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HomeMy WebLinkAbout2006-02-13 - Agendas - Final MEETING NOTICE The Advertising and Promotion Commission will meet on Monday, February 13, 2006 at 2:00 p.m. in the Town Center Conference room. AGENDA ADVERTISING AND PROMOTION COMMISSION February 13, 2006 2:00 p.m. Town Center L Call to Order - Chairman Pat Gazzola II. Reports A. Approval of Minutes for January 9, 2006 regular monthly meeting B. Financial Report 1 . HMR Revenues 2. Financial Statements - Larry Bilbrey, Scarbrough and Murtishaw 3 . Update from City Attorney re: delinquent tax collection efforts a. Agreement with City for Tax Collections C. Report from Executive Director — Marilyn Heifner D. CVB Report — Allyson Twiggs • E. Town Center Report — Willistine Smith F. Clinton House Museum Report — Joseph Barnes G. Advertising Agency Report — Brian Clark III. Old Business IV. New Business A. Strategic Plan for A & P Commission V. Adjourn ADVERTISING AND PROMOTION COMMISSION REGULAR MEETING • January 9, 2006 Commissioners Present: Dan Coody, Pat Gazzola, Don Marr, David McGeady, and Maudie Schmitt. Commissioners Absent: Neal Crawford, Bob Davis Staff Present: Marilyn Heifner, Willistine Smith, Allyson Twiggs, Joseph Barnes Chairman Pat Gazzola called the regular monthly meeting of the Fayetteville Advertising and Promotion Commission to order on January 9, 2006 at the Fayetteville Town Center at 2:00 p.m. MINUTES Moved by Marr, second by Schmitt to approve the minutes of the December 12, 2005, regular meeting. Motion carried. FINANCIAL REPORT Financial statements were not available at meeting time. HMR REVENUES Marilyn reviewed HMR collections for December. $ 160,343 was received, a 16.03% increase over last December. End of the year total was $ 1 ,943,930, a 10.68% increase. Hotels showed a • 6.57% increase for the year, restaurants had a 13.29% increase. CITY ATTORNEY City Attorney Kit Williams reported that the prosecutor had collected s total of $67, 127.44 for the year, the second largest amount collected to date. Finance department is looking at their collection procedures to reduce the letters send to delinquent tax collectors. DIRECTOR' S REPORT Inquiry responses for the month were up 53% and year end figures were up 59%. Internet unique visits were up 65% as were per day average visits. Lights of the Ozarks festival was a success with added activities including carriage rides, pony rides, photos, and Choirs on the Square. Marilyn attended the Trails Task Force meeting and distributed the new Trails brochure which was well received. Clinton House Museum settlement of credit cards problem was resolved. Structural issues still must be resolved with the University. CVB REPORT Allyson introduced Stephanie Austin, northwest Representative for the Arkansas Hospitality • Association She reviewed goals and objectives for 2006 for the Convention Visitor Bureau. The Arkansas Stars has announced an indoor football team which will play 7 home games in Fayetteville. • Those games are scheduled from March to July. TOWN CENTER REPORT Willistine Smith reported that the Town Center had surpassed its sales goals with sales of 107% over budget. Many clients are returning and booking a year in advance. The art displays this month have increased visitors into the Town Center. First Night had a great attendance and the weather was exceptionally nice. Service issues with the grease trap in the service alley have been solved. The Mayor requested that staff check on lighting the exterior of the building and amperage issue of holiday lights. CLINTON HOUSE MUSUEM The wedding dress and wedding photos of the Clintons have been received. Visitors over the holidays included people who had been through the house before and were back to buy Christmas gifts. 188 people from 26 states and 9 countries have visited the House. AGENCY REPORT Brian Clark reported that the agency has ads in production for the year. Goals for the year • include tracking inquiries and expanding the message to the public. New this year will be advertising in a new magazine called Museums highlighting the Clinton House. OLD BUSINESS None NEW BUSINESS None EXECUTIVE SESSION Moved by Marr, second by Coody to go into Executive Session for a personnel issue with the Executive Director. Chairman Gazzola called the meeting back to order after the Executive Session. Motion by Marr, second by Schmitt to give Executive Director Marilyn Heifner a salary increase to bring salary to $67,000. Motion carried. There being no