2022-05-23 - Agenda - FinalFayetteville Advertising and
Promotion Commission
May 23, 2022
Location: Fayetteville Town Center, 15 W. Mountain Street
Commissioners: Todd Martin, Chair, Tourism & Hospitality Representative
Katherine Kinney, Tourism & Hospitality Representative
Chrissy Sanderson, Tourism & Hospitality Representative
Elvis Moya, Tourism & Hospitality Representative
Andrew Prysby, Commissioner at -large
Sarah Bunch, City Council Representative
Mark Kinion, City Council Representative
Staff: Molly Rawn, CEO
Agenda
Call to order at 2:00 p.m.
II. Old Business
A. Review and approval of April 2022 minutes.
B. Vote. Amendment to the by-laws allowing for virtual meetings and virtual attendance
at in -person meetings. In accordance with the by-laws, the proposed amendment
was presented for the first time at the April meeting.
III. New Business
A. CEO Report. Molly Rawn. An executive overview of the previous month's activity,
issues and opportunities facing the organization.
B. Financial Report. Jennifer Walker, Vice President of Finance
C. Marketing Report:
i. Hazel Hernandez, Vice President of Marketing and Communications
ii. Mike Sells, Sells Agency
D. Vote. Downtown Initiative. A recommendation to allocate $100,000 to hire a director of
downtown initiatives, in association with the Downtown Fayetteville Coalition. Memo
attached.
IV. Adjourn
Fayetteville Advertising and Promotion Commission
Minutes April 25, 2022
Fayetteville Town Center
Commissioners Todd Martin, Chair, Tourism & Hospitality Representative
Present: Elvis Moya, Tourism & Hospitality Representative
Andrew Prysby, Commissioner at -large
Chrissy Sanderson, Tourism & Hospitality Representative
Commissioners Katherine Kinney, Sarah Bunch, Mark Kinion
Absent
Staff: Molly Rawn, CEO; Jennifer Walker, Vice President of
Finance; Hazel Hernandez, Vice President of Marketing and
Communications
Chair Martin called the meeting to order at 2:00 pm.
Old Business
A. Chair Martin asked if there were any revisions or additions to the March 2022
minutes. Hearing none, he said the minutes were approved.
III. New Business
A. Discussion. Amendment to the by-laws allowing for virtual meetings and virtual
attendance at in -person meetings. This amendment is being proposed for the
first time and will be voted on at a subsequent meeting. CEO Rawn presented
this at the request of Chair Martin. Attorney Vince Chadick stated that he hasn't
found anything that prohibits this but does want to state that the city's allowance
of this is specific in the context of the pandemic. Chair Martin states that with
current technology, having a virtual option is not unusual in many settings and
can be very accommodating for the volunteer commissioners. Commissioner
Moya asked if there would be advance notice if a virtual meeting was an option
and Rawn and Chadick stated that the three-day notice would be the standard
time notice used. Commissioner Sanderson asked if we had checked with the
city and Rawn stated yes, we have alerted the city clerk's office that we were
discussing this option.
B. CEO Report. Molly Rawn. An executive overview of the previous month's
activity, issues and opportunities facing the organization. Full report in agenda
packet
Rawn began with an update about the Dickson Street Art Court and told the
commission they could expect to see a lease at the May meeting as well as a
proposal for a consultant for the Walker Stone House. Rawn expects to bring a
budget revision to the June meeting with the 2021 audit report coming this
summer.
In personnel, Rawn hired a part time Visitors Center Coordinator and are looking
to hire both part time and one full time Event Coordinator for the Fayetteville
Town Center.
Experience Fayetteville Sales team hosted a virtual meet -up with similar
organizations across the state. They continue to collaborate with the U of A to
ensure good communication about large upcoming events to in order to best
prepare our hotels and restaurants.
The Visitors Center saw an increase in visitors with many countries represented.
Community Engagement will kick off the First Thursday season in a few weeks
with a full slate of themes. Rawn noted the event has already met its sponsorship
goals and expressed congratulations to Chloe Bell for that work.
Experience Fayetteville hosted the US Pro Cup this weekend and Fayettevan —
the mobile visitors center - made its soft debut. 1,400 cyclists registered and the
event was live streamed throughout the world.
May is national bike month, with each Tuesday in May being Dinner Rolls, where
EF partners with restaurants to offer bike valet. We'll be starting with Noodles on
May 3rd
The Joe Martin Stage Race will occur May 19th through 23rd with the Experience
Fayetteville Criterion slated for Sunday, May 23rd. It will be internationally live
streamed, a first for this event.
Fayetteville Town Center bookings are picking up and, in some cases, outpacing
our available staff, thus FTC needs to bring on more team and contract labor
when needed.
