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HomeMy WebLinkAboutRes 04-27 Approving Amendments to the Budget for the Fiscal Year 2003-2004TOWN OF WESTLAKE RESOLUTION NO. 44-27 A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS, APPROVING BUDGET AMENDMENTS TO THE WESTLAKE VISITORS ASSOCIATION FUND IN ACCORDANCE WITH APPROVED USES OF HOTEL MOTEL TAX FUNDS TO SUPPORT VISITOR GROWTH IN WESTLAKE. BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That the Board of Aldermen of the Town of Westlake does hereby approve the budget amendments to the Westlake Visitors Association Fund in accordance with approved uses of Hotel Motel Tax funds to support visitor growth in Westlake, as shown in Exhibit A attached. SECTION 2: That this Resolution shall become effective upon the date of its passage. PASSED AND APPROVED ON THIS 24TH DAY OF MAY 2004. ATTEST; Scott Bradley, Mayor in r Crosswy, Taw ecretary APPROVED AS TO FORM: Aantonattorney Trent O. Petty, Town anager Westlake Visitor's Association Fund Proposed Amendment Detail - Income Fiscal Year 200312004 Budgeted Amended Increase Account Name FY 03104 FY 03104 (Decrease) Explanation Hotel Occupancy Tax 350,000 325,000 (25,000) A decline in visits to the hotel has led to a decrease in projected revenue. Interest Income 9,000 5,500 (3,500) Lower interest rates than expected 5/19/2004 12:44 PM Westlake Visitor's Association Fund Proposed Amendment Detail - Expenditures Fiscal Year 2003/2004 NOTE: Explanations are for all proposed amendments greater than 10% Budgeted Amended Increase Account Name FY 03104 FY 03104 (Decrease) Explanation Salaries 15,045 36,583 21,538 Increased due to the hiring of Carolyn Simms (beginning in June). Medical/Dental Insurance 1,410 4,640 3,230 Increased due to the hiring of Carolyn Simms (beginning in June). Social Security 963 2,268 1,305 Increased due to the hiring of Carolyn Simms (beginning in June). Medicare 218 531 313 Increased due to the hiring of Carolyn Simms (beginning in June). TMRS 1,279 3,069 1,790 Increased due to the hiring of Carolyn Simms (beginning in June). Computer Equip./Software 1,000 2,000 1,000 Increased due to the hiring of Carolyn Simms (beginning in June). Community Services - 6,182 6,182 Represents Christmas lights, string trio, tree, etc. for Christmas event Marriott Marketing 28,000 65,000 37,000 This will provide the Marriott hotel with financial resources to implement a number of plans to increase hotel visits and bring attention to the Town. Marketing & Promotions 8,500 11,800 3,300 Intended to promote the Town. Used to fund the Academy Foundation for certain items containing the school/town logo. (caps, mugs, clothing) TML Expense - 4,600 4,600 The Town hosted the TML Dinner in February Office Rent 2,209 1,696 (513) The Town owed Solana less than expected for rent. Telephone Expense 1,950 5,000 3,050 Includes the internet expense for the Town. Also cost of equipment/services at new location more than expected. This is a pro- rated share of the Town's telephone expense. Internet Expense 713 250 (463) Consists of Town website hosting only. Internet expense now included with the above "Telephone Expense" line -item. Telephone Lease (buy out) 146 2,379 2,233 The Town paid off lease from our old phone system from Solana in the interest of selling before it depreciated further. The Town should receive $3,000 total to be distributed over the three funds. Utilities - Water - 2,100 2,100 The Water utility cost will be spread out over the three funds. 70% in GF, 15% in UF, and 15% in WVA. This allocation represents the approximate time spent by employees, office space and resources for each fund. This also includes the Academy's usage. We have exhausted the funds available in their budget; therefore, the Town is absorbing 100% through the end of the year. Total cost = $14,000 Utilities - Electric - 7,725 7,725 The Electric utility cost is spread out over the three funds just as the Water and Gas line items are. Same information regarding the Academy budget as indicated above. Total cost = $51,500 Utilities - Gas - 3,491 3,491 The Gas Utility cost is also spread across the three funds with the same allocation as Water and Electric. Same information regarding the Academy budaet as indicated above. Total cost = $23.275 5/19/2004 12:44 PM Westlake Visitor's Association Proposed Budget Amendments as of March 31st, 2004 Amended YTD Variance FY Budget Budget FY Budgeted YTD Actuals % of YTD % of YTD Variance I Adapted! 