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HomeMy WebLinkAbout2006-08-14 - Agendas - Final MEETING NOTICE The Advertising and Promotion Commission will meet on Monday, August 14, 2006, at 2:00 p.m. in the Town Center Conference room. AGENDA ADVERTISING AND PROMOTION COMMISSION August 14, 2006 2 :00 p.m. Town Center I. Call to Order - Chairman Pat Gazzola H. Reports A. Approval of Minutes for June 12, 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 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. Contract with Scarbrough & Murtishaw for accounting services B. Contract with Parks and Recreation for Town Center Gardens V. Adjourn ADVERTISING AND PROMOTION COMMISSION REGULAR MEETING • June 12, 2006 Commissioners Present: Bob Davis, Pat Gazzola, Don Marr, David McGeady and Maudie Schmitt. Commissioners Absent: Neal Crawford and Dan Coody Staff Present: Marilyn Heifner, Allyson Twiggs, Joseph Barnes and Willistine Smith Chairman Pat Gazzola called the regular monthly meeting of the Fayetteville Advertising and Promotion Commission to order on June 12, 2006 at the Fayetteville Town Center at 2:00 p.m. MINUTES Moved by Marr, second by Schmitt to approve the minutes of the May 8, 2006, regular meeting. Motion carried. HMR REVENUES Total collections of HMR tax for May was $ 174,387, a 9.54% increase over a year ago. Year to date collections show an increase of 10.45%. Hotel revenue decreased 0.57% in May collections and restaurants had a 7.57% increase. Year to date, hotels collected $83,536.77, a decrease of • 1 .08% and restaurants collected $726,647.40 an 8.53% increase. FINANCIAL REPORT Larry Bilbrey reviewed financials for May, 2006. New financial statements were approved by motion by Davis, second by Schmitt. Motion carried. CITY ATTORNEY City Attorney Kit Williams reported that the prosecutor is continuing his excellent collection efforts of overdue HMR taxes. He collected $2, 194.75 this month. Year to date collections for the prosecutor's office are $41 ,420. 18. DIRECTOR'S REPORT Inquiry responses for the month are off 39% for the year. Internet inquiries still increase at a large percentage, up 42.7% for the month over last year. Marilyn worked with America in Bloom judges during their visit here. She was working with the city regarding HMR and festivals. She has supervised the agency working on the new Visitor's Guide. Ken Mathis, manager of Standard Register was assisted in producing his recruitment powerpoint. • She has met with Randy Pinnell, Hank Kimensky, Ron Troutman, and Richard Alderman regarding the fountain leak. Hopefully they will find a solution for the leak within the next month and get it repaired. CVB REPORT • Allyson reported that the Arkansas Cancer Summit had a reception at the Clinton House Museum during their conference here. Other conventions in town are the Arkansas Assessors, the Arkansas Coaches Clinic, and the Arkansas Firefighters. Julie and Shellie have booked 91 rooms on Travel Hero this month. Referrals from the website was the highest reported referrals. To date we have booked $72,858 for hotels and we will get $2,200. Solar Splash is coming to town next week. TOWN CENTER REPORT Willistine Smith reported that the Town Center has collected $35,343.29 for rentals, incidentals and service charges in May, reflecting a 59% increase from 2005 for the month. Year to date sales reflect a 55% increase over 2005. For the month of May, average per event sales represents a 36% increase. Town Center has reached 42.5% of the 2006 goal ($443,241 .00). CLINTON HOUSE MUSUEM Joseph Bames said that visitors had increased to 662 visitors