The Peace Fountain is not in operation, but the malfunction has been identified
and the Facilities Manager is working on it
Our HMR report shows occupancy for March was 61 % and occupancy YTD is
12% higher than last year's YTD.
March's average daily rate (ADR) was 20% higher than March 2021 and the YTD
ADR is 26% higher than last year.
Our first quarter shows the highest HMR collections to date. Looking at lodging
collections, March saw a 71 % increase over March 2021 and restaurants saw a
25% increase over March 2021. Rawn is pleased with the trajectory of where
HMR data is going.
She also noted that we will start receiving lodging data via the STIR report on a
weekly basis rather than just a monthly basis, which will be helpful in tracking
specific event success.
C. Financial Report. Jennifer Walker, Vice President of Finance
We've hit a million dollars in revenue and $800,000 in expenditures with revenue is
3% below target and expenditures sitting 8% below target. The balance sheet
shows $4.4 million dollars in cash and investments and you will see that the capital
reserve is now sitting at $2 million dollars per the vote at the March commission
meeting.
Chair Martin asked if we should consider weighting our monthly income and
expenses and Jennifer remarked that the difference between 1/12 and weighted
was very minute.
Walker discussed the cumulative Cyclo-Cross financial report and stated that we
brought in nearly $5 million dollars in revenue from these three events and we
spent $4 million dollars with over $800,000 left over for legacy cycling initiatives.
D. Vote. Cyclo-Cross payments. Approval of vendors paid amounts greater than
$20,000 from the Cyclo-Cross grant funds. Memo attached.
Walker brought up all the payments to vendors over $20,000 in the time frame of
November to March. Commissioner Moya asked to go back to the cumulative
financial report for a moment and asked about the line item for race directors for
approximately $600,000 with Walker noting it was comprised of payments to the
two production companies we worked with for the three different Cyclo-Cross
events, most recently Medalist Sports.
Commissioner Moya made the motion to approve payments that were made over
$20,000 for a total of $1,933.572. Commissioner Prysby seconded it and, with no
discussion, it was unanimously approved.
E. Vote. Town Center Tower repair. Vote to approve spending an additional
$29,750 with Nabholz Construction for sealing of the tower. Memo Attached.
CEO Rawn discussed this item. Typically, a contract of this amount would have
gone to the commission prior to executing the agreement, but the timeliness of
this waterproofing need was such that she signed the proposal. Commissioner
Sanderson made a motion with Commissioner Moya seconding it to approve the
contract that Rawn signed for needed repairs and it was unanimously approved.
F. Vote. Fayetteville Town Center HVAC Unit. Approval of a quote for $54,585 from
Multi -Craft Contractors for replacement of a roof -top HVAC unit. Memo attached.
This item is included in the 2022 capital improvement budget. Commissioner
Sanderson made a motion to approve the quote to replace the HVAC unit and
Commissioner Prysby seconded. With no further discussion, the motion was
unanimously approved.
G. Vote. Fayetteville Town Center Interior Door Replacement. Approval of a
materials quote from Felix Thompson Company and an installation quote from
David Tipton, totaling $136,525. Memo attached.
Rawn stated that these doors are at the end of their life cycle and you'll see that
the project has been split into two, a material and an installation quote. Chair
Martin asked if we had a motion to approve the repair and installation of doors at
FTC totaling $136,525 with vendors Felix Thompson Company and David Tipton.
Commissioner Sanderson made the motion with Commissioner Prysby
seconding it and the vote was approved unanimously.
H. Vote. Buxton Company Consumer Insights tool. Approval of a $25,000 one-year
subscription for a tourism and consumer insights package. Memo attached.
CEO Rawn discussed this tool and noted that both she and VP of Marketing and
Communications Hazel Hernandez have been able to do a demonstration with
this company.
Hernandez stated that we will be able to see what our visitor profile looks like
and will be able to use multiple geo tags. This platform will also work well with
Adara, a tool that we utilize through a cooperative agreement with Northwest
Arkansas Tourism Association.
Commissioner Prysby states that this will help us determine what markets and
messaging to use. Commissioner Moya asked if other CVBs in the state are
using Buxton and while none are, they are utilizing similar platforms. VP
Hernandez stated that Buxton had good references with other CVBs.
Commissioner Sanderson asked if there were other companies that were
considered and Hernandez stated there were but that Buxton proved to be the
most user friendly one. Chair Martin asked if there was a motion to approve the
one-year contract for $25,000 to Buxton Consumer Insights.
Commissioner Moya made the motion and Commissioner Prysby seconded it
and it was unanimously approved.
