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,$24,018 2310,212 14,000 1%
F=Favorable
(U)=Unfavorable
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Item No. 4 . A .
Palm Springs Convention Center
Proposed Budget Notes of Variance
2008-2009
Variance
F/(U)
AN Income 67,000
84%forecasted Increase In AN based on currently signed and outstanding contracts plus expected
repeat events not yet under contract.
Concessions&Bar 15,000
27%forecasted Increase In Concessions&Bar revenue based on 07/08 actual results
' Parking (26000)
(55%)forecasted decrease in Packing revenue based on 07/OS actual results.
Other Ancillary 18,000
3.3%forecasted increase in Other Ancillary revenue based on currently signed and outstanding contracts
plus expected repeat events not yet under contract
s Other Operating Income 5000
5%forecasted increase in Other Operating Income based on 07108 actual results
Overall 40/.increase in Total Income. 80,000
° Employee Wages and Benefits (127,000)
(6%)forecasted Increase in Employee Wages and Benefits based on 10/Increase in benefit rates,7
increase in benefit participation and 3.9/increase in wages
7 Contracted Services (14,000)
(4%)forecasted increase in Contracted Services based on CPI adjustments.
9 Repairs and Maintenance (5,000)
(7/)forecasted increase in Repair$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)
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