464,486

TOTAL REVENUE & TRANSFERS 22,269,044 23,119,809 22,291,056 25,834,423 23,038,805

OPERATING EXPENDITURES:
Personnel 5,675,502 6,019,864 6,643,975 5,703,317 7,009,317
Supplies 673,654 677,451 859,050 726,937 869,550
Maintenance 244,417 582,576 858,500 439,445 590,500
Services 4,858,162 4,945,945 4,683,192 4,000,140 4,692,725
Insurance 0 0 1,305,169 1,130,046 1,308,164
Festival & Train Operations 4,951,624 4,907,482 5,332,476 4,910,641 5,522,261
Capital Outlay 102,718 525,244 13,000 1,137,494 31,000
Total Operating Expenditures 16,506,077 17,658,562 19,695,362 18,048,020 20,023,517

TRANSFERS OUT:
Transfer to General Fund - Admin Fee 1,428,542 1,347,770 1,455,526 1,197,576 1,455,526
Transfer to GTRP Fund 25,000 25,000 25,000 25,000 25,000
Trans. to Debt Service Fund 1,081,066 1,195,210 1,055,810 1,057,691 1,008,380
Transfer to Capital Projects Fund 0 12,000,000 0 0 0
Transfer to Permanent Capital Maint. 68,941 0 0 0 0
Transfer to Capital Equip Acquisition Fund 450,000 145,318 0 0 0
Transfer to Historic Preservation Fund 0 25,000 25,000 25,000 44,000
Total Transfers Out 3,053,550 14,738,298 2,561,336 2,305,267 2,532,906

TOTAL EXPENDITURES & TRANSFERS 19,559,626 32,396,860 22,256,698 20,353,287 22,556,423

SURPLUS / (DEFICIT) 2,709,417 (9,277,051) 34,358 5,481,136 482,382

ENDING FUND BALANCE: 12,771,586 3,494,535 3,528,893 8,975,671 9,458,053

FUND BALANCE REQUIREMENT: 2,713,328 2,902,777 3,237,594 2,966,798 3,291,537

* Fund balance requirement is 16.4% of total budgeted expenditures (60 days of operation).
The FY 2019-20 projected Ending Fund Balance represents 172 days of operation.
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