1. UCI Cyclo-Cross World Championship Report. A presentation of the 2022
Walmart UCI Cyclo-cross World Championship prepared by Experience
Fayetteville and Sells Agency.
CEO Rawn presented this report, which is both a printed piece and a digital piece
that will be on our website. She started with some statistics: 219 cyclists, 150
media, 500 volunteers, 2, 096 bikes utilizing the bike valet over the three-day
event.
Rawn gave a thank you to all of the supporters and contributors to this event.
Medalist Sports came on board in April 2021 and Rawn stated that their expertise
is unmatched. She discussed the financial inflows and the outflows of all three
cyclo-cross events and stated that she is very pleased that we have been able to
establish a legacy fund to do additional cycling events. This event brought 244
news stories with a reach of 150,000,000 and advertising value with the
equivalency of $15,000,000.
One of the items we are most proud of are the ways we were able to give back.
We partnered with FoodLoops and the city to create 72% diversion of items from
the landfill. We made a commitment to diversity and inclusion in many different
ways with this event through All Bodies on Bikes and RIDE, an organization
founded by Molly Cameron, a transgender cyclo-cross cyclist. We also hosted a
field trip with Yvonne Richardson Recreational Center for youth to see the site.
Also, through the Rapha foundation, we paid the entry fees for the female cyclists
on Team USA. Finally, we hosted a Pass the Mic event. We made a commitment
at the beginning of this grant that we would use this event to promote tourism and
also do good for our community.
In Lodging numbers, it was the best January on record.
Looking to the future, we have a designated fund for cycling investments, and we
are one of a very few UCI Bike Cities. Additionally, we have a full-time experienced
staff member devoted to cycling tourism and we now have a national and
international reputation and brand as a cycling destination. Mike Sells with the
Sells Agency noted that Fayetteville is unique in that we have numerous world
class cycling options such as gravel, mountain, road and cyclo-cross.
J. Introduction and tour of Fayettevan, "Vanny"
VP of Marketing and Communications Hazel Hernandez introduced Vanny by
showing the media reels and thanked Ashley Cane, Marketing Manager, who
served as the videographer and editor of the promotional media of Fayettevan
coming to Fayetteville from Los Angeles. Hernandez answered questions and
invited commissioners to tour the van which is parked on the plaza.
With no further items, Chair Martin adjourned the meeting at 3:30 pm.
Minutes submitted by Amy Stockton, Director of Operations, Experience
Fayetteville.
Fayetteville, Arkansas Advertising and Promotion Commission
By -Laws
I. Creation and Membership of Commission
Section 1. Creation of the Commission. The Fayetteville Advertising and Promotion
Commission, hereafter referred to as "the Commission," has been created by and in
accordance with provisions of Acts of Arkansas 185 of 1995, 123 of 1969, and 58 of 1970,
codified as Arkansas Code Annotated §26-75-605 et seq., ("the Statute"); and City
Ordinance No. 2310 (passed and approved March 1, 1977), which formally established the
Commission.
Section 2. Purpose of the Commission. To operate in accordance with all applicable laws,
including without limitation the Statute and City Ordinance No. 2310, in using proceeds of
the City of Fayetteville's hotel, motel, and restaurant tax ("HMR tax") to advertise and
promote the City of Fayetteville and its environs and for any other lawful, appropriate
purposes.
Section 3. Membership of the Commission. The membership of the Commission will be
composed in accordance with the Statute, and unless preempted by conflicting provisions
of the Statute, the seven (7) members will include:
i. Four (4) members that shall be owners or managers of businesses in the
tourism industry, at least three of whom shall be owners or managers of
hotels, motels, or restaurants and shall serve for staggered terms of four (4)
years;
ii. Two (2) members that shall be members of the governing body of the City
of Fayetteville, selected by the governing body, and shall serve at the will of
the governing body; and,
iii. One (1) member that shall be from the public at large and shall serve for a
term of four (4) years.
Section 4. Officers of the Commission. At the first meeting of each year, the Commission
will elect one of its members as its Chair whose term will be for one (1) year. The Chair
can be elected for succeeding terms.
Section 5. Vacancies on the Commission. A vacancy in any of the tourism industry
positions or in the at -large position shall be filled by appointment of the Commission with
the approval of the governing body of the City of Fayetteville. A vacancy may result from
the expiration of a regular term or be declared by the Chair if at any time a Commissioner
resigns, dies, or is absent from three (3) consecutive meetings without just cause.
II. Duties of the Commission
Section 1. Essential Function. The Commission is the body that determines the use of the
City of Fayetteville's advertising and promotion fund resulting from the HMR tax.