representing 35 states, D. C. and 21 countries. Southern Living was here to shoot photographs for a story. He and the CVB mailed out postcards with a buy one, get one free admission. He and Allyson are working to finalize the Billgrimage passport for printing. Two new part time volunteers have been recruited. The Maple Hills Garden Club is working to prepare the Clinton House for the America in Bloom competition. The Highway Department has given approval for a Clinton House Museum sign on • their attractions sign. AGENCY REPORT Brian Clark reported that the agency was working on content for the Visitor's Guide. Chuck Barrett advertising will end next week taking a hiatus until the fall. They will be doing an All- Start Week remote. There being no further business, the meeting was adjourned. Respectfully submitted, Marilyn Heifner Executive Director • • Advertising and Promotion Commission For month of June 2006 Current Year HMR Collected (2120.0912.4101 .00) $ 170,774.70 Prior Year Collected (2120.0912.4101 .01 ) $ 323.70 Checking Interest Revenue (2120.0912.4705.00) $ 4.79 Garner Investment Interest Revenue (2120.0912.4708.00) $ 14,753.30 Total Revenues $ 185,856.49 Annual Bond Audit Expense (2120.9120. 7602 .60) $ - Collection Expense (2120.9120.5333.00) $ (31421 .97) Bank of OK Quarterly Fee (2120.9120.7602.60) $ Town Center Bond Payment (2120.9120.7602.60) $ (55,354.99) 2004 Property Taxes on Town Center (2120.9120.7602 .60) $ Total Expenses $ (58,778.98) • Total Check to A&P $ 1279079.53 • • Advertising and Promotion Commission For month of July 2006 Current Year HMR Collected (2120.0912.4101 .00) $ 172,679.56 Prior Year Collected (2120.0912.4101 .01 ) $ 225.00 Checking Interest Revenue (2120.0912.4705.00) $ 8.71 Garner Investment Interest Revenue (2120.0912 .4708.00) $ 13,823. 19 Total Revenues $ 1869736.46 Annual Bond Audit Expense (2120.9120. 7602.60) $ (2,000.00) Collection Expense (2120.9120. 5333 .00) $ (3,458.09) Bank of OK Quarterly Fee (2120.9120.7602.60) $ Town Center Bond Payment (2120.9120.7602.60) $ (55,354.99) 2004 Property Taxes on Town Center (2120.9120.7602 .60) $ Total Expenses $ (60,813.08) Total Check to A&P $ 125,923.38 • • 0 0 0 0 % oe e • > O O O r cq O Q V a N N o (D �- cSi of of vi er N C C L d U yy yy N CD N O CD 00 0) O N 4) N 1A O O (7 O 0) m X F 099 NF- � 2y e 1 o 0 0 0 0 0 0 o ee o e C7 ` O D n (0 n a0 M O O V O to 0 N C-4 N co c0 W CO CD 0) c0 O O C } r r N NC L a U X O N n V O N M m c0fs l0 C C 0) W N n N 01 O O a O O H N ch N LO cD O c0 c0 c0 n (0 O! 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Eo d U —(Ci lL Z O • HMR Comparison 2003 to 2006 Using Year-End totals per HMR Report HOTELS 2003 2004 % change 2005 % change 2006 % change Dec 10,773.64 12,329.60 14.44% 14,024.64 13.75% 13,284.28 -5.28% Jan 10,638.74 12,614.03 18.57% 13,738.64 8.91 % 13,650.85 0.64% Feb 12,140.56 16,210.91 33.52% 17,930.90 10.61 % 16,006.58 -10.73% Mar 15,371 .78 19,692.06 28.11 % 19,037.80 -3.33% 18,941 .34 -0.50% Apr 163534.22 17,643.48 6.70% 19,720.73 11 .77% 19,000.83 -0.37% May 16,568.61 19,979.47 26.62% 22,347.62 11 .85% 22,796.50 2.00% Jun 18,530.45 22,917.75 23.67% 22,690.02 -0.99% 22,060.53 -2.78% Jul 16,031 .25 17,404.01 8.56% 18,668.34 7.26% Aug 16,098.10 17,316.75 7.56% 18,786.70 8.48% Sep 16,875.70 21 ,910. 18 29.8.3% 21 ,524.09 -1 .76% Oct 25, 183.66 24,314.01 -3.45% 22,729.73 7.44% Nov 16,468.24 16,294.83 1 .05% 17,073.24 4.78% 1919214.95 218,627.08 14.34% 228,272.45 4.41 % 125,740.91 -2.90% RESTAURANTS 2003 2004 % change 2005 % change 2006 change Dec 112, 143.74 122,970.98 9.65% 137,855.28 12.10% 153,658.60 11 .46% • Jan 104, 133.72 1169544.55 11 .92% 126,564.43 8.60% 1420675.37 12.73% Feb 99,436.17 117,063.89 17.73% 127,214.85 8.67% 133,701 .96 5.10% Mar 113,299.12 125, 141 .62 10.45% 140,166.43 12.00% 153,462.15 9.48% Apr 108,157.35 123,732. 