further business, the meeting was adjourned. Respectfully submitted, �i�t� ,.. .; � AltU • Marilyn Heifner Executive Director Advertising and Promotion Commission For month of January 2006 Current Year HMR Collected (2120.0912.4101 .00) $ 1589859.68 Prior Year Collected (2120.0912.4101 .01 ) $ 5,424.80 Checking Interest Revenue (2120.0912.4705.00) $ 20.24 Garner Investment Interest Revenue (2120.0912.4708.00) $ 139896.94 Total Revenues $ 178,201 .66 Annual Bond Audit Expense (2120.9120.7602.60) $ - Collection Expense (2120.9120.5333.00) $ (39285.69) Bank of OK Quarterly Fee (2120.9120.7602.60) $ (1 ,125.00) Town Center Bond Payment (2120.9120.7602.60) $ (55,354.99) 2004 Property Taxes on Town Center (2120.9120.7602.60) $ Total Expenses $ (59,765.68) • Total Check to A&P $ 118,435.98 • • o ae O Q d O (U } r1l: A N C C L (L U aa) N x 00o N F S 2 \° \ \ oe y o 0 o e o 0 0 0 c o e o 0 y �i ao m m tti 06 Di (c o NCC La U _ x U) �V O NM n Oai 0O ('S H 0 N (7 W N r N a O O O l0 b O O (D O co h (D N H H E9 69 tfi t9 V! to to 69 t9 f9 t9 i = M • > e o 0ca 0 0 0 0 0 0 o ca (O (O 0 O h (D 01 O n (O CD cNi c� oD c� r%� G O a0 ri N N r r N N C . L d U o x rn rn o v m U� M ° °r V)N O O O (O O N (D O (O pppp O (D N (h It V V N v Mt (O tD V) N N H R' fH h9 w H H Ni M N fA di W t9 N 2 ;, o 0 0 o 0 0 0 0 0 0 0 0 0 (a < co (� v (OD Ln M O N O O N 0 ) } v N Q Q � N tD O N04 N C o � a 0 N N (c yC (O LO W m to (O co O N Lo .2 W (O co O to m (� O O t0 N O r C N LO Nm co O (n O (D 00 N H 07 x O Ld ^ O O N o N N (D 00 (O • O B F N N (N m m m m m (O N t0 Q O N F a' 69 f9 49 fA t9 N9 to 4 64 W V� 0% to d K = N > m • *1K N fgEp1 d L C N O C J 2 ` T d O d N F U m lL Q Q (n 0 Z 0 • HMR Comparison 2003 to 2005 Using Year-End totals per HMR Report HOTELS 2003 2004 % change 2005 % change 2006 % change Dec 10,773.64 12,048.60 11 .83% 149024. 18 16.40% 13,284.28 -5.27% Jan 10,638.74 12,397.02 16.53% 13,738.64 10.82% Feb 12,140.56 15,880.91 30.81 % 17,865.90 12.50% Mar 15,371 .78 18,217.06 18.51 % 18,992.80 4.25% Apr 16,534.22 170283.48 4.53% 190650.73 13.70% May 16,568.61 19,483.47 17.59% 22,347.62 14.71 % Jun 18,530.45 22,255.75 20.10% 22,690.00 1 .95% Jul 16,031 .25 17,050.01 6.36% 18,668.34 9.49% Aug 169098. 10 17,009.75 4.77% 18,786.70 10.45% Sep 16,875.70 21 ,823.18 29.32% 21 ,524.09 -1 .37% Oct 25,183.66 24,267.01 -3.63% 22,708.73 -6.83% Nov 16,468.24 16,294.83 -1 .05% 17,073.24 4.78% 191 ,214.95 214,011 .07 11 .92% 228,070.97 6.57% 13,284.28 -5.27% RESTAURANTS 2003 2004 % change 2005 % change 2006 % change Dec 112,143.74 121 ,932.28 8.73% 130, 140.76 6.73% 145,575.40 11 .86% • Jan 104,133.72 114,689.20 10. 14% 138,754.38 20.98% Feb 99,436.17 1139449.63 14.09% 140,240. 16 23.61 % Mar 113,299.12 116,089.97 2.46% 1343645.71 15.98% Apr 108,157.35 116,906.50 8.08% 133,452.33 14.15% May 114,543.92 1209030.66 4.79% 132,159.21 10. 10% Jun 111 ,410.87 1219219.99 8.80% 1479940.47 22.04% Jul 109,920.03 1229417.98 11 .36% 130,239.89 6.39% Aug 117,824.90 122,630.00 4.07% 134,015.30 9.28% Sep 112,098.50 124,228.30 10.82% 137,712.24 10.85% Oct 127,371 .76 130,835.07 2.71 % 141 ,347.30 8.03% Nov 104,084.85 118, 147.51 13.51 % 133,691 .00 13.16% 1 ,4429577.09 8.10% 19634,338.75 13.29% 145,575.40 11 .86% • Fayetteville Advertising and Promotion Commission Fayetteville Town Center Fayetteville Convention and Visitors Bureau Clinton House Museum Financial Statements December 31 , 2005 • SCARBROUGH • MURTTSHAWt CERTmD PuBuc ACCOUNTANTS, PA 34 W. Colt Square, Suite 3., Fayetteville, AR 72703-2888 • Telephone (479) 521.1771 • Fa: (479) 442-0082 • Home Page SMCPAS.mm Wesley D. Murtishaw, CPA tarry R Bilbrey, CPA Fayetteville Advertising & Promotion Fayetteville Town Center Fayetteville, Arkansas We have compiled the accompanying balance sheet, statements of revenues and expenditures, and schedules of general expenditures and special projects of the Fayetteville Advertising and Promotion Commission, The Fayetteville Town Center, The Convention and Visitors Bureau, and The Clinton House Museum as of December 31 , 2005 and for the twelve months then ended in accordance with Statements on Standards for Accounting and. Review Services issued by the American Institute of Certified Public Accountants. • A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures and the statements of retained earnings and cash flows ordinarily included in financial statements. If the omitted disclosures and the statements of retained earnings and cash flows were included in the financial statements, they might influence the users conclusions