Section 2. Hiring of Staff. The Commission will be responsible for the hiring, supervision,
and continued employment of an Executive Director. The Commission delegates to the
Executive Director all authority and responsibility necessary to properly administer the
business of the Commission and its agencies, within policies set by the Commission and
subject to its review, including financial policies specifically addressing spending and
budgeting activities.
Section 3. Regular Meetings. The Commission will hold meetings regularly on a
consistent day and time, either in -person or virtually, notice of which shall be published.
The time, place and method of meetings are subject to change at the discretion of the Chair,
upon published notice.
Section 4. Hybrid meetings. Whenever possible, in -person commission meetings will be
made available for virtual attendance. Commissioners should make every effort to be
present for in -person meetings. When circumstances prohibit in -person attendance,
commissioners may participate virtually so long as their virtual attendance at in -person
meetings does not exceed three meetings in a calendar year.
Seeflo�� Section 5. Special meetings. Special meetings of the Commission may be
called, for any purpose, by the Chair or any three members of the Commission at such
times deemed necessary, provided:
i. Advance notice, and corresponding agenda, of every special meeting of
the Commission shall be distributed for each Commissioner not less than
three (3) days before such meeting; and,
ii. No business shall be transacted in special meetings, other than business
referred to in the agenda.
Section-5 Section 6. Quorum. No formal business shall be conducted without a quorum of
the Commission, defined as a majority of the Commissioners.
cep Section 7. Proxy. No Commissioner may vote by proxy.
Se Section 8. Budget. The Commission will annually approve a budget for the
operation of the Commission and its agencies.
III. Reporting
Section 1. Meeting Schedule. The Commission's meeting schedule will be published and
accessible to the public.
Section 2. Meeting Agendas. The agenda and supporting documents for meetings of the
Commission will be distributed no later than three (3) business days before the scheduled
meeting.
Section 3. Tax Summaries. The consolidated HMR tax report summaries will be published
and accessible to the public.
IV. Financial Policies and Conflicts of Interest
Section 1. Financial Policies. Through its Executive Director, the Commission will
develop financial policies, implement financial procedures in accordance with those
policies, and ensure the practices of the Commission and its agencies are carried out in
accordance with those policies.
Section 2. Conflict of Interest. No Commissioner may participate in, vote on, influence, or
attempt to influence an official decision of the Commission, unless the pecuniary interest
that may accrue to the Commissioner is incidental to their vocation or accrues to the
Commissioner to no greater extent than the pecuniary interest could be foreseen to accrue
to all other members of the vocation.
V. Amendment of the By -Laws
Amendments. Amendments to these By -Laws shall be proposed in writing at a regular
meeting of the Commission and voted on at a subsequent meeting. Amendments to these
By -Laws shall be effective with an affirmative vote of 2/3 of the members of the
Commission. If the proposed, written amendment has been distributed to all
Commissioners, a special meeting for the purpose of voting on the proposed amendment
can be called after ten (10) days following distribution to the Commissioners of the
proposed amendment.
By majority action of the Fayetteville Advertising and Promotion Commission, these by
laws as amended are approved on this 16 day of July, 2018
Matthew Petty, Chairperson
Fayetteville Advertising and Promotion Commission
CEO Updates
May 2022
Commission
• What to expect in the coming months:
o June: Budget revision, new plan for receiving funding proposals, Town Center
software upgrade
Experience Fayetteville Sales
• The following events impacted lodging in Fayetteville in April: Stronger together -
Greater Topeka and Lawrence partnerships, Garth Brooks, US Pro Cup (room night
displacement due to concert for US Pro Cup athletes and spectators)
Tina Archer -Cope attended Sports ETA Symposium in Dallas May 2-5. She had
meetings with over 30 events rights holders alongside her fellow Arkansas Tourism
sports sales team.
• We secured two conferences for 2023: American Society of Landscape Architects
Central States conference and the Municipal Clerks Regional Meeting.
Visitor Center Sales and Attendance
VC saw 1,201 visitors in April 2022
• 15% increase from March 2022 (1,040)
• Two busiest days: Farmers Market Saturdays: April 2nd (173) and April 23rd (196)
• VC had $4,938.60 in sales in April 2022
• 31 % increase from March 2022 ($3,752.05)
• April saw visitors from Alaska, Brussels Belgium, Austria, Thailand, Nigeria, Chili,
Netherlands, Italy, Japan, and Scotland.
Community Engagement
• June 2nd First Thursday In Bloom
Cycling
• May is Bike Month!
• Tuesday evenings in May - Experience Fayetteville's Dinner Rolls, offers complimentary
Bike Valet at different restaurants, encouraging the community to ride their bikes and
patronize local restaurants.
