HomeMy WebLinkAboutTDA Executive Board Exhibits and Summary 052620Kim Hufham
From: Kim Hufham
Sent: Tuesday, May 26, 2020 1:59 PM
To: Daniel Perkins (daniel.perkins@hilton.com); Jason Bryant; Angela Rhodes
(angelalovescatch@gmail.com); Lisa Wurtzbacher
Cc: Kim Little; (brothers@nhcgov.com; Kim Hufham(khufham @wilmingtonandbeaches.com)
Subject: 2020/2021 Proposed Budget
Attachments: Revised 2021 detailedbudget worksheet.xlsx
Attached is the proposed 2020/2021 TDA Budget for our discussion this afternoon. Below are highlights of the budget:
• 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/W B 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— I 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%
Let me know if you have any questions prior to our call. Thank you.
X6MffUflU vw
President/CEO
New Hanover County Tourism Development Authority
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