13 14.40% 137,712.38 11 .30% 143,149.32 7.57% May 114,543.92 126,572.41 10.50% 140,966.98 11 .37% 166,542.00 18.14% Jun 111 t410.87 128,880. 12 15.68% 164,369.25 27.54% 139,677.98 -15.31 % Jul 109,920.03 127, 161 .30 15.68% 136,906.50 7.66% Aug 117,824.90 126,217.05 7.12% 139,830.39 10.78% Sep 112,098.50 134,327.89 19.83% 1431215.20 6.61 % Oct 127,371 .76 133,335.40 4.68% 146,722.98 10.04% Nov 104,084.85 118, 147.51 13.51 % 133,691 .45 13.16% 1 ,334,424.93 1 ,5009094.85 12.42% 1 ,675,216.12 11 .67% 1 .032,867.38 5.95% • Fayetteville Advertising and Promotion Commission Fayetteville Town Center Fayetteville Convention and Visitors Bureau Clinton House Museum Financial Statements June 30, 2006 • • SCARBROUGH �z MURTISHAWt CERTIFIED PUBLIC ACCOUNTANTS, P.A. 34 W Colt Square Dr., Suite 3, Fayetteville, AR 72703 - 2888 Telephone (479) 521.1771 Fu (479) 442-0082 www.smcpas.com William L Cook 11, CPA Wesley D. Murrishaw, 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 June 30, 2006 and for the six 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 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. Saviro* Scarbrough & Murtishaw, CPAs, P.A. Certified Public Accountants Fayetteville, Arkansas July 13, 2006 Members: Amerima Institute of CPAs Prime Companies Practice Section Arkansas Society of CPAs Fayetteville A & P Commission Balance Sheet -• As of June 30, 2006 ASSETS Current Assets Cash in Bank of Fayetteville - Town Center $ 47,540.09 Cash in Mcllroy Bank - A & P General 390,976.75 Cash in Bank of Fayetteville 103,890.63 Cash in Mcllroy Bank - A & P Payroll 13,623.91 Cash in Bank - Conv & Visitor Bureau 43,314.33 Cash in Bank - Clinton House 16,099.49 Clinton House Inventory 31384.05 Investments 314649531 .31 Investment Adjustment to Market (50,048. 14) Accounts Receivable 113,767.32 Accrued Interest Receivable 40,798.64 Due from City 93.66 Total Current Assets $ 41187,972.04 Property, Plant, & Equipment at Cost Furniture and Fixtures 91602.98 • Building Additions 206,677.24 Equipment 166,502.88 Less: Accumulated Depreciation (178,449.30) Net Property and Equipment 204,333.80 Total Assets $ 4.392,305.84 LIABILITIES AND CAPITAL Current Liabilities Payroll Taxes Payable $ 156.41 Accounts Payable 114,872.86 Accounts Payable - Parks HMR 6.35 Due to Other Funds 3,317.46 Total Current Liabilities $ 118,353.08 Capital Unrestricted Fund Balance 41101 ,060.58 Excess Revenues Over (Under) Expenditures 172,892. 18 Total Capital 4,273,952.76 Total Liabilities and Capital $ 4,392.305.84 • See Accountants' Compilation Report 1 Fayetteville A & P Commission - � Statement of Revenues and Expenditures One Month Ending June 30, 2006 June 30, 2006 June 30, 2006 Budget Actual Revenue HMR Tax Revenue $ 162,754.00 $ 174,357.28 V Total Revenue 162,754.00 174,357.28 General Expenditures See Schedule 80,670.50 39,240.06 Other Revenues (Expenditures) Interest Income - Investments 81500.00 12,401 .25 Bond Payments - Town Center (55,943.00) (55,354.99)✓ Arbitrage Expense 0.00 (12125.00) Transfers to Other Funds (127,768.00) 0.00 • Total Other Revenues (Expenditures) (1753211 .00) (44,078.74) Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (93,127.50) $ 91 ,038.48 • See Accountants' Compilation Report 2 Fayetteville A & P Commission ' • Schedule of General Expenditures One Month Ending June 30, 2006 Month of Month of June 30, 2006 June 30, 2006 Budget Actual General Expenditures Salaries & Wages $ 5,666.00 $ 5,583.34 Pavroll Taxes Expense 708.00 425.78 Insurance and Health Benefits 750.00 650.34 408(P) Company Match 170.00 167.50 Car Allowance 300.00 300.00 Publications & Dues 650.00 0.00 Postage 1 ,500.00 626.00 Professional Services 11000.00 2,200.00 Collection Expense 3,255.00 3,487.15 Repairs and Maintenance 4, 167.00 1 ,847.70 Kamensky Fountain Maintenance 0.00 205.00 Advertising and Marketing 129381 .00 117.60 Website Update 10,000.00 0.00 New Brochures 10,000.00 0.00 Depreciation Expense 19665.50 1 ,665.50 Special Projects (See Schedule) 28,458.00 21 ,964. 15 • Total General Expenditures $ 80.670.50 $ 39,240.06 • See Accountants' Compilation Report 3 Fayetteville A & P Commission ' • Schedule of Special Projects One Month Ending June 30, 2006 Month of Month of June 30, 2006 June 30, 2006 Budget Actual Special Projects Town Center Garden Maintenanc $ 1 ,458.00 $ 11458.33 NCAA Indoor Track & Field/SEC 10,000.00 0.00 Walton Arts Center 0.00 21749.49 U A Baseball Regionals 0.00 10,000.00 Arkansas Music Pavilion 10,000.00 0.00 Fayetteville Downtown Partners 0.00 756.33 Solar Splash 7,000.00 7,000.00 Total Special Projects $ 28.458.00 $ 21 .964.15 • See Accountants' Compilation Report 4 Fayetteville A & P Commission • Statement of Revenues and Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue HMR Tax Revenue $ 1 ,945,916.00 $ 934,735.00 $ 11000,668.83 $ 908,181 .46 Other Income 0.00 (10 0.00 97.935.00 Total Revenue 1 ,945.916.00 934.735.00 1 .000.668.83 936.116.46 General Expenditures See Schedule 954 516.00 509.959.00 456.690.52 411 .149.65 Capital Outlay Minor Equipment 75.000.00 0.00 4.378.93 9.338.66 Other Revenues (Expenditures) Interest Income - Investments 100,000.00 49,500.00 79,157.89 57,699.45 CEC Bond Excess 0.00 0.00 0.00 72,559.50 Bond Payments - Town Center (671 ,376.00) (335,658.00) (332,129.94) (336,195.24) Arbitrage Expense 0.00 0.00 (3,375.00) 0,00 Transfers to Other Funds (337.138.00) (247,768.00) (120.000.00) (308.500.00) • Total Other Revenues (Expenditures) (908.514.00) (533.926.00) (376.347.051 (514.436.291 Excess Revenues Over (Under) Expenditures $ 7,886.00 $ (109,150.00) $ 163,252.33 $ 11191 .86 • See Accountants' Compilation Report 5 Fayetteville A & P Commission • Schedule of General Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries & Wages $ 68,000.00 $ 33,996.00 $ 331500.04 $ 30,896.11 Payroll Taxes Expense 80500.00 4,248.00 29739.76 29725.44 Insurance and Health Benefits 9,000.00 41500.00 3,919.74 49051 .50 408(P) Company Match 2,040.00 1 ,020.00 1 ,213.33 926.92 Car Allowance 3,600.00 1 ,800.00 11800.00 11800.00 Materials and Supplies 1 ,000.00 250.00 0.00 424.22 Office Expense 0.00 0.00 0.00 30.00 Publications & Dues 1 ,200.00 1 ,200.00 511 .95 779.53 Postage 20,000.00 102000.00 81461 .03 8,551 .42 Insurance 2,000.00 0.00 0.00 0.00 Professional Services 12,200.00 6,200.00 7,662.00 6,475.00 Strategic Planning 0.00 0.00 1 ,495.34 0.00 Taxes and Licenses 0.00 0.00 0.00 268.50 Collection Expense 38,918.00 18,694.00 20,017.88 18,163.62 Bond Paying Agent Fees 6,000.00 3,000.00 0.00 4,330.00 Convention Development 0.00 0.00 0.00 1 ,078.40 Repairs and Maintenance 50,000.00 25,002.00 3,135.19 1 ,643.18 • Kamensky Fountain Maintenance 5,000.00 2,500.00 7,189.91 1 ,802.61 Advertising and Marketing 350,000.00 202,648.00 177,295.33 160,099.85 Airport Information Booth 51200.00 21600.00 2,400.00 31600.00 Interspace Airport Advertising 5,622.00 21810.00 2,465.70 2,465.70 Website Update 10,000.00 10,000.00 0.00 4,463.09 Signage • Tourism 10,000.00 3,000.00 11196.08 0.00 New Brochures 750000.00 31 ,000.00 24,904.80 45,550.55 