the dallas convention & visitors bureau

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THE DALLAS CONVENTION & VISITORS BUREAU FINANCE COMMITTEE MEETING MINUTES OF DECEMBER 14, 2015

Members Present: Maricela Moore, Chair Robbie Briggs Darlene Ellison Andrea Gates

Darwin Gibson Anant Jain

Marie Perry Kerry Tassopoulos

Guest Eddie Reeves, DCVB Board Chairman Bruce Levi, Lane Gorman Trubitt PLLC Emily George, Lane Gorman Trubitt PLLC Staff Present: Sherry Andrus

I.

Matthew Jones

Phillip Jones

Call to Order/Welcome Maricela Moore called the regular meeting of the Finance Committee to order at 2:00pm, Monday, December 14, 2015. The meeting was held in the President’s Conference Room.

II.

Approval of November 16, 2015 Minutes The Minutes of November 16, 2015 were unanimously approved as submitted.

III.

CVB 101 Matt Jones showed a tool that will be used to educate new board members on what a CVB does as well as reviewing strategic planning, budget allocation, Goal development and room night consumption. The presentation will be shown at the first committee meeting for all committees. The Committee had a brief discussion on defining ways to quantify consumption within the year. The Finance Committee unanimously APPROVED the DCVB 2014-15 Financial Audit as presented.

IV.

HOT Collections/Smith Travel Research

FINANCE COMMITTEE MINUTES OF DECEMBER 14, 2015

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Matt Jones reviewed the 2015-16 Hotel Occupancy Tax (HOT) Collections document which reflects two streams of revenue - the HOT and the Dallas Tourism Public Improvement District budgets and actual information on a monthly basis. While expenses are budgeted evenly across the fiscal year; the timing of the actual expenses can cause dramatic swings in MTD and YTD variances Matt Jones noted the HOT tax is up 5.23%, Average Daily Rate (ADR) is up 8.63% and revenues are up 15.20% compared to last year at the same time. Matt Jones reviewed & explained the Smith Travel Research (STR) information used by the DallasCVB to get a snapshot of room and revenue information on a weekly, monthly and previous year comparison basis. The information compares Dallas to its competitive set and details performance in the city by geography and hotel chain scale. The STR calendar through October report reflects occupancy at 72.2% and the ADR is at $99.53. V.

Matt Jones noted the following Statement of Activities and Balance Statement are preliminary until the audit is complete and approved by the board. Preliminary Statement of Activities As of November 30, 2015 Total revenue and support is $7,201,653, Total program Services expenses are $8,003,804, and Total Non-Program Expense $997,886, which brings the Change in Net Assets to ($1,800,036). Adding this to the Net Assets of $0 at beginning of year brings the Month end Net Assets to ($1,800,036). Preliminary Balance Statement As of November 30, 2015, Total Assets were $27,537,348 and Total Liabilities were $8,738,274, which brings the Total Fund Balance to $18802078 resulting in a Total Liabilities & Fund Balance of $27,540,352. Matt Jones also explained to 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.

VI.

Unfinished/New Business Preliminary DCVB 2014-15 Financial Audit Bruce Levi and Emily George with Lane Gorman Trubitt reviewed the letter on internal control and policies and the 2014-15 Financial Audit process with the Committee and reported an unmodified opinion of a clean audit.

FINANCE COMMITTEE MINUTES OF DECEMBER 14, 2015

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Mr. Levi noted the biggest improvements from past audits are the depreciable assets, adjusting entries from the previous year and noted they are still fine tuning the reconciliation process for the Special Events Trust Fund process. The next Finance Committee Meeting is scheduled for Monday, January 25, 2016 in the DCVB Executive Conference Room. There being no further business to come before the Committee, the meeting adjourned at 3:33pm.

____________________________ Sherry Andrus

January 4, 2016