• May 25t" we are offering a free Bicycle -Friendly Business Bootcamp. Representatives
from Fayetteville businesses will learn what it means to be Bicycle -Friendly for their
employees, customers and visitors and we will assist in applying for National Bicycle -
Friendly Business Designation.
• May 19th-22 the 45th Annual Joe Martin Stage Race returns to Fayetteville
• The 4th and final stage — the Experience Fayetteville Criterium live streamed
internationally, from downtown
• Looking ahead: Fayetteville has been selected as host for the USA Triathlon Mountain
Bike and Gravel National Championships for 2022, both part of the annual Ozark Valley
Triathlon
Fayetteville Town Center
• Fayetteville Town Center hosted 13 events since our last meeting, one of which was a
two -week rental of the entire space by Fayetteville High School for AP testing
• We have installed a new bike rack near the entrance. This rack is the first of several
additions we will be making in the coming weeks in order to receive our bike -friendly
business designation
• The exterior portion of the tower repairs are in process of being repaired and should be
complete by our May commission meeting — this as a result of the vote in April
• FTC is working with the city's sustainability director to participate in the city's Energy
Savings Performance Contract. This will result in energy efficient improvements such as
replacing the final HVAC rooftop unit, weatherization, and perhaps solar panels.
Clinton House Museum
• We continue to work to financially separate the CHM non-profit from the A&P
Commission
• The University of Arkansas graciously agreed to relieve us of rent obligations for an 18-
month period, through December of 2023 — a savings of $11,200 this budget year
• The museum had two weeks of soft openings with the new hours: 10 — 4 Thursday —
Saturday
• Kristi Andrews is working Thursday and Friday, still seeking a staffer for Saturday
Walker Stone House
Britin Bostick, Long Range Planning & Special Projects Manager for the City of
Fayetteville, is leading the city's overall efforts related to historic preservation and is in
the process of hiring a consultant
• We hope to add an additional scope of work to the city's consultant to asses the Walker
Stone House
HMR and Lodging Info
• Occupancy April 2022: 70%. This represents a 11 % increase over April 2021
• Occupancy YTD 2022: 57%. This represents a 6% increase over prior year
• ADR (Average Daily Rate) April 2022 is up 32% over April 2021, and 28% higher
than prior year to date
• April lodging collections are up over 28% from the prior month and show a 36%
increase over April 2021
• April restaurant collections were up 24% over the prior month and show a 2%
decrease from April 2021 (approximately 7K). This is the second time this year
restaurant collections have been down over the same month in 2021, the dollar
amounts were small both times and I am not yet concerned.
• Year to date, we've had a 19.5% increase in HMR tax collections over the same
period in 2021
Financial Reports
• See attached memos
I Vrd I rill I I I Monthly A&P Tax Collections 2022**
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** This represents one half of the total HMR collections. The other half supports the Parks and Recreation department.
Memo lP�r
To: Molly Rawn, CEO, Experience Fayetteville
Fayetteville Advertising & Promotion Commissioners
From: Jennifer Walker, VP Finance, Experience Fayetteville
Date: May 10, 2022
Re: Financial Statements — April 2022
This packet contains Experience Fayetteville Financial Statements for the month ended
April 30, 2022. The following reports are included in the packet:
• Summary P&L Financials for month ended April 30, 2022
• Balance Sheet for month ended April 30, 2022
Target Budget April — 33%
• Revenue target 33% of budget or higher by the end of April 2022.
Expenditures target 33% or lower at April 2022.
Total Revenue YTD: $1,508,226 or 31%; We are 2% behind target.
Tax Receipts - $1,353,120 (under budget by 0.4% ytd)
Town Center - $120,546 (note $150k+ unearned revenue on Balance Sheet)
Other - $34,560
Total Operating Expenditure YTD: $1,225,187 or 26%; this is 7% under budget.
EF Main - $961,381
Town Center - $263,806
HMR tax — YTD April Collections (March activity) were above seasonally adjusted
budget expectations by 2%.
Operating Net Income is $283,039 year to date.