Other Special Projects 0.00 0.00 0.00 19700.00 Travel and Training 21000.00 11000.00 1 ,979.96 900.09 Depreciation Expense 19,986.00 91993.00 9,993.00 9,992.93 Special Projects (See Schedule) 249.250.00 134.498.00 144.809.48 98.430.99 Total General Expenditures $ 954,516.00 $ 509,959.00 $ 456,690.52 $ 411 ,149.65 • See Accountants' Compilation Report 6 Fayetteville A & P Commission ' . Schedule of Special Projects Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual Special Projects Air Museum $ 5,000.00 $ 51000.00 $ 59000.00 $ 0.00 Botanical Garden Society 17,500.00 0.00 0.00 0.00 Town Center Garden Maintenance 17,500.00 89748.00 8,749.98 8,749.98 Committee for Mardi Gras 1 ,500.00 1 ,500.00 19500.00 0.00 NCAA Indoor Track & Field/SEC 10,000.00 10,000.00 0.00 0.00 Walton Arts Center 20,000.00 10,000.00 21749.49 71750.00 H. S. Coaches Clinic 15,000.00 15,000.00 15,000.00 15,000.00 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 1 ,750.00 Holiday Hoops 10,000.00 0.00 0.00 0.00 Joe Martin Stage Race 7,000.00 79000.00 71000.00 91000.00 All Star Games 9,000.00 9,000.00 9,000.00 9,000.00 Lights of The Ozarks - 2004 Budget Carryover 20,000.00 0.00 0.00 14,895.30 First Night Fayetteville 2,700.00 0.00 0.00 0.00 Hogeye Marathon & Relays 0.00 0.00 0.00 31833.58 America in Bloom 0.00 0.00 0.00 2,000.00 Rural Mountain Producers Exchange 8,000.00 0.00 0.00 6,000.00 Ozark Valley Triathlon 2,000.00 0.00 0.00 0.00 American College Theater Festival 0.00 0.00 0.00 6,000.00 Governors Conference 0.00 0.00 (450.00) 0.00 Chile Pepper Cross Country Fest. 1 ,000.00 0.00 0.00 0.00 Lewis & Clark Urban Adventure Race 1 ,000.00 0.00 0.00 0.00 U A Baseball Regionals 0.00 0.00 10,000.00 0.00 Walton Arts Center Ext. Banners 0.00 0.00 3,974.27 0.00 4th of July Fireworks 10,000.00 0.00 10,000.00 0.00 Community Access - 25th Anniversary 0.00 0:00 0.00 5,000.00 High School Baseball/Softball Championships 0.00 0.00 0.00 39000.00 Hogs in Bloom - NWA Garden Show 0.00 0.00 0.00 31452.13 Savor the Flavor 2,500.00 2,500.00 0.00 0.00 Arkansas Music Pavilion 100000.00 10,000.00 225.00 0.00 Fayetteville Downtown Partners 15,000.00 0.00 3,810.74 0.00 Uons SK Challenge for Sight 0.00 0.00 0.00 500.00 Arkansas Hospitality Fund Drive 2,500.00 2,500.00 21500.00 2,500.00 National Rabbit Show 2,500.00 2,500.00 21500.00 0.00 NWA Coaches Clinic 71000.00 7,000.00 7,000.00 0.00 Ozark Military Museum 51000.00 53000.00 51000.00 0.00 Real Deal on the Hill 7,000.00 71000.00 71000.00 0.00 Texas Trophy Hunters 20,000.00 20,000.00 20,000.00 0.00 Walton Arts Center - 'Rain' 0.00 0.00 10,000.00 0.00 Fayetteville Public Library 1 ,800.00 0.00 0.00 0.00 Solar Splash 7,000.00 7,000.00 79000.00 0.00 TheatreSquared 7,000.00 0.00 0.00 0.00 Faith in Action 0.00 0.00 2,500.00 0.00 Total Special Projects $ 249,250.00 $ 134,498.00 $ 144,809.48 $ 98,430.99 • See Accountants' Compilation Report 7 Fayetteville Town Center • Statement of Revenues and Expenditures One Month Ending June 30, 2006 June 30, 2006 June 30, 2006 Budget Actual Revenue Rental Income $ 32,657.00 $ 34,014.88 Daily Parking 416.00 638.00 Total Revenue 33,073.00 34,652.88 General Expenditures See Schedule 40,098.78 37,816.92 Capital Outlay Other Revenues (Expenditures) Interest Income - Checking 13.00 21 .32 Total Other Revenues (Expenditures) 13.00 21 .32 • Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (7.012.78) $ (3.142.72) • See Accountants' Compilation Report 8 Fayetteville Town Center ' • Schedule of General Expenditures One Month Ending June 30, 2006 Month of Month of June 30, 2006 June 30, 2006 Budget Actual General Expenditures Salaries & Wapes $ 15,233.00 $ 13,659.81 Pavroll Taxes Expense 21081 .00 11405.72 Insurance and Health Benefits 1 ,509.35 999.43 408(P) Company Match 375.00 157.50 Commissions 3,265.00 41241 .50 Materials and Supplies 250.00 0.00 Office Supplies/Printinq 125.00 253.53 Credit Card Discounts 80.00 77.86 Office Expense 0.00 171 . 