about the entity's assets, liabilities, equity, income, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Scarbrough & Murtishaw, CPAs, P.A. Certified Public Accountants Fayetteville, Arkansas January 9, 2006 • Membem American Institute of CPAs Private Companies Practice Section Arhansu Society of CPAs Fayetteville A & P Commission Balance Sheet As of December 31 , 2005 ASSETS Current Assets Cash in Bank of Fayetteville - Town Center $ 21 ,233.32 Cash in Mcllroy Bank - A & P General 217,260.32 Cash in Bank of Fayetteville 67,991 .32 Cash in Mcllroy Bank - A & P Payroll 13,410.68 Cash in Bank - Conv & Visitor Bureau 19,270.65 Cash in Bank - Clinton House 47,643.58 Clinton House Inventory 31713.39 Investments 314732007.20 Investment Adjustment to Market 4,492.82 Accounts Receivable 89,737.33 Accrued Interest Receivable 26,965.06 Total Current Assets $ 3,984,725.67 • Property, Plant, & Equipment at Cost Furniture and Fixtures 99602.98 Building Additions 206,677.24 Equipment 166,502.88 Less: Accumulated Depreciation (158,463.30) Net Property and Equipment 224,319.80 Total Assets $ 4.209.045.47 LIABILITIES AND CAPITAL Current Liabilities Payroll Taxes Payable $ 97,91 Accounts Payable 899753.69 Accounts Payable - Parks HMR 549.26 Due to Other Funds 6,272.64 Total Current Liabilities $ 97,203.50 Capital Unrestricted Fund Balance 3,7531745.95 Current Year Earnings 358,096.02 is Total Capital 4, 111 ,841 .97 Total Liabilities and Capital $ 4.209,045.47 See Accountants' Compilation Report Fayetteville A & P Commission • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2005 Month of 2006 2004 2006 December 31 , 2005 Year to Date Year to Date Budget Actual Actual Actual Revenue HMR Tax Revenue $ 11759,886.00 $ 170,780.31 $ 1 ,921 ,773.15 $ 11751 ,317.47 Parking Revenue 0.00 0.00 0.00 339000.00 Other Income 0.00 0.00 281610.00 0.00 Govemor's Conference Sponsorships 0.00 0.00 0.00 46,789988 Total Revenue 1 .759.886.00 170.780.31 1 .950.383.15 1 .831 .106.75 General Expenditures See Schedule 873.380.00 95.069.28 819.995.43 787.724.12 Capital Outlay Minor Equipment 0.00 0.00 19.367.28 2.990.22 Other Revenues (Expenditures) Interest Income - Checking 0.00 0.00 21 .25 384.95 Interest Income - Investments 90,000.00 119441 ,70 131 ,510.06 115,175.68 Unrealized Gain (Loss) on Investments 0.00 0,00 0.00 11111 .45 • Parking Revenue 0.00 0,00 0.00 33,000,00 CEC Bond Excess 0.00 0,00 729559.50 580,950.88 CEC Washington Co. Property Tax (50,000.00) 0.00 (11617.83) (56,763.55) Bond Payments - Arts Center (41 ,000.00) 0.00 0.00 (31991 .34) Bond Payments - Town Center (673,200.00) (55,354.99) (671 ,035.38) (385,231 .26) Bond Payments - CEC 0.00 0.00 0.00 (284,175.00) Arbitrage Expense 0.00 (11125.00) (4,070.00) (21080.00) Transfers to Other Funds (221 .227.00) 0.00 (308,500.00) (200.000.00) Total Other Revenues (Expenditures) (895.427.00) (45.036.29) (781 .132.401 (234.618.19) Excess Revenues Over (Under) Expenditures $ (8.921 .00) $ 30.672.74 $ 329.888.04 $ 805.774.22 • See Accountants' Compilation Report Fayetteville A & P Commission • Schedule of General Expenditures Twelve Months Ending December 31 , 2005 Month of 2006 2004 2005 December 31, 2005 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 65,000.00 $ 5,325.18 $ 62,847.19 $ 57,814.34 Payroll Taxes Expense 51200.00 405.52 5,449.10 4,774.24 Insurance and Health Benefits 9,400.00 632.64 8,060.39 91310.01 408(P) Company Match 1 ,950.00 322.72 2,095.42 2,154.46 Car Allowance 3,600.00 300.00 3,600.00 31600.00 Materials and Supplies 11000.00 0.00 608.69 514.02 Office Supplies/Printing 0.00 0.00 0.00 405.21 Office Expense 0.00 0.00 30.00 687.87 Publications & Dues 11200.00 359.00 11653.53 11214.95 Postage 15,000.00 564.82 159701 .99 11 ,330.48 Insurance - Vehicles 91000.00 0.00 0.00 81096.96 Insurance 0.00 0.00 1 ,821 .00 11713.00 Professional Services 12,200.00 19000.00 12,475.00 120000.00 Legal Services 0.00 0.00 0.00 30096.57 Taxes and Licenses 0.00 0.00 268.50 0.00 Collection Expense 52,800.00 3,415.61 38,434.95 35,126.38 Bond Paying Agent Fees 10125.00 0.00 41330.00 4,500.00 • Convention Development 0.00 0.00 31131 .79 0.00 Miscellaneous Expense 0.00 0.00 0.00 80.50 Repairs and Maintenance 65,300.00 7,419.96 9,687.17 33,000.00 Kamensky Fountain Maintenance 5,000.00 0.00 31062.59 0.00 Advertising and Marketing 300,000.00 0.00 279,298.31 264,561 .23 Airport Information Booth 5,200.00 11200.00 6,000.00 41800.00 Interspace Airport Advertising 5,355.00 0.00 41931 .40 4,931 .40 Website Update 10,000.00 0.00 41463.09 21390.00 Signage - Tourism 10,000.00 0.00 8,899.93 3,395.93 New Brochures 30,000.00 0.00 531958.81 33,852,33 Other Special Projects 0.00 0.00 1 ,700.00 0.00 Travel and Training 2,000.00 0.00 11318.68 355.85 Depreciation Expense 0.00 11665.50 19,985.93 19,244.42 Special Projects (See Schedule) 263.050.00 72.458.33 266.181 .97 264.773.97 Total General Expenditures $ 873,380.00 $ 95,069.28 $ 819,995.43 $ 787,724.12 • See Accountants' Compilation Report Fayetteville A & P Commission • Schedule of Special Projects Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31 , 2005 Year to Date Year to Date Budget Actual Actual Actual Special Projects Air Museum $ 10,000.00 $ 0.00 $ 10,000.00 $ 20,000.00 Bikes, Blues, BBQ 5,000.00 0.00 51000.00 25,000.00 Botanical Garden Society 203000.00 20,000.00 20,000.00 151000.00 Town Center Garden Maintenance 17,500.00 11458.33 17,499.94 18,958.29 Watton Arts Center 12,000.00 0.00 11 ,124.33 6,000.00 Northwest ArkansasB.E.S.T. 500.00 0.00 500.00 11300.00 H. S. Coaches Clinic 15,000.00 0.00 15,000.00 13,500.00 Sturday of Champions 0.00 0.00 0.00 31000.00 State Soccer Championship 1 ,750.00 0.00 11750.00 11000.00 Holiday Hoops 10,000.00 0.00 109000.00 10,000.00 Joe Martin Stage Race 9,000.00 0.00 90000.00 71500.00 All Star Games 91000.00 0.00 91000.00 91000.00 Ozark Blues Society 0.00 0.00 0.00 5,000.00 Brumley Gospel Sing 15,000.00 0.00 15,000.00 15,000.00 Downtown Dickson Enhancement Project 0.00 0.00 0.00 520.95 Lights of The Ozarks - 2004 Budget Carryover 10,000.00 0.00 16,895.30 0.00 • First Night Fayetteville 71500.00 79500.00 71500.00 10,000.00 Hogeye Marathon & Relays 3,900.00 0.00 39833.58 0.00 America in Bloom 21000.00 0.00 2,000.00 0.00 Rural Mountain Producers Exchange 6,000.00 0.00 60000.00 0.00 DDEP Fine Arts Festival 0.00 0.00 0.00 31468.72 Ozark Valley Triathlon 3,000.00 0.00 3,500.00 4,000.00 American College Theater Festival 61000.00 0.00 6,000.00 2,400.00 . Council for the Adv of Science Writers 0.00 0.00 0.00 21100.00 Govemor's Conference 0.00 0.00 0.00 46,789.28 Art Car Weekend 0.00 0.00 0.00 41499.32 Chile Pepper Cross Country Fest. 500.00 0.00 500.00 3,500.00 Diamond Classic Baseball Toum. 0.00 0.00 0.00 750.00 Heritage Trail Partners 51000.00 59000.00 51000.00 4,250.00 Lewis & Clark Urban Adventure Race 11000.00 19000.00 1 ,000.00 2,000.00 Pagnozzl Charities 21500.00 0.00 29500.00 33000.00 U A Baseball Regionals 0.00 0.00 0.00 53000.00 Walton Arts Center Ext. Banners 41750.00 0.00 39360.37 3,298.80 Washington Co. Historical Society 0.00 0.00 0.00 1 ,611 .02 Evergreen Cemetery Fence 0.00 0.00 0.00 10,000.00 4th of July Fireworks 51000.00 0.00 51000.00 3,500.00 Autumnfest 0.00 0.00 0.00 29942.59 Clinton House 0.00 0.00 0.00 885.00 Community Access - 25th Anniversary 5,000.00 0.00 51000.00 0.00 High School Baseball/Softball Championships 3,000.00 0.00 31000.00 0.00 Hogs in Bloom - NWA Garden Show 3,650.00 0.00 31452.13 0.00 Savor the Flavor 49000.00 0.00 21156.46 0.00 Arkansas Music Pavilion 5,000.00 0.00 5,000.00 0.00 Barbara Mashburn Scholarship Foundation 11000.00 11000.00 11000.00 0.00 Fayetteville Downtown Partners 20,000.00 0.00 20,109.86 0.00 Lions 5K Challenge for Sight 500.00 0.00 500.00 0.00 Arkansas Hospitality Fund Drive 2,500.00 . 0.00 29500.00 0.00 U of A Track Storage Facility 35,000.00 35,000.00 35,000.00 0.00 • FHS Band Boosters 1 .500.00 1 .500.00 1 .500.00 0.00 Total Special Projects $ 2633050.00 $ 72,458.33 $ 266,181 .97 $ 264,773.97 See Accountants' Compilation Report Fayetteville Town Center • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31 , 2005 Year to Date Year to Date Budget Actual Actual Actual Revenue Rental Income $ 325,172.00 $ 259111 .98 $ 341 ,101 .40 $ 283,745.89 Partnership Income 0.00 0.00 0.00 300.00 Dairy Parking 59000.00 485.00 51834.00 81076.00 Parking Leases 35,000.00 0.00 409020.74 34,771 .89 Other Income 0.00 494.00 783.01 22,219.21 Special Projects 40,000.00 131 .00 6,085.04 0.00 Sales Tax Expense 0.00 (423.00) (3,660.98) 0.00 Less Returns & Allowances 0.00 0.00 (360.00) (2.289.411 Total Revenue 405.172.00 25.798.98 389.783.21 344,823.58 General Expenditures See Schedule 405.371 .60 50.399.29 430.092.93 389,129.38 Other Revenue (Expenditures) Interest Income - Checking 200.00 13.81 173.75 183.96 • Transfers From Other Funds 0.00 0.00 0.00 50.000.00 Total Other Revenues (Expenditures) 200.00 13.81 173.75 50.183.96 Excess of Revenues Over (Under) Expenditures $ 0.40 $ (24,586.50) $ (40,135.97) $ 5,878.16 • See Accountants' Compilation Report Fayetteville Town Center • Schedule of General Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31, 2005 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 165,557.00 $ 25,986.65 $ 172,983.35 $ 157,769.51 Outside Services 0.00 0.00 82.60 141 .60 Payroll Taxes Expense 181550.00 2,206.64 17,617.77 16,338.00 Insurance and Health Benefits 15,692.00 1 ,298.27 16,457.49 16,203.70 408(P) Company Match 3,106.00 226.26 2,685.12 21604.65 Commissions 32,517.25 21118.25 299480.45 21 ,518.18 Materials and Supplies 4,200.00 137.81 41174.24 21269.05 Office Supplies/Printing 0.00 242.53 10373.89 1 ,980.33 Credit Card Discounts 11500.00 20.07 928.40 918.42 Office Expense 0.00 0.00 0.00 173.96 Publications & Dues 0.00 0.00 0.00 455.10 Postage 325.00 0.00 152.64 185.58 Post Office Box Rent 0.00 0.00 0.00 126.00 Water 6,846.00 517.89 6,827.47 5,560.41 Gas 12,003.99 1 ,570.07 11 ,520.49 9,645.33 Electricity 52,524.00 41898.14 529524.54 47,727.90 Cable 11279.36 0.00 1 ,273.69 951 .65 • Security 0.00 19329.34 1 ,329.34 0.00 Telephone 81632.00 609.98 8,200.70 71045.91 Long Distance Telephone 0.00 40.61 628.55 485.40 Insurance - Vehicles 51750.00 0.00 5,628.00 51769.00 Taxes and Licenses 11500.00 0.00 1 ,535.00 1 ,535.00 Linens 16,811 .00 835.71 16,352.02 12,577.95 Miscellaneous Expense 0.00 0.00 153.00 0.00 Repairs and Maintenance 46,378.00 4,642.57 46,581 .29 37,179.52 Special Projects 10,000.00 10500.00 9,871 .47 17,535.25 Advertising and Marketing 2,200.00 553.00 19746.00 31109.84 Travel and Training 0.00 0.00 0.00 77.72 Depreciation Expense 0.00 1 .665.50 19.985.42 19.244.42 Total General Expenditures $ 4059371 .60 $ 50,399.29 $ 430,092.93 $ 389,129.38 • See Accountants' Compilation Report Convention and Visitors Bureau • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31 , 2005 Year to Date Year to Date Budget Actual Actual Actual Revenue Bus Tours $ 11000.00 $ 785.21 $ 21182.21 $ 654.00 Partnership Income 31000.00 0.00 31100.00 2,047.50 Special Projects - Sponsorships 0.00 0.00 2,081 .00 0.00 Brumley Shuttle 1 ,500.00 0.00 924.00 11431 .00 Other Income 0.00 0.00 22.00 286.17 Total Revenue 5.500.00 785.21 8.309.21 4.420.67 General Expenditures . See Schedule 209.727.00 21 .869.88 201 .722.93 155.628.41 Capital Outlay Minor Equipment 11 .500.00 0.00 10.096.89 1 .794.87 Other Revenues (Expenditures) Interest Income - Checking 300.00 11 .85 472.81 373.59 Transfers from Other Funds 221227.00 0.00 220.000.00 150.000.00 • Total Other Revenues (Expenditures) 221 .527.00 11 .85 220.472.81 150.373.59 Excess Revenues Over (Under) Expenditures $ 51800.00 $ (21 ,072.82) $ 16,962.20 $ (21629.02) • See Accountants' Compilation Report Convention and Visitors Bureau • Schedule of General Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December31 , 2005 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 117,877.00 $ 14,464.09 $ 111 ,630.83 $ 78,507.71 Payroll Taxes Expense 10,312.00 1 ,103.11 9,609.05 61899.80 Insurance and Health Benefits 16,688.00 21092.01 159257.07 11 ,930.45 408(P) Company Match 31250.00 265.00 31030.00 2,172.80 Materials and Supplies 51000.00 0.00 5,467.19 41246.20 Office Supplies/Printing 1 ,500.00 0.00 825.15 2,341 .47 Credit Card Discounts 0.00 0.00 164.34 174.81 Office Expense 0.00 0.00 0.00 95.38 Publications & Dues 11000.00 0.00 837.00 1 ,000.00 Postage 700.00 0.00 626.00 759.95 Telephone 41000.00 289.19 3,870.77 3,379.95 Long Distance Telephone 0.00 0.00 85.17 11 .31 Rent 8,400.00 0.00 89400.00 61900.00 Convention Development 21 ,000.00 2,500.00 21 ,513.86 21 ,364.33 Repairs and Maintenance 500.00 0.00 330.60 19037.79 Special Projects 0.00 0.00 1 ,970.00 426.50 Advertising and Marketing 0.00 0.00 100.00 0.00 Travel and Training 19.500.00 1 .156.48 18.005.90 14.379.96 • Total General Expenditures $ 209,727.00 $ 21 ,869.8!1 $ 201 ,722.93 $ 155,628.41 • See Accountants' Compilation Report Clinton House Museum • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31 , 2005 Year to Date Year to Date Budget Actual Actual Actual Revenue Admission Revenue $ 82,500.00 $ 144.94 $ 688.00 $ 0.00 Special Events 1 ,500.00 0.00 0.00 0.00 Gift Shop Sales 21000.00 185.75 605.94 0.00 Speaker Series 21500.00 0.00 0.00 0.00 Other Income 0.00 450.00 2,409.00 0.00 Less Returns 8 Allowances 0.00 (107.001 (107.00) 0.00 Gross Revenue 88,500.00 673.69 39595.94 0.00 Less Cost of Goods Sold 0.00 (48.82) (300.93) 0.00 Total Revenue 82.500.00 609.63 3.279.77 0.00 General Expenditures See Schedule 82.500.00 3.339.14 39.882.17 0.00 Capital Outlay • Minor Equipment 0.00 0.00 590.35 0.00 Other Revenues (Expenditures) Interest Income - Checking 0.00 16.89 74.50 0.00 Transfers from Other Funds 0.00 0.00 88.500.00 0.00 Total Other Revenues (Expenditures) 0.00 16.89 88.574.50 0.00 Excess Revenues Over (Under) Expenditures $ 0.00 $ (2,712.62) $ 51 ,381 .75 $ 0.00 • See Accountants' Compilation Report Clinton House Museum • Schedule of General Expenditures Twelve Months Ending December 31 , 2005 Month of 2005 2004 2005 December 31, 2005 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 42,000.00 $ 2,716.57 $ 17,601 .21 $ 0.00 Payroll Taxes Expense 0.00 207.83 1 ,716.56 0.00 Insurance and Health Benefits 0.00 241 .06 11230.54 0.00 Materials and Supplies 41900.00 (450.00) 11488.66 0.00 Credit Card Discounts 0.00 0.00 17.87 0.00 Utilities 61000.00 0.00 0.00 0.00 Water 0.00 33.15 206.60 0.00 Gas 0.00 118.03 246.45 0.00 Electricity 0.00 55.38 488.63 0.00 Security 51000.00 21 .80 51786.50 0.00 Telephone 0.00 101 .87 695.29 0.00 Rent 12,000.00 0.00 7,000.00 0.00 Insurance - Vehicles 1 ,000.00 678.00 678.00 0.00 Taxes and Licenses 0.00 0.00 50.00 0.00 Convention Development 0.00 0.00 19042.61 0.00 Miscellaneous Expense 0.00 0.00 16.21 0.00 Repairs and Maintenance 600.00 0.00 1 ,478.24 0.00 Special Projects 0.00 (384.55) 0.00 0.00 Advertising and Marketing 51000.00 0.00 136.80 0.00 • Website Update 6.000.00 0.00 0.00 0.00 Total General Expenditures $ 82,500.00 $ 3,339.14 $ 39,882.17 $ 0.00 See Accountants' Compilation Report Fayetteville Advertising and Promotion Commission Fayetteville Town Center Fayetteville Convention and Visitors Bureau Clinton House Museum Financial Statements January 31 , 2006 • • " SCARBROUGH MURT[SHAW, CERTIFIED PUBLIC ACCOUNTANTS, P.A. 34 W Colt Square Dr., Suite 3, Fayertnille, AR 72703 . 2888 Telephone (479) 521-1771 Fu (479) 4424)082 ww mcpaacom William L Cook ll, CPA Larry H. Bilbrey, CPA Waley D. Munishaw, CPA Fayetteville Advertising & Promotion Fayetteville Town Center Fayetteville, Arkansas We have compiled the accompanying balance sheet, statements of revenues and expenditures, and schedules of general expenditures and special projects of the Fayetteville Advertising and Promotion Commission, The Fayetteville Town Center, The Convention and Visitors Bureau, and The Clinton House Museum as of January 31 , 2006 and for the one month then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. • A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures and the statements of retained earnings and cash flows ordinarily included in financial statements. If the omitted disclosures and the statements of retained earnings and cash flows were included in the financial statements, they might influence the user's conclusions about the entity's assets, liabilities, equity, income, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Sc & u� w Scarbrough & Murtishaw, CPAs, P.A. Certified Public Accountants Fayetteville, Arkansas February 9, 2006 • Memberst American Institute of CPAs Private Companin Practice Section Arkansas Society of CPAs Fayetteville A & P Commission Balance Sheet As of January 31 , 2006 ASSETS Current Assets Cash in Bank of Fayetteville - Town Center $ 23,709.00 Cash in Mcllroy Bank - A & P General 134,442.43 Cash in Bank of Fayetteville 67,991 .32 Cash in Mcllroy Bank - A & P Payroll 13,309.07 Cash in Bank - Conv & Visitor Bureau 1229511 .24 Cash in Bank - Clinton House 32,516. 17 Clinton House Inventory 3,647.21 Investments 31473,007.20 Investment Adjustment to Market 41492.82 Accounts Receivable 890737.33 Accrued Interest Receivable 26,965.06 Total Current Assets $ 3,992,328.85 Property, Plant, & Equipment at Cost • Furniture and Fixtures 9,602.98 Building Additions 206,677.24 Equipment 166,502.88 Less: Accumulated Depreciation (161 ,794.30) Net Property and Equipment 220,988.80 Total Assets $ 4,213.317.65 LIABILITIES AND CAPITAL Current Liabilities Payroll Taxes Payable $ 298.23 Accounts Payable 89,753.69 Accounts Payable - Parks HMR 549.26 Due to Other Funds 6,272.64 Total Current Liabilities $ 96,873.82 Capital Unrestricted Fund Balance 4,111 ,841 .97 Current Year Earnings 4,601 .86 • Total Capital 41116,443.83 Total Liabilities and Capital $ 4.213.317.65 See Accountants' Compilation Report Fayetteville A & P Commission • Statement of Revenues and Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual Revenue HMR Tax Revenue $ 1 .945.916.00 $ 160.342.57 Q 160.342.57 $ 138.184.55 Total Revenue 1 ,945.916.00 160.342.57 160.342.57 138,184.55 General Expenditures See Schedule 856,530.32 79.826.13 79.826.13 33,879.11 Capital Outlay Minor Equipment 75.000.00 1 .934.39 1 .934.39 0.00 Other Revenues (Expenditures) Interest Income - Investments 100,000.00 11 ,968.39 11 ,968.39 9,240.37 Bond Payments - Town Center (671 ,376.00) (55,354.99) (55,354.99) (56,032.54) Transfers to Other Funds (337,138.00) (120.000.00) (120,000.001 (220.000.001 Total Other Revenues (Expenditures) (908.514.00) (163,386.60) (163.386.601 (266.792.17) • Excess Revenues Over (Under) Expenditures $ 105.871 .68 $ (84,804.55) $ (84.804.55) $ (162.486.73) • See Accountants' Compilation Report Fayetteville A & P Commission • Schedule of General Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 68,000.00 $ 5,583.34 $ 5,583.34 $ 5,023.76 Payroll Taxes Expense 8,500.00 571 .01 571 .01 568.18 Insurance and Health Benefits 9,000.00 668.04 668.04 675.25 408(P) Company Match 29040.00 375.83 375.83 150.72 Car Allowance 3,600.00 300.00 300.00 300.00 Materials and Supplies 1 ,000.00 0.00 0.00 0.00 Publications & Dues 1 ,200.00 251 .95 251 .95 310.00 Postage 20,000.00 1 ,356.28 11356.28 500.00 Insurance - Vehicles 2,000.00 0.00 0.00 0.00 Professional Services 129200.00 712.00 712.00 10000.00 Collection Expense 38,918.32 31211 .35 3,211 .35 2,763.69 Bond Paying Agent Fees 6,000.00 0.00 0.00 0.00 Repairs and Maintenance 50,000.00 0.00 0.00 0.00 Kamensky Fountain Maintenance 5,000.00 0.00 0.00 0.00 Advertising and Marketing 350,000.00 17,572.50 179572.50 8,413.63 Airport Information Booth 5,200.00 0.00 0.00 19200.00 Interspace Airport Advertising 5,622.00 0.00 0.00 0.00 • Website Update 10,000.00 0.00 0.00 4,335.00 Signage - Tourism 100000.00 25.00 25.00 0.00 New Brochures 75,000.00 61910.00 6,910.00 5,248.01 Travel and Training 2,000.00 690.00 690.00 341 .69 Depreciation Expense 0.00 1 ,665.50 1 ,665.50 1 ,590.85 Special Projects (See Schedule) 171 .250.00 39.933.33 39.933.33 1 .458.33 Total General Expenditures $ 856,530.32 $ 79,826.13 $ 79,826.13 $ 33,879.11 • See Accountants' Compilation Report Fayetteville A & P Commission • Schedule of Special Projects One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual ' Special Projects Air Museum $ 5,000.00 $ 0.00 $ 0.00 $ 0.00 Town Center Garden Maintenance 170500.00 11458.33 11458.33 19458.33 Committee for Mardi Gras 11500.00 0.00 0.00 0.00 Walton Arts Center 10,000.00 0.00 0.00 0.00 H. S. Coaches Clinic 15,000.00 15,000.00 15,000.00 0.00 Saturday of Champions 3,000.00 31000.00 3,000.00 0.00 State Soccer Championship 1 ,750.00 1 ,750.00 1 ,750.00 0.00 Holiday Hoops 10,000.00 0.00 0.00 0.00 Joe Martin Stage Race 7,000.00 0.00 0.00 0.00 All Star Games 91000.00 91000.00 9,000.00 0.00 Rural Mountain Producers Exchange 8,000.00 0.00 0.00 0.00 Ozark Valley Triathlon 2,000.00 0.00 0.00 0.00 4th of July Fireworks 10,000.00 0.00 0.00 0.00 Savor the Flavor 2,500.00 0.00 0.00 0.00 Arkansas Music Pavilion 10,000.00 225.00 225.00 0.00 Fayetteville Downtown Partners 15,000.00 0.00 0.00 0.00 Arkansas Hospitality Fund Drive 2,500.00 0.00 0.00 0.00 . National Rabbit Show 2,500.00 2,500.00 2,500.00 0.00 NWA Coaches Clinic 7,000.00 7,000.00 71000.00 0.00 Ozark Military Museum 5,000.00 0.00 0.00 0.00 Real Deal on the Hill 7,000.00 0.00 0.00 0.00 Texas Trophy Hunters 20.000.00 0.00 0.00 0.00 Total Special Projects $ 171 ,250.00 $ 391933.33 $ 39,933.33 $ 1 ,458.33 • See Accountants' Compilation Report Fayetteville Town Center Statement of Revenues and Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual Revenue Rental Income $ 4431241 .00 $ 24,882.16 $ 240882.16 $ 310970.20 Daily Parking 51000.00 442.00 442.00 0.00 Parking Leases 40,000.00 10,618.10 10,618.10 0.00 Special Projects 10,000.00 0.00 0.00 0.00 Sales Tax Expense (10.000.001 0.00 0.00 (1 .397.00) Total Revenue 488.241 .00 35.942.26 35.942.26 30.573.20 General Expenditures See Schedule 488.891 .00 34.623.95 34.623.95 40.112.63 Other Revenue (Expenditures) Interest Income - Checking 150.00 8.10 8.10 14.55 Total Other Revenues (Expenditures) 150.00 8.10 8.10 14.55 • Excess of Revenues Over (Under) Expenditures $ (500.00) $ 1 ,326.41 (9,524.88) • See Accountants' Compilation Report Fayetteville Town Center • Schedule of General Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 182,798.00 $ 13,907.09 $ 13,907.09 $ 12,842.17 Outside Services 0.00 0.00 0.00 82.60 Payroll Taxes Expense 24,983.00 1 ,338.32 1 ,338.32 1 ,674.32 Insurance and Health Benefits 18,112.16 1 ,249.20 1 ,249.20 2,082.42 408(P) Company Match 4,500.00 237.46 237.46 214.26 Commissions 44,324.00 19791 .19 1 ,791 .19 10909.00 Materials and Supplies 3,000.00 746.91 746.91 459.46 Office Supplies/Printing 1 ,000.00 