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
CONSOLIDATED
Year -to -Date
Actual
Budget
over/(Under)
Budget
% of Budget
Revenue
Hotel, Motel, Restaurant Taxes Revenue
1,353,120
4,154,500
(2,801,380)
32.6%
Rental Revenue
108,744
478,800
(370,056)
22.7%
Event Revenue
5,594
33,550
(27,956)
16.7%
Visitor Center Store Revenue
27,231
42,000
(14,769)
0.0%
Parking Revenue
10,087
23,000
(12,913)
43.9%
Advertising Revenue
800
5,000
(4,200)
16.0%
Grant/Other Revenue
-
86,500
(86,500)
0.0%
Interest and Investment Revenue
2,650
22,000
(19,350)
12.0%
Total Revenue
1,508,226
4,845,350
(3,337,124)
31.1%
Expenses
Operating Expenses
Rental Expenses
16,582
106,000
(89,418)
15.6%
Event Expenses
12,121
88,450
(76,329)
13.7%
Visitor Center & Museum Store
21,685
43,700
(22,015)
49.6%
Personnel
465,295
1,439,624
(974,329)
32.3%
Sales & Marketing
219,323
1,152,453
(933,130)
19.0%
Office and Administrative
240,940
722,818
(481,878)
33.3%
Bond Payments
233,860
707,000
(473,140)
33.1%
Contribution to Capital Reserves
-
100,000
(100,000)
0.0%
Other grants
7,300
155,600
(148,300)
4.7%
Mobile VC
8,081
35,000
(26,919)
23.1%
TheatreSquared Contribution
-
200,000
(200,000)
0.0%
Total Operating Expenses
1,225,187
4,750,645
(3,525,458)
25.8%
Net Operating Income/(Loss)
283,039
94,705
188,334
0.0%
Other Income
Unrealized Gain/(Loss) on Investments
9,223
0.0%
Other Expenses
FFE & Improvements
117,506
595,000
(477,494)
19.7%
Depreciation Expense
44,491
0.0%
Cost of Goods Sold
(1,688)
0.0%
Net Income/(Loss) (without Cyclocross Grants)
131,954
(500,295)
623,025
-26.4%
Net Income/(Loss) for Cyclocross Events
882,820
Total Net Income/(Loss)
1,014,774
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
Experience Fayetteville
Year -to -Date
Actual
Budget
Over/(Under)
Budget
%of Budget
Revenue
Hotel, Motel, Restaurant Taxes Revenue
1,353,120
4,154,500
(2,801,380)
32.6%
Rental and Event Revenue
3,935
44,350
(40,415)
8.9%
Visitor Center Store Revenue
27,231
42,000
(14,769)
64.8%
Advertising Revenue
800
5,000
(4,200)
0.0%
Grant Revenue (Cycling Coord / DSAC)
-
86,500
(86,500)
0.0%
Interest and Investment Revenue
2,594
19,000
(16,406)
13.7%
Total Revenue
1,387,680
4,351,350
(2,963,670)
31.9%
Expenses
Operating Expenses
Event Expenses
7,777
88,450
(80,673)
8.8%
Visitor Center & Museum Store
21,685
43,700
(22,015)
49.6%
Personnel
332,868
1,020,194
(687,326)
32.6%
Sales & Marketing
215,266
1,126,353
(911,087)
19.100
Office and Administrative
134,545
379,523
(244,978)
35.5%
Bond Payments
233,860
707,000
(473,140)
33.1%
Contribution to Capital Reserve
-
100,000
(100,000)
0.0%
Other Grants
7,300
155,600
(148,300)
0.0%
Mobile VC
8,081
35,000
(26,919)
0.0%
TheatreSquared Contribution
-
200,000
(200,000)
0.0%
Total Operating Expenses
961,381
3,855,820
(2,894,439)
24.9%
Net Income/(Loss) Before Other Revenue and Expenses
426,299
495,530
(69,231)
86.0%
Other Income
Unrealized Gain/(Loss) on Investments
9,223
-
9,223
0.0%
Other Expenses
FFE & Improvements
-
90,000
(90,000)
0.0%
Depreciation Expense
25,111
Cost of Goods Sold
(1,688)
Net Income/(Loss)
412,099
1 405,530
1 (2,654)
101.6%
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
Town Center
Year -to -Date
Actual
Budget
Over/(Under)of
Budget
Budget
Revenue
Rental Revenue
108,744
468,000
(359,256)
23.2%
Event Revenue
1,659
-
1,659
0.0%
Parking Revenue
10,087
23,000
(12,913)
43.9%
Interest and Investment Revenue
55
3,000
(2,945)
0.0%
Total Revenue
120,546
494,000
(373,454)
24.4%
Expenses
Operating Expenses
Rental Expenses
16,582
106,000
(89,418)
15.6%
Event Expenses
4,344
-
4,344
0.0%
Personnel
132,426
419,430
(287,004)
31.6%
Sales & Marketing
4,057
26,100
(22,043)
15.5%
Office and Administrative
106,395
343,295
(236,900)
31.0%
Total Operating Expenses
263,806
894,825
(631,019)
29.5%
Net Income/(Loss) Before Other Revenue and Expenses
(143,260)
(400,825)