13 Water 809.00 653.79 Gas 1 ,061 .00 228.42 Electricity 6,036.00 59443.62 Cable 100.00 84.24 Telephone 759.00 730.84 Taxes and Licenses 500.00 0.00 Linens 19500.00 19831 .41 Miscellaneous Expense 0.00 40.00 • Repairs and Maintenance 4,500.00 51278.87 Advertisinq and Marketinq 0.00 893.75 Travel and Traininq 250.00 0.00 Depreciation Expense 1 665.4P 1 665 50 Total General Expenditures $ 40,098.78 $ 37.816.92 • See Accountants' Compilation Report 9 Fayetteville Town Center • Statement of Revenues and Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue Rental Income $ 443,241 .00 $ 217,183.00 $ 210,334.54 $ 1640775.46 Deity Parking 5,000.00 21496.00 21810.00 21626.00 Parking Leases 40,000.00 20,000.00 20,640.73 20$ 25.46 Other Income 0.00 0.00 11327.00 54.00 Special Projects 10,000.00 0.00 41243.00 773.94 Refunds 0.00 0.00 (1 ,212.50) (380.00) Sales Tax Expense (10,000.00) (61000.00) (655.00) (61531 .00) Total Revenue 488.241 .00 233.679.00 237.487.77 179.643.86 General Expenditures See Schedule 488.891 .00 237.310.39 220.041 .91 210.664.43 Capital Outlay Other Revenues (Expenditures) Interest Income - Checking 150.00 75.00 81 .34 96.01 • Total Other Revenues (Expenditures) 150.00 75.00 81 .34 96.01 Excess Revenues Over (Under) Expenditures $ (500.00) $ (3,556.39) $ 17$ 27.20 $ (30,924.56) • See Accountants' Compilation Report 10 Fayetteville Town Center ' • Schedule of General Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries & Wages $ 182,798.00 $ 91 ,398.00 $ 82,993.52 $ 80,819.06 Outside Services 0.00 0.00 271 .88 82.60 Payroll Taxes Expense 24,983.00 12,486.00 80019.41 9,204.12 Insurance and Health Benefits 18,112.16 9,056.10 6,929.29 8,297.37 408(P) Company Match 4,500.00 20250.00 11302.12 11327.56 Commissions 44,324.00 21 ,711 .00 15,547.33 13,721 .85 Materials and Supplies 3,000.00 11500.00 1 ,675.73 2,185.83 Office Supplies/Printing 13000.00 650.00 507.06 507.06 Credit Card Discounts 1 ,000.00 505.00 819.79 356.76 Office Expense 0.00 0.00 274.67 0.00 Publications & Dues 250.00 125.00 0.00 0.00 Postage 200.00 200.00 39.00 126.00 Water 61850.00 3,636.00 31361 .37 3,558.51 Gas 19,500.00 13,201 .00 10,950.80 9,156.33 Electricity 60,875.00 30,500.00 28,776.18 24,426.33 Cable 1 ,200.00 600.00 494.76 570.69 • Telephone 81650.00 4,217.00 3,995.87 4,378.91 Long Distance Telephone 0.00 0.00 138.19 164.96 Insurance 5,750.00 0.00 0.00 0.00 Taxes and Licenses 21205.00 2,000.00 1 ,500.00 1 ,500.00 Linens 22,782.00 10,282.00 8,967.51 8,694.66 Miscellaneous Expense 0.00 0.00 40.00 3.00 Repairs and Maintenance 45,176.71 19,500.71 221838.38 27,625.41 Advertising and Marketing 31000.00 11000.00 1 ,729.35 543.00 Travel and Training 750.00 500.00 0.00 0.00 Depreciation Expense 190985.13 9,992.58 9,993.00 91992.42 Special Projects 12.000.00 2.000.00 8.876.70 3.422.00 Total General Expenditures $ 488,891 .00 $ 237,310.39 $ 220,041 .91 $ 210,664.43 • See Accountants' Compilation Report 11 Fayetteville Convention and Visitors Bureau • Statement of Revenues and Expenditures One Month Ending June 30, 2006 June 30, 2006 June 30, 2006 Budget Actual Revenue Partnership Income $ 0.00 $ 300.00 Total Revenue 0.00 300.00 General Expenditures See Schedule 21 ,650.63 17,374.52 Capital Outlay Other Revenues (Expenditures) Interest Income - Checking 25.00 20.22 Total Other Revenues (Expenditures) 127,793.00 20.22 Excess Revenues Over • Excess Revenues Over (Under) Expenditures $ 106. 