0.00 0.00 253.53 Credit Card Discounts 1 ,000.00 56.08 56.08 44.17 Publications & Dues 250.00 0.00 0.00 0.00 Postage 200.00 0.00 0.00 126.00 Water 6,850.00 450.37 450.37 955.28 Gas 19,500.00 3,609.03 3,609.03 21714.10 Electricity 60,875.00 40912.93 41912.93 3,920.35 Cable 1 ,200.00 81 .57 81 .57 81 .51 Telephone 81650.00 612.17 612.17 1 ,210.45 Long Distance Telephone 0.00 63.76 63.76 29.33 • Insurance - Vehicles 51750.00 0.00 0.00 0.00 Taxes and Licenses 20205.00 0.00 0.00 0.00 Linens 22,782.00 1 ,634.86 1 ,634.86 2,301 .52 Repairs and Maintenance 45,176.71 1 ,967.51 1 ,967.51 7,621 .31 Special Projects 12,000.00 0.00 0.00 0.00 Advertising and Marketing 3,000.00 300.00 300.00 0.00 Travel and Training 750.00 0.00 0.00 0.00 Depreciation Expense 19.985.13 1 .665.50 1 .665.50 1 ,590.85 Total General Expenditures $ 488,891 .00 $ 34,623.95 $ 34,623.95 $ 40,112.63 • See Accountants' Compilation Report Convention and Visitors Bureau . Statement of Revenues and Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual Revenue Bus Tours $ 1 ,000.00 $ 0.00 $ 0.00 $ 0.00 Partnership Income 4,500.00 900.00 900.00 600.00 Brumley Shuttle 1 .000.00 0.00 0.00 0.00 Total Revenue 6.500.00 900.00 900.00 600.00 General Expenditures See Schedule 254.568.00 17.765.37 17.765.37 15.582.37 Capital Outlay Minor Equipment 0.00 0.00 0.00 9.672.00 Other Revenues (Expenditures) Interest Income - Checking 300.00 31 .96 31 .96 52.78 Transfers from Other Funds 247.768.00 120.000.00 120.000.00 220.000.00 Total Other Revenues . (Expenditures) 248.068.00 120.031 .96 120.031 .96 220052.78 Excess Revenues Over (Under) Expenditures $ 0.00 $ 103,166.59 $ 103,166.59 $ 195,398.41 • See Accountants' Compilation Report Convention and Visitors Bureau • Schedule of General Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 134,900.00 $ 9,575.00 $ 9,575.00 $ 8,833.34 Payroll Taxes Expense 18,886.00 814.88 814.88 997.54 Insurance and Health Benefits 20,235.00 11240.01 1 ,240.01 957.69 408(P) Company Match 4,047.00 287.26 287.26 190.00 Materials and Supplies 5,000.00 0.00 0.00 148.24 Office Supplies/Printing 29500.00 0.00 0.00 0.00 Cleaning Supplies 3,300.00 0.00 0.00 0.00 Software 10100.00 0.00 0.00 0.00 Publications & Dues 2,000.00 125.00 125.00 125.00 Postage 200.00 0.00 0.00 0.00 Telephone 4,000.00 288.80 288.80 70.00 Rent 8,400.00 11400.00 1 ,400.00 1 ,400.00 Convention Development 20,000.00 19978.39 1 ,978.39 2.333.14 Repairs and Maintenance 2,000.00 0.00 0.00 209.69 Travel and Training 28.000.00 2.056.03 2.056.03 317.73 Total General Expenditures $ 254,568.00 $ 17,765.37 $ 17,765.37 $ 15,582.37 • • See Accountants' Compilation Report Clinton House Museum • Statement of Revenues and Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31 , 2006 Year to Date Year to Date Budget Actual Actual Actual Revenue Admission Revenue $ 82,500.00 $ 190.00 $ 190.00 $ 0.00 Special Events 1 ,500.00 0.00 0.00 0.00 Gift Shop Sales 2,750.00 144.27 144.27 0.00 Speaker Series 2,500.00 0.00 0.00 0.00 Other Income 120.00 50.00 50.00 0.00 Less Returns & Allowances (8.250.001 0.00 0.00 0.00 Gross Revenue 81 ,120.00 384.27 384.27 0.00 Less Cost of Goods Sold 5.000.00 (66.18) (66.18) 0.00 Total Revenue 76.120.00 318.09 318.09 0.00 General Expenditures See Schedule 76.120.00 15.419.83 15.419.83 0.00 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 0.00 15.15 15.15 0.00 Total Other Revenues (Expenditures) 0.00 15.15 15.15 0.00 Excess Revenues Over (Under) Expenditures $ 0.00 $ (15,086.59) $ (15,086.59) $ 0.00 See Accountants' Compilation Report Clinton House Museum • Schedule of General Expenditures One Month Ending January 31 , 2006 Month of 2006 2005 2006 January 31, 2006 Year to Date Year to Date Budget Actual Actual Actual General Expenditures Salaries & Wages $ 31 ,500.00 $ 2,384.64 $ 29384.64 $ 0.00 Payroll Taxes Expense 4,900.00 203.89 203.89 0.00 Insurance and Health Benefits 31000.00 241 .06 241 .06 0.00 Materials and Supplies 2,400.00 0.00 0.00 0.00 Credit Card Discounts 0.00 15.31 15.31 0.00 Water 480.00 38.14 38.14 0.00 Gas 620.00 163.31 163.31 0.00 Electricity 900.00 43.19 43.19 0.00 Security 420.00 21 .80 21 .80 0.00 Telephone 11500.00 107.04 107.04 0.00 Rent 12,000.00 12,000.00 12,000.00 0.00 Insurance - Vehicles 600.00 0.00 0.00 0.00 Repairs and Maintenance 1 ,800.00 0.00 0.00 0.00 Advertising and Marketing 0.00 201 .45 201 .45 0.00 Website Update 6,000.00 0.00 0.00 0.00 New Brochures 10.000.00 0.00 0.00 0.00 Total General Expenditures $ 76,120.00 $ 15,419.83 $ 150419.83 $ 0.00 • • See Accountants' Compilation Report