257,565
35.7%
Other Expenses
FFE & Improvements
117,506
505,000
(387,494)
76.7%
Depreciation Expense
19,380
Net Income/(Loss)
(280,146)
(905,825)j
625,679
1 30.9%
Fayetteville A&P Commission
Balance Sheet
As of April 30, 2022
ASSETS
Current Assets
Cash
3,241,008
Investments
1,214,881
Accounts Receivable
405,839
Prepaid Expenses
12,365
Deposits
30,617
Visitors Guide Trade
3,052
Inventory Asset
21,521
Total Current Assets
4,929,283
Other Assets
Capital Assets
Furniture & Fixtures
96,641
Equipment
641,976
EF/CVB Building
940,410
EF/CVB Land
198,621
Building Additions
971,952
Walker -Stone House
1,167,218
Construction in Progress
27,109
Accumulated Depreciation
(1,410,925)
Total Other Assets
2,633,002
TOTAL ASSETS 7,562,285
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 79,181
Unearned Revenue 150,378
Total Liabilities 229,559
Equity
Unreserved Fund Balance
4,223,172
Operating Reserve
1,000,000
Capital Reserve
2,000,000
Temporarily Restricted Funds
439,895
Net Revenue
Gain/(Loss) on Investments
9,223
Net Revenue without Cyclocross
122,730
Net Revenue for Cyclocross
(462,294) (330,341)
Total Equity
7,332,726
TOTAL LIABILITIES AND EQUITY 7,562,285
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
CONSOLIDATED
Year -to -Date
Actual
Budget
over/(Under)
Budget
% of Budget
Revenue
Hotel, Motel, Restaurant Taxes Revenue
1,353,120
4,154,500
(2,801,380)
32.6%
Rental Revenue
108,744
478,800
(370,056)
22.7%
Event Revenue
5,594
33,550
(27,956)
16.7%
Visitor Center Store Revenue
27,231
42,000
(14,769)
0.0%
Parking Revenue
10,087
23,000
(12,913)
43.9%
Advertising Revenue
800
5,000
(4,200)
16.0%
Grant/Other Revenue
-
86,500
(86,500)
0.0%
Interest and Investment Revenue
2,650
22,000
(19,350)
12.0%
Total Revenue
1,508,226
4,845,350
(3,337,124)
31.1%
Expenses
Operating Expenses
Rental Expenses
16,582
106,000
(89,418)
15.6%
Event Expenses
12,121
88,450
(76,329)
13.7%
Visitor Center & Museum Store
21,685
43,700
(22,015)
49.6%
Personnel
465,295
1,439,624
(974,329)
32.3%
Sales & Marketing
219,323
1,152,453
(933,130)
19.0%
Office and Administrative
240,940
722,818
(481,878)
33.3%
Bond Payments
233,860
707,000
(473,140)
33.1%
Contribution to Capital Reserves
-
100,000
(100,000)
0.0%
Other grants
7,300
155,600
(148,300)
4.7%
Mobile VC
8,081
35,000
(26,919)
23.1%
TheatreSquared Contribution
-
200,000
(200,000)
0.0%
Total Operating Expenses
1,225,187
4,750,645
(3,525,458)
25.8%
Net Operating Income/(Loss)
283,039
94,705
188,334
0.0%
Other Income
Unrealized Gain/(Loss) on Investments
9,223
0.0%
Other Expenses
FFE & Improvements
117,506
595,000
(477,494)
19.7%
Depreciation Expense
44,491
0.0%
Cost of Goods Sold
(1,688)
0.0%
Net Income/(Loss) (without Cyclocross Grants)
131,954
(500,295)
623,025
-26.4%
Net Income/(Loss) for Cyclocross Events
882,820
Total Net Income/(Loss)
1,014,774
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
Experience Fayetteville
Year -to -Date
Actual
Budget
Over/(Under)
Budget
%of Budget
Revenue
Hotel, Motel, Restaurant Taxes Revenue
1,353,120
4,154,500
(2,801,380)
32.6%
Rental and Event Revenue
3,935
44,350
(40,415)
8.9%
Visitor Center Store Revenue
27,231
42,000
(14,769)
64.8%
Advertising Revenue
800
5,000
(4,200)
0.0%
Grant Revenue (Cycling Coord / DSAC)
-
86,500
(86,500)
0.0%
Interest and Investment Revenue
2,594
19,000
(16,406)
13.7%
Total Revenue
1,387,680
4,351,350
(2,963,670)
31.9%
Expenses
Operating Expenses
Event Expenses
7,777
88,450
(80,673)
8.8%
Visitor Center & Museum Store
21,685
43,700
(22,015)
49.6%
Personnel
332,868
1,020,194
(687,326)
32.6%
Sales & Marketing
215,266
1,126,353
(911,087)
19.100
Office and Administrative
134,545
379,523
(244,978)
35.5%
Bond Payments
233,860
707,000
(473,140)
33.1%
Contribution to Capital Reserve
-
100,000
(100,000)
0.0%
Other Grants
7,300
155,600
(148,300)
0.0%
Mobile VC
8,081
35,000
(26,919)
0.0%
