Page 153 - GrapevineFY24 Adopted Budget
P. 153
FY 2023-24 APPROVED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
CONVENTION AND VISITORS BUREAU FUND
2020-21 2021-22 2022-23 2022-23 2023-24
Actual Actual Budget Estimate Approved
BEGINNING FUND BALANCE: 12,679,425 12,405,525 20,380,416 20,380,416 25,687,695
OPERATING REVENUE:
Occupancy Taxes 9,594,700 15,780,448 13,493,868 15,410,654 14,733,581
Facility Rental Income 403,907 651,272 869,600 710,510 869,600
Interest Income 24,922 143,448 13,000 609,667 13,000
Sales & Merchandise 367,171 804,584 887,000 1,105,113 887,000
Train Operations 1,960,902 3,461,529 3,314,000 6,179,178 3,987,868
Festivals & New Vintage 2,419,146 3,667,168 2,903,400 1,585,994 4,021,936
Visitor Shuttle System - 8,514 - 320 -
Miscellaneous Income 267,190 614,253 379,086 382,211 417,086
Total Operating Revenue 15,037,938 25,131,216 21,859,954 25,983,647 24,930,071
TRANSFERS IN:
Transfer In From 4B Fund 278,852 148,372 464,762 287,939 409,163
Total Transfers In 278,852 148,372 464,762 287,939 409,163
TOTAL REVENUE & TRANSFERS 15,316,790 25,279,588 22,324,716 26,271,586 25,339,234
OPERATING EXPENDITURES:
Personnel 5,653,204 5,844,493 6,733,813 5,740,539 7,338,508
Supplies 199,583 348,999 599,725 469,397 706,450
Maintenance 137,677 206,491 315,830 332,403 292,730
Services 2,457,094 3,131,593 5,778,250 5,793,183 6,229,814
Insurance 1,360,417 1,258,682 1,596,600 1,262,218 1,764,349
Festival & Train Operations 3,506,712 4,312,858 5,041,275 5,024,520 5,956,068
Capital Outlay 18,244 - - - -
Total Operating Expenditures 13,332,931 15,103,116 20,065,493 18,622,260 22,287,919
TRANSFERS OUT:
Transfer to General Fund - Admin Fee 1,213,537 1,497,906 1,549,798 1,455,122 1,869,755
Transfer to GTRP Fund 20,000 20,000 25,000 25,000 25,000
Transfer to Special Revenue Fund 372 - - -
Transfer to Debt Service Fund 998,850 658,675 659,425 659,425 659,400
Transfer to Capital Projects Fund - - - 177,500 -
Transfer to Heritage Fund 25,000 25,000 25,000 25,000 25,000
Total Transfers Out 2,257,759 2,201,581 2,259,223 2,342,047 2,579,155
TOTAL EXPENDITURES & TRANSFERS 15,590,690 17,304,697 22,324,716 20,964,307 24,867,074
SURPLUS / (DEFICIT) (273,900) 7,974,891 - 5,307,279 472,160
ENDING FUND BALANCE: 12,405,525 20,380,416 20,380,416 25,687,695 26,159,855
FUND BALANCE REQUIREMENT: 2,191,715 2,482,704 3,298,437 3,061,193 3,663,768
* Fund balance requirement is 16.4% of total budgeted expenditures (60 days of operation).
The FY 2023-24 projected Ending Fund Balance represents 428 days of operation.
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