HomeMy WebLinkAboutTDA Executive board meeting May 26 2020
NEW HANOVER COUNTY TOURISM DEVELOPMENT AUTHORITY
EXECUTIVE COMMITTEE MEETING
Tuesday, May 26, 2020
PRESENT: Daniel Perkins– Chairman
Jason Bryant – Vice-Chairman
Kim Hufham – President/CEO
Lisa Wurtzbacher – Finance Officer
Angela Rhodes – Secretary
EXCUSED: N/A
STAFF: Kim Little - Admin. Services Manager/Recording Secretary
Linda Brothers- Senior Financial Analyst, NHC
Shawn Braden, Executive VP of Marketing
Board Chairman Nicolas Montoya called the Executive Committee Meeting to order at
4pm in the offices of the CVB.
ITEM 1: EXCUSED ABSENCES: N/A
ITEM II: APPROVAL OF EXECUTIVE COMMITTEE MINUTES: - Daniel Perkins
\[Motion made by Jason Bryant, seconded by Angela Rhodes and
unanimously approved to accept the Executive Committee minutes from
November 22, 2019 as read.\]
ITEM III: FINANCIALS/ROT REPORT & BUDGET AMENDMENTS –LISA
WURTZBACHER
NHCTDA Treasurer Lisa Wurtzbacher reported for July 1, 2019 – April 30,
2020. ROT revenues received to date 49% through March 2020.
Expenditures are at 54% through April 2020. Individual ROT collections are
noted in attached report as presented by Lisa.
Budget Amendment- BA#2020-005 in the amount of $448,000.
o To decrease budgeted revenues and budgeted expenditures
that were reduced due to lower collections associated with the
COVID-19 pandemic. Fund Balance is being utilized to offset
the decrease of revenues not covered by budget cuts.
o In the amount of $20,000 to utilize the District U Fund balance
to cover expenditures made for District U due to the reduced
collections associated with the COVID-19 pandemic.
Budget Amendment- BA#2020-006- to correct past retirement
contributions dating to when the NHC Tourism Development
Authority was created in 2003. All eligible employees have been
corrected according to SEP guidelines.
ITEM IV: BUDGET REVIEW: FY 2020/2021
Kim presented FY 2020/2021 budget for the Executive Committee’s review
prior to it being presented to the full TDA Board. The following points were
presented to summarize comparisons from the prior year.
Revenue Projections - Down 33.92%
Overall Expenses cut by 27%
Fund Balance Request of $ 212,058
o $111,167 – Research (Phase 2)
o $ 37,500 – Website
o $ 63,391 – Budget Shortfall
Significant Budget Cuts:
Staffing: Elimination of 3 full-time positions
o Director of Marketing
o Marketing Manager
o Director of Sports Development
o Part-time Staff (VIC) – CB/KB/WB staff cut for FY 20/21
Only Riverfront Booth funded
CVB offices/VIC to be staffed as needed by FT statt
SEP Retirement:
o Retirement to be transitioned to Simple IRA (3% CVB match)
o Recommending 2% Benefits adjustment increase to staff to partially off-set
reduction from 10%
Travel/Trade Shows:
o Group Sales – 1 show (AENC) (in-state planners)
o PR – Cut all shows – will utilize memberships to contact writers, etc.
Fixed Costs:
o Budget first to cover operations – no flexibility
Marketing:
o Agency fees cut by 16.8%
o Unified Campaign with beaches – cost savings for all budgets
o Larger reach as one campaign & pooling funds
Advertising
o Cut by 33%
A copy of the FY 2020/2021 NHC TDA Budget is in Exhibit Book XIIII
\[There being no further discussion on the FY 2020/2021 NHC TDA Budget,
A copy of the proposed budget is attached for record. The formal budget adoption
and Public Hearing is set for June 17, 2020 at 5:00 pm.\]
ITEM IV: UNIFIED CAMPAIGN PRESENTATION- Kim Hufham and Kimberly Vince
Cruz, Destinations Analysts.
\[A copy of the power point presentation can be found in the Exhibit Book XIIII\]
ITEM V: PRESIDENT’S COMMENTS- Kim Hufham
ITEM VI: CHAIRMAN’S COMMENTS: Chairman Daniel Perkins
There being no further items, adjournment at approximately 4:45pm.
_____________________________ ___________________________
Kim Hufham, President/CEO Daniel Perkins, Secretary