03/04 03104 I 1 II 1 Budgeted I Actual 1 (1-11) Amended Highlighted numbers represent amendments proposed. --Revenue 31320 11 Hotel Occupancy Tax 350,000 325,000 175,000 163,492 50.00% 46.71% (11,508) (25,000) 36110 11 Interest Income 9,000 5,500 4,500 2,764 50.00% 30.71% (1,736) (3,500) TOTAL REVENUE 359,000 330,5QQ 179,540 166,25$ $0.40% 46.31% (13,245) (28,500} Expenditures 41110 11 Salaries 126 * 13 42110 11 Medical/Dental insurance 42210 11 Social Security 42220 11 Medicare 15,045 1,410 963 218 36,583 7,523 7,361 50.00%° 48.92% (162) 21,538 4,640 705 323 50.00%° 22.91% (382) 3,230 2,268 482 445 50.00% 46.16% (37) 1,305 531 109 104 50.00% 47.72% (5) 313 42310 11 TMRS 1,279 3,069 639 623 50.00% 48.71% (16) 1,790 42310 11 Workers Camp 465 147 233 78 50.00% 16.77% (155) (318) 43205 11 Admin Expense 23,625 25,125 11,813 15,031 50.00% 63.62% 3,218 1,500 43250 11 Auditor @ 15% 2,450 2,775 2,450 2,775 100.00% 113.27°fo 325 325 43310 11 Boyle & Lowry 5,000 5,000 2,500 1,020 50.00% 20.40% (1,480) 0 __434 43405 11 Computer Equip./Software 1,000 2,000 500 0 50.00% 0.00%(500) 1;000 43410 11 Computer Service 500 500 250 0 50.00% 0.00% (250) 0 43515 11 Community Services 6,182 0 6,182 0.00% 0.00% 6,182 6,182 43525 11 CVB Membership 750 750 375 0 50.00% 0.00% (375) 0 43530 11 Marriott Marketing 28,000 65,000 14,000 0 50.00% 0.00% (14,000) 37,000 43531 11 Marketing & Promotions 8,500 11,800 8,500 8,213 100.00°f° 96.62% (287) 3,304 43532 11 TML Expense 0 41600 0 3,995 0.00%° 0.00% 3,995 4;600 44410 11 Office Rent 2,209 1,696 1,696 1,696 76.78% 76.78% 0 (513) 45305 11 Telephone Expense 1,950 5,000 1,950 2,737 100.00%° 140.37% 787 3,050 45310 11 Mobile Phone 750 750 375 235 50.00% 31.33% (140) 0 45315 11 Internet Expense 713 250 357 96 50.00% 13.46% (261) (463) 45320 11 Telephone Lease (buy out) 146 2,379 146 2,379 100.00% 1629.27% 2,233 2,233 11 Utilities -water 0 2,100 0 0.00% 0.00% 0 2,100 11 Utilities -electric 0 7,725 0 0.00% 0.00°f° 0 7,725 11 Utilities - gas 0 3,491 0 0.00% 0.00% 0 3,491 TOTAL OPERATING EXPENDITURESI 1 94,973 1 194,361 54,601 1 53,2921 57.49°/° 56.11% (1,309) 99,386 Capital Projects 47900 11 Dove Road[Randol Mill (Amended) 5/19/2004 12:45 PM 25,867 12,934 8,796 50.00% 34.01% (4,137) SUMMARY Total Revenue 359,000 Total Expenditures 120,840 Majority amount of the proposed increase to the expenditure budget of $99,388 is the following: $27,858 for Carolyn's salary/benefits for the remaining portion of the fiscal year; $6,182 for Community Services for the Christmas event; $37,000 increase of funds for the Marriot; pro -rated share of utilities of $13,316; and $4,700 for hosting the TML dinner. 5/19/2004 12:45 PM Westlake Visitor's Association Fund Program Summary - Amended Westlake Visitor's Association Fund Budgeted FY 02103 Projected FY 02103 Actual FY 02103 Budgeted FY 03104 Amended FY 03104 Beginning Balance 534,450 559,479 567,136 611,409 571,058 Balance Sheet affect to Cash (21,550) 225,000 225,000 Revenue 329,000 390,188 381,867 359,000 330,500 Transfers In - - - - 25,000 Expenditures 164,464 113,258 131,395 86,473 194,361 Transfers Out 225,000 225,000 153,000 168,867 Ending Balance (Cash) 698,986 611,409 571,058 730,936 538,330 Budgeted Projected Actual Budgeted Amended Westlake Visitor's Association Fund Transfers In FY 02103 FY 02103 FY 02103 FY 03104 FY 03104 Transfers In Capital Projects Total Transfers In - - - - - Budgeted Westlake Visitor's Association Fund Transfers Out FY 02103 Projected FY 02103 Actual FY 02103 Budgeted FY 03104 Amended FY 03104 Transfers Out Capital Projects - - - Civic Campus 225,000 225,000 - - Paint retaining wall at Westlake Parkway and 114 18,000 18,000 Westlake Restoration Project 25,000 25,000 Entryways at Dove and Pearson (amended) 10,000 25,867 Blacksmith and Forge Statue 100,000 100,000 Auditor's Corrections - - - - - Total Transfers Out - 225,000 225,000 1 153,000 168,867 Balance sheet affect to cash represents balances between the fiscal years that affect cash and are reflected in current year revenue and expenditures, i.e. payables and receivable posted to the current year's books but cash not paid nor received until the subsequent year as well as inter -fund loans not yet paid or received. Variance of $40,351 between projected and actual ending cash balance is attributed mostly by a decrease from projected hotel occupancy tax of $7,000 as well as an overage in Legal and Marriot Marketing of $14,000. These along with the balance sheet affect of $21,550 make up the major portion of this variance. 5/19/2004 12:46 PM