Loading...
HomeMy WebLinkAbout5/21/2008 - STAFF REPORTS - 4.A. Palm Springs Convention Center Summary Proposed Budget 2008-2009 Budget Budget Variance %Change 07101/07- 07/01/08- F/(U) F/(U) 06/30/08 06/30/09 Income Direct Event Income Rental 794,792 1004,417 210,000 26-A Services 333,596 124085 (210000) (63%) Total Direct Event Income 1,128,388 1,128,502 - 0% Ancillary Income AN 79,800 147,132 67,000 84% ' Concessions&Bar 55,745 70,701 15,000 27% ' Catering 633119 6$4,284 1,000 0% Parking 47,071 21,019 (26,000) (55%) Other Ancillary 55,184 73,$72 18,000 33% " Total Ancillary Income 870.919 946,557 76,000 9% Other Income Outside Catering 50,000 50,000 - 0% Other Operating Income 89,620 94,320 5,000 5% ` Total Other Income 139,620 144,320 5,000 30/. Total Income 2.138.927 2,219,379 80,000 4% Expenses Employee Wages and Benefits 2,046,635 2,173,226 (127,000) (6%) e Contracted Services 365,434 $79,420 (14 000) (4%) ' Operations 47,747 45,608 2,000 4% Repairs and Maintenance 70,470 75,142 (5,000) (7%) Supplies 44,245 44,344 - (0%) Insurance $4,064 35,267 (1,000) (4%) Utilities 819,248 773,620 46,000 6% " Marketing and Public Relation 256,690 256,690 - 0% i0 General and Administrative 136,920 157,297 (20,000) (15%) " SMG Management Fee 192,474 190,980 (8,000) (4%) " Total Expenses 4,013,927 4,140,690 (127.000) (3%) Operating excess(deficit) (1,875,000) (1,921,311) (46,000) (2%) Adjustments Grand Reopening Marketing Funds 25,000 27,000 2,000 Operating Results after Adjustments (1,850,000) (1,894,311) (44,000) (2%) Capital Expenditure from Operations - Acct#112-55.2080.43240 1 850,000 1,894,311 (44,000) (2%) Acct#112-55-2080-49000(Insur) $93,654 306,077 $8,000 22% Acct#112-55-2080-49030(MVR) 19,850 27,284 (7,000) (37%) Acct#112.55-2080.43200(Landscape) 58 014 72,540 (15,000) (25%) AccW 112.55.2080.43250(Audit) 2 500 2,500 - 0/ Acct#112-55-2080-43960(Property Tax) 7,500 (8,000) Total 2,$24,018 2310,212 14,000 1% F=Favorable (U)=Unfavorable Prinle05115I20083 d9 PM FWSCRSV=GT d,MS09\PSCC Analysi-09•09 x1; P e 1 Item No. 4 . A . Palm Springs Convention Center Proposed Budget Notes of Variance 2008-2009 Variance F/(U) AN Income 67,000 84%forecasted Increase In AN based on currently signed and outstanding contracts plus expected repeat events not yet under contract. Concessions&Bar 15,000 27%forecasted Increase In Concessions&Bar revenue based on 07/08 actual results ' Parking (26000) (55%)forecasted decrease in Packing revenue based on 07/OS actual results. Other Ancillary 18,000 3.3%forecasted increase in Other Ancillary revenue based on currently signed and outstanding contracts plus expected repeat events not yet under contract s Other Operating Income 5000 5%forecasted increase in Other Operating Income based on 07108 actual results Overall 40/.increase in Total Income. 80,000 ° Employee Wages and Benefits (127,000) (6%)forecasted Increase in Employee Wages and Benefits based on 10/Increase in benefit rates,7 increase in benefit participation and 3.9/increase in wages 7 Contracted Services (14,000) (4%)forecasted increase in Contracted Services based on CPI adjustments. 9 Repairs and Maintenance (5,000) (7/)forecasted increase in Repair$and Maintenance based on 82k to Institute annual roof cleaning S81k client telecommunications co$1 based on 07-0a actual results off set by savings in chiller and plumbing repairs. ° Utilities 46,000 6%forecasted decrease in Utilities based on 07/08 actual results achieved through energy conservation efforts. 10 Marketing and Public Relation - 0%forecasted increase in Marketing and Public Relation per City request " General and Administrative (20,000) (15%)forecasted Increase In General and Administrative result of$4k color copJer replacement and$6k staff uniform replacement,and increases in estimated bank 5ervipe charges, legal fees,credit card discounts based on 07-08 actual results " SMG Management Fee (4%)forecasted Increase In SMG Management Fee based on anticipated contract renewal with CPI increase. Overall(3%)increase in Total Expenses. (127,00(1) Overall(2%)increase in Operating excess(deficit). (46,000) 13 Grand Reopening Marketing Funds 2,000 Grand Reopening Marketing Funds to be exhausted in 08109 Overall(2%)increase in Acct#112-55-2080-43240. (44,000) 22%forecasted decrease in Acct#112-55-2080-49000(Insur)based on City Information 88 000 (35%)forecasted increase in Acct#112-55.2080.49030(MVR)based on City information. (7,000) (26/)forecasted increase in Acct#112-55-2080-43nl)(Landscape)based on City information (15.000) 0%forecasted increase in Acct#112-55-2080.43250(Audit)based on City information. Acct#112-55-2080-43900(Property Tax)based on City information (8,000) Net 10%increase in budget from 07108 (14,000) P.Il d 5115/200$A 09 PM F\OSERS\ACCT1Budget\0809\P8CC Analysis 08-09.x1s P,it 2.Y� 09aa52