TheatreSquared Contribution
-
200,000
(200,000)
0.0%
Total Operating Expenses
961,381
3,855,820
(2,894,439)
24.9%
Net Income/(Loss) Before Other Revenue and Expenses
426,299
495,530
(69,231)
86.0%
Other Income
Unrealized Gain/(Loss) on Investments
9,223
-
9,223
0.0%
Other Expenses
FFE & Improvements
-
90,000
(90,000)
0.0%
Depreciation Expense
25,111
Cost of Goods Sold
(1,688)
Net Income/(Loss)
412,099
1 405,530
1 (2,654)
101.6%
Modified Accrual Fayetteville A and P Commission
Statement of Budget, Revenue and Expense
Year -to -Date @ April 30, 2022
Town Center
Year -to -Date
Actual
Budget
Over/(Under)of
Budget
Budget
Revenue
Rental Revenue
108,744
468,000
(359,256)
23.2%
Event Revenue
1,659
-
1,659
0.0%
Parking Revenue
10,087
23,000
(12,913)
43.9%
Interest and Investment Revenue
55
3,000
(2,945)
0.0%
Total Revenue
120,546
494,000
(373,454)
24.4%
Expenses
Operating Expenses
Rental Expenses
16,582
106,000
(89,418)
15.6%
Event Expenses
4,344
-
4,344
0.0%
Personnel
132,426
419,430
(287,004)
31.6%
Sales & Marketing
4,057
26,100
(22,043)
15.5%
Office and Administrative
106,395
343,295
(236,900)
31.0%
Total Operating Expenses
263,806
894,825
(631,019)
29.5%
Net Income/(Loss) Before Other Revenue and Expenses
(143,260)
(400,825)
257,565
35.7%
Other Expenses
FFE & Improvements
117,506
505,000
(387,494)
76.7%
Depreciation Expense
19,380
Net Income/(Loss)
(280,146)
(905,825)j
625,679
1 30.9%
Fayetteville A&P Commission
Balance Sheet
As of April 30, 2022
ASSETS
Current Assets
Cash
3,241,008
Investments
1,214,881
Accounts Receivable
405,839
Prepaid Expenses
12,365
Deposits
30,617
Visitors Guide Trade
3,052
Inventory Asset
21,521
Total Current Assets
4,929,283
Other Assets
Capital Assets
Furniture & Fixtures
96,641
Equipment
641,976
EF/CVB Building
940,410
EF/CVB Land
198,621
Building Additions
971,952
Walker -Stone House
1,167,218
Construction in Progress
27,109
Accumulated Depreciation
(1,410,925)
Total Other Assets
2,633,002
TOTAL ASSETS 7,562,285
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 79,181
Unearned Revenue 150,378
Total Liabilities 229,559
Equity
Unreserved Fund Balance
4,223,172
Operating Reserve
1,000,000
Capital Reserve
2,000,000
Temporarily Restricted Funds
439,895
Net Revenue
Gain/(Loss) on Investments
9,223
Net Revenue without Cyclocross
122,730
Net Revenue for Cyclocross
(462,294) (330,341)
Total Equity
7,332,726
TOTAL LIABILITIES AND EQUITY 7,562,285
Memo
To:
Fayetteville Advertising & Promotion Commissioners
From: Molly Rawn, CEO, Experience Fayetteville
Date: May 18, 2022
Re: Hiring for downtown initiatives
Per
Background:
A strong downtown is vital not only to tourism, but to our city's overall success.
The Downtown area is home to our city's highest concentration of bars, restaurants,
small businesses and arts organizations all of which would benefit from sustained
organizational support. Fayetteville is deserving of an effective and professional
downtown organization dedicated to advocating on behalf of our downtown merchants
and to ensuring our downtown is thriving for generations to come. The first step in
achieving this is to hire a full-time, professional staff person.
Proposed action
Experience Fayetteville will hire a Director of Downtown Initiatives (working title),
responsible for working alongside the downtown stakeholders to formalize the
downtown organization. Experience Fayetteville will fund the position in year 1, with the
intent to renew funding at the same level in years 2 and 3, contingent upon matching
financial support from the City of Fayetteville. This will initially be an A&P staff line that
transitions to full employment with the new organization by the end of the third year.
Recommendation:
The CEO recommends the A&P Commission authorize the creation of the Director of
Downtown Initiatives position and allocate $100,000 to the effort.