142.17 $ (17,054.30) • See Accountants' Compilation Report 12 Fayetteville Convention and Visitors Bureau '• Schedule of General Expenditures One Month Ending June 30, 20G6 Month of Month of June 30, 2006 June 30, 2006 Budget Actual General Expenditures Salaries & Wages $ 11 ,240.00 $ 9225.00 Pavroll Taxes Expense 11573.00 703.52 Insurance and Health Benefits 11686.25 11485.92 408(P) Companv Match 337.25 276.76 Materials and Supplies 416.00 0.00 Credit Card Discounts 0.00 1 .00 Office Expense 0.00 481 .11 Publications & Dues 11000.00 0.00 Postage 200.00 0.00 Telephone 333.33 338.79 Rent 700.00 1 ,400.00 Convention Development 11666.00 11957.09 Repairs and Maintenance 166.00 0.00 Travel and Training 9 R1 no tsns sa Total General Expenditures $ 21 ,650.83 $ 17.374.52 • • See Accountants' Compilation Report 13 Fayetteville Convention and Visitors Bureau • Statement of Revenues and Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue Bus Tours $ 11000.00 $ 500.00 $ 975.00 $ 0.00 Partnership Income 4,500.00 40200.00 41300.00 2,500.00 Special Projects - Sponsorships 0.00 0.00 210.00 21081 .00 Brumley Shuttle 1 .000.00 0.00 0.00 0.00 Total Revenue 6,500.00 4.700.00 5.485.00 4.581 .00 General Expenditures See Schedule 254.568.00 130.304.98 101 .788.94 101 .301 .06 Capital Outlay Minor Equipment 0.00 0.00 0.00 10.096.89 Other Revenues (Expenditures) Interest Income - Checking 300.00 150.00 181 .27 324.55 Transfers from Other Funds 247,768.00 247,768.00 120.000.00 220.000.00 • Total Other Revenues (Expenditures) 248,068.00 247.918.00 120.181 .27 220.324.55 Excess Revenues Over (Under) Expenditures $ 0.00 $ 122,313.02 $ 23,877.33 $ 113,507.60 • See Accountants' Compilation Report 14 Fayetteville Convention and Visitors Bureau • Schedule of General Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries & Wages $ 134,900.00 $ 67,440.00 $ 54,511 .99 $ 53,000.04 Payroll Taxes Expense 18,886.00 9,438.00 40422.22 51144.14 Insurance and Health Benefits 20,235.00 10,117.50 7,709.88 7,139.76 408(P) Company Match 4,047.00 21023.50 11635.41 1 ,440.00 Materials and Supplies 51000.00 2,496.00 702.25 41025.41 Office Supplies/Printing 21500.00 11000.00 1 ,219.62 810.42 Software 11100.00 11100.00 0.00 0.00 Update Computers/Added Secret 30300.00 31300.00 11097.00 0.00 Credit Card Discounts 0.00 0.00 1 .75 164.34 Office Expense 0.00 0.00 481 .11 0.00 Publications & Dues 21000.00 21000.00 2,539.00 787.00 Postage 200.00 200.00 0.00 626.00 Telephone 4,000.00 11999.98 1 ,824.43 1 ,610.72 Long Distance Telephone 0.00 0.00 0.00 85.17 Rent 81400.00 4,200.00 4,900.00 4,900.00 Taxes and Licenses 0.00 0.00 283.50 0.00 Convention Development - 20,000.00 9,996.00 6,959.59 7,391 .09 • Repairs and Maintenance 21000.00 996.00 0.00 235.22 Advertising and Marketing 0.00 0.00 0.00 100.00 Travel and Training 28,000.00 13,998.00 13,027.29 11 ,871 .75 Special Projects 0.00 0.00 473.90 1 .970.00 Total General Expenditures $ 254,568.00 $ 130,304.98 $ 101 ,788.94 $ 101 ,301 .06 • See Accountants' Compilation Report 15 Clinton House Museum '• Statement of Revenues and Expenditures One Month Ending June 30, 2006 June 30, 2006 June 30, 2006 Budget Actual Revenue Admission Revenue $ 61875.00 $ 290.00 Special Events 250.00 0.00 Gift Shop Sales 229.00 361 .99 Other Income 0.00 50.00 Gross Revenue 71354.00 701 .99 Less Cost of Goods Sold (418.00) (166.05) Total Revenue 61249.00 535.94 General Expenditures See Schedule 6,345.00 62023.47 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 10.00 6.84 Total Other Revenues (Expenditures) 10.00 6.84 Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (86.00) $ (5.480.69) • See Accountants' Compilation Report 16 Clinton House Museum �• Schedule of General Expenditures One Month Ending June 30, 2006 Month of Month of June 30, 2006 June 30, 2006 Budget Actual General Expenditures Salaries & Wages $ 2,625.00 $ 2,500.00 Payroll Taxes Expense 409.00 191 .26 Insurance and Health Benefits 250.00 241 .06 Materials and Supplies 200.00 59.48 Water 40.00 34.67 Gas 51 .00 26.00 Electricity 75.00 84.44 Security 35.00 21 .80 Telephone 125.00 106.56 Rent 11000.00 0.00 Insurance 50.00 0.00 Miscellaneous Expense 0.00 258.20 Repairs and Maintenance 100.00 0.00 Maintenance/Lawn Service 50.00 0.00 Advertisinq and Marketinq 0.00 2,500.00 Website Update 500.00 0.00 • New Brochures as5 nn 000 Total General Expenditures $ 6.345.00 $ 6,023.47 • See Accountants' Compilation Report 17 Clinton House Museum �• Statement of Revenues and Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue Admisslon Revenue $ 82,500.00 $ 41 ,250.00 $ 2,069.00 $ 0.00 Special Events 1 ,500.00 500.00 125.00 0.00 Gift Shop Sales 2,750.00 1 ,374.00 985.02 0.00 Speaker Serles 21500.00 625.00 0.00 0.00 Other Income 0.00 0.00 100.00 000 Gross Revenue 89,250.00 43,749.00 3,279.02 0.00 Less Cost of Goods Sold (5.000.00) (2.500.00) (451 .85) 0.00 Total Revenue 76.000.00 37.125.00 2.709.17 0.00 General Expenditures See Schedule 76.120.00 38.062.00 34.532.08 10.982.93 Capital Outlay Other Revenues (Expenditures) • Interest Income - Checking 120.00 60.00 58.23 0.00 Total Other Revenues (Expenditures) 120.00 60.00 58.23 88.500.00 Excess Revenues Over (Under) Expenditures $ 0.00 $ (877.00) $ (31 ,764.68) $ 77,517.07 • See Accountants' Compilation Report 18 Clinton House Museum Schedule of General Expenditures Six Months Ending June 30, 2006 2006 Annual Year to Date 2006 2005 2006 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries 8. Wages $ 311500.00 $ 15,750.00 $ 14,884.64 $ 21500.00 Payroll Taxes Expense 4,900.00 21450.00 1 ,228.73 283.76 Insurance and Health Benefits 3,000.00 1 ,500.00 1 ,446.36 0.00 Materials and Supplies 2,400.00 1 ,200.00 227.38 1 ,078.33 Credit Card Discounts 0.00 0.00 21 .62 0.00 Water 480.00 240.00 208.02 0.00 Gas 620.00 310.00 518.84 3.34 Electricity 900.00 450.00 265.81 117.50 Security 420.00 210.00 130.80 0.00 Telephone 11500.00 750.00 640.23 0.00 Rent 12,000.00 61000.00 12,000.00 79000.00 Insurance 600.00 300.00 0.00 0.00 Miscellaneous Expense 0.00 0.00 258.20 0.00 Repairs and Maintenance 11200.00 600.00 0.00 0.00 Maintenance/Lawn Service 600.00 300.00 0.00 0.00 Advertising and Marketing 0.00 0.00 2,701 .45 0.00 Website Update 69000.00 39000.00 0.00 0.00 • New Brochures 10.000.00 5.002.00 0.00 0.00 Total General Expenditures $ 76,120.00 $ 38,062.00 $ 34,532.08 $ 10,982.93 See Accountants' Compilation Report 19 Fayetteville Advertising and Promotion Commission Fayetteville Town Center Fayetteville Convention and Visitors Bureau Clinton House Museum Financial Statements July 31 , 2006 • • SCARBROUGH MURnSHAW, CERTIFIED PUBLIC ACCOUNTANTS, P.A. 34 W Colt Square Dr., Suite 3, Fayetteville, AR 72703 - 2888 Telephone (479) 5214771 Fix (479) 442-0082 ww mcpas.cwm William L Cook ll, CPA Wesley D. Murtishaw, 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 July 31 , 2006 and for the seven 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 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. 34art Scarbrough & Murtishaw, CPAs, P.A. Certified Public Accountants Fayetteville, Arkansas August 9, 2006 • Members: American Institute of CPAs Private Companies Practice Section Arkansas Society of CPAs