Executive Committee Minutes 12 11 17

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VISITDALLAS BOARD OF DIRECTORS EXECUTIVE COMMITTEE MEETING MINUTES OF DECEMBER 11, 2017

Members Present: Mark Woelffer, Chair Monica Alonzo Robbie Briggs Cole Daugherty Andrea Gates

Jennifer Gates Peg Hall Dave Johnson Betty Manetta Rosa Oh

Members Absent: Hattie Hill

Tony Vedda

Carrie Parsons Joyce Williams Greg White Joey Zapata

Guests Ryan Parish, Lane Gorman Trubitt, L.L.P. Cindy Salazar, Lane Gorman Trubitt, L.L.P. Neely Duncan, Lane Gorman Trubitt, L.L.P. Staff Present: Sherry Andrus

I.

Matthew Jones

Phillip Jones

Call to Order Mark Woelffer called the regular meeting of the Executive Committee to order at 3:35pm on Monday, December 11, 2017. The meeting was held in the VisitDallas Board Room. Mark Woelffer asked for introductions be made around the room.

II.

Approval of October 16, 2017 The Minutes of October 16, 2017 were unanimously APPROVED with the correction of Joyce Williams in attendance.

III.

Finance Committee Report Hotel Occupancy Tax/Smith Travel Matt Jones reported the Hotel Occupancy Tax (HOT) collections are currently 5% ahead of budget. He briefly reviewed the STR 28-day comparison to the Top 25 Markets which reflects Dallas’ ADR and RevPAR are slightly above the markets average. STR year-todate compared to last year reflects ADR is up slightly. Dave Johnson noted it would be beneficial if VisitDallas could define its competitive set and see how we compare with that set.

EXECUTIVE COMMITTEE MEETING MINUTES OF DECEMBER 11, 2017

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Executive Summary No report due to year-end audit. Revenues November 30, 2017 Financials Statement of Activities: As of November 30, 2017, Total revenue and support is $176,592, Total program Services expenses are $3,335,809 and Total Non-Program Expense $416,104, which brings the Change in Net Assets to ($3,575,322). Adding this to the Net Assets of $0 at beginning of year brings the End of Year Net Assets to ($3,575,321). Balance Statement: As of November 30, 2017, Total Assets were $28,623,316 and Total Liabilities were $5,441,256, which brings the Total Fund Balance to $23,182,060 resulting in a Total Liabilities & Fund Balance of $28,623,316. Matt Jones reminded the members that most of the change in net assets and fund balance are for Future and DTPID Obligations, and does not represent a surplus of funds. Experience Committee Report Matt Jones presented, and the Executive Committee unanimously APPROVED 24 new members/partners. IV.

President’s Report Phillip Jones presented the following President/CEO update: Sales • Members thanked for attending the Annual Meeting and noted Joe Straus has a a list of officials that will help promote pro-business candidates. It is important for VisitDallas to stay politically engaged t o support candidates and members who are pro-jobs and pro-business • VisitDallas hosted an Executive Roundtable and legislative Update for Chris Wallace, President, Texas Association of Business to share what TAB is doing to protect business in Texas • Recently in Austin to meet with Speaker Straus’ staff, strategists, and TAB on how we continue to support pro-business and pro-job members and candidates as we move into the primary election in March • Recently had lunch with T.C. Broadnax to discuss the convention center • Sales is expected to end the first quarter by booking more than 238.000 room nights and 2-3 citywide groups • Met wit True Value, American Library Association, American College of Surgeons, College of Osteopathic Family Physicians, and American Association of Hip and Knee Surgeons while in Chicago last week • In late January, we will hold a media mission for the LGBT market in Los Angeles and a sales mission in Southern California

EXECUTIVE COMMITTEE MEETING MINUTES OF DECEMBER 11, 2017

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In March, will host a media and sales mission trip to New York and Philadelphia markets • Discussing adding another Sales Manager in Chicago and a person for the Northeast and Philadelphia area Marketing/Communications • In October, hosted a media mission trip to Atlanta – hosted 20 culinary media members • VisitDallas collaborated with Texas Monthly to present The Edge of Texas event in Downtown Dallas, November 10-11, which showcased local celebrities (Mark Cuban, Chef Renee Hall) with an attendance of 2,165 • VisitDallas helped save the Holiday Parade by becoming a sponsor for the event Tourism • Joined DFW International Airport on a sales mission to Chica and South Korea – hosted a media event with 30 journalists and the sales team visited more than 200 tour operators and travel agents in Beijing, Shanghai and Seoul • Asian travelers like packages so we are working with our rep firm to devel • Staff attended the World Travel Market in London in November and met with 30 tour operators to develop new programs to include Dallas • Kicked off the 2017 BIG D Holiday last month partnering with 55 organizations that will highlight 88 holiday events – event is three times larger than last year’s Dallas Sports Commission • Hosting the 2018 NFL Draft and the NHL Draft • Working on the 2026 FIFA World Cup bid – Dallas has been announced as a potential Host City for the World Cup, a recognition that is given only to truly possible host cities for this global event • Held the BMW Dallas Marathon Experience • Task Force chaired by Tyrus Sanders is working on potential locations and costs for a new VisitDallas Experience Center and office location – Greg White said the high-tech center would be close to the convention center; tell the story of Dallas; and be a draw for local citizens Miscellaneous • PCMA Board of Trustees event in Nashville – members invited to attend and noted the Foundation is selling raffle tickets for “PCMA Ride with The Foundation” – goal is $2 million • Reminded members of the Holiday Reception at his home scheduled for December 19th at 5:30pm at The House Owners Lounge and Terrace. V.

Unfinished/New Business Preliminary VisitDallas 2016-17 Financial Audit Neely Duncan, Ryan Parish and Cindy Salazar with Lane Gorman Trubitt reported the following to the Executive Committee: • No Management Letter • No difficulties or disagreements with Management • Some adjustments made during the audit, but they were not material weaknesses • VisitDallas brought in Lori Orta to work on GAPP conversions

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Ms. Duncan noted there will be new standards coming into effect over the next five (5) years beginning in 2019. Robbie Briggs said the Finance Committee will appoint a Task Force to work with the new disclosures. The Executive Committee unanimously APPROVED the 2016-17 Financial Audit as presented. The next meeting of the Executive Committee is scheduled for Monday, March 19, 2018 at 3:30pm. There being no further business to come before the committee, the meeting was adjourned at 4:55pm.

Board Secretary

December 15, 2017