AGENDA February 22, 2018 BOISE CENTRE WEST Room 3:00 p.m. I. Call to Order II. III. Changes or Additions to the Agenda Agenda: A. Chairman s Rem
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6 AGENDA February 22, 2018 BOISE CENTRE WEST Room 3:00 p.m. I. Call to Order II. III. Changes or Additions to the Agenda Agenda: A. Chairman s Remarks Jim Walker i. Election of Officers B. Approval of Minutes i. Regular Minutes January 22, 2019 C. Executive Director s Report Pat Rice D. Treasurer Report i. Approve changes to stabilization policy ii. Approve changes to disbursement policy iii. Commit funds for 2019 Action Item Action Item Action Item Action Item Action Item Action Item IV. Other Business: A. Work sessions Pat Miller Discussion V. Adjournment Action Item 1
7 EXECUTIVE DIRECTOR REPORT JANUARY 2019 GOALS ACTIVITIES FINANCIAL SERVICE QUALITY FACILITY UTILIZATION ECONOMIC IMPACT 2
8 ACTIVITIES Dates of note: IAVM Regional Meeting April 29-May 2; Chamber Leadership Conference Sun Valley April 28-30; Audit April; Annual Report May Door replacement project slated for June-August Board Election May 21, 2019: March 29 nominations received; write in candidate registration is April 8 3
9 GOALS Fiscal Management: Boise Centre Subsidy* Fiscal Management: Boise Centre Subsidy in 000's Actual-YTD Goal-FYE % Controllable (P&L and CapX) $ - $ 4,777 0% Fixed (Fees) $ - $ 288 0% Fixed (Lease Payments) $ - $ 1,722 0% Total $ - $ 6,843 0% *Budgeted transfers of $1.4 million will be made later in the year as cash is needed. Cash Position Cash Position Dollars (in 000's) Actual Budget Variance Projected FYE % Cash $ 21,732 $ 20,274 $ 1,458 $ 21, % Restricted Funds $ (250) Priorities *Health & Safety of guests/employees Stabilization Fund $ (6,735) *Economic Impact Projected Increase Per Policy $ (2,265) *Reputation Cash to Invest $ 12,482 *Subsidy Service Quality Service Quality Actual-YTD Goal-FYE % Guest Satisfaction Score % 4
10 GOALS (CONTINUED) Facility Utilization: Events and Event Days Facility Utilization: Events and Event Days Actual-YTD Goal-FYE % Number of Events Events: Local % Events: Convention % Events: Total % Event Days Events: Days % Economic Impact In process 5
11 FINANCIAL Revenue and Expense (000 s) January 31, 2019 Unaudited - 2 month Unaudited Boise Centre District Combined Revenues $ 1,031 $ 1,053 $ 2,084 Expenses $ 2,116 $ 20 $ 2,136 Revenues>Expenses $ (1,085) $ 1,034 $ (52) Budget $ (1,292) $ 929 $ (363) Variance $ 207 $ 105 $ 312 The District and Boise Centre positive trends continue! Combined losses (revenues in excess of expenses) remain < budget District: Revenues are over budget and expenses remain under budget Boise Centre: Expenses include $471K in depreciation, amortization and interest 6
12 Auditorium District Tax (in 000 s) Record year for room tax, > budget by $32K, and prior year by $47K 7
13 Boise Centre Revenues January revenues $46K < budget while $73K over prior year January continues trend with fifth month of record revenue 8
14 FACILITY UTILIZATION 9
15 Square Foot Usage by Month** Utilization was about event with 2018, while revenues were lower due to trade shows, with lower food and beverage revenues. Actual Square Footage December fewer events and 14 fewer event days. June 2017 up due to CSTE July 2018: Comic Con; July 2017: 3 conventions and opening celebration; July 2016 demolished Summit and added ballroom Aug 2018: Fly Fishers Int l 2017 IAHD Conference on rotation, not here in 2018 Target Range* **340 days (excludes federal holidays, the weeks of Christmas and 4th of July.) Dec 2016: Summit was closed for redesign for Junior ballroom 10 * Source: 50%-70% based on CSL Feasibility Study, Dec 2017
16 Boise Centre Conventions Rolling 6 years 2019: Goal 60: Confirmed 19 / 31% of goal Jan 2019, conventions up 6 11
17 ECONOMIC IMPACT Local Attendance FY Cumulative Attendance is down due to the number of trade shows, which has lower attendance and revenues Goal: 170,000 12
18 Non-Local Attendance FY Cumulative Goal: 25, Forecast should increase as the year progresses as there are some conventions that book in the year for the year. No out of town attendees in December due to all local events 13
19 Economic Impact in Dollars FY Cumulative In Process 14
20 Thank you! 15
21 Changes are reflected in italics Stabilization Fund Calculation District General Fund November 30, Fund Balance $ 21,129, $ 18,274, $ 29,222, Nonspendable Nonspendable, Restricted, Committed and Assigned Restricted Lease Contingency Fund $ 250, $ 250, $ 250, $ 250, $ 250, Committed Capital -Expansion FF&E $ 1,880, $ 16,502, Transfers-2018 Centre Capital $ 2,553, Transfers-2018 Centre Operating $ 2,568, Transfers-Lease Payments 2018 $ 1,721, $ 6,844, $ 6,844, $ 4,968, $ 5,150, Total Restricted and Committed $ 7,094, $ 7,098, $ 21,902, Amount Available to Commit for Stabilization Fund $ 14,035, $ 11,176, $ 7,319, Stabilization Fund 1 Capital Requirements - 2 years* 2020 Average $ 985, Average $ 985, $ 1,970, Debt Service Requirements: 2 years 2020 From Lease Payment Schedule $ 1,719, From Lease Payment Schedule $ - $ 1,719, Operating Expenses (4 months highest amounts) 4 months Centre $ 2,193, months District $ 111, $ 2,304, Rounding $ 5, Desired Stabilization Fund Amount $ 6,000, $ 6,735, $ 7,253, Change in Stabilization Fund $ (735,000.00) $ (518,679.00) Unrestricted and Uncommitted $ 8,035, $ 4,441, $ 66, * Normalized average capital expenditures excluding large capital projects that arise in varying years 1. Appropriate Level of Unrestricted Fund Balance in the General Fund, GFOA Best Practices, September Fund Balance New and Improved, By Stephen J Gauthier, Government Finance Review, April 2009
22 Financial Reserves Policy Greater Boise Auditorium District Policy The District is committed to maintaining a prudent level of financial resources to protect against current and future risks, and provide resources to prevent reductions in service levels due to temporary or permanent revenue shortfalls or one-time expenditures. It is the policy of the Board to maintain a sufficient levellevels of funds in unrestricted fund balances based on, but not limited to, the following considerations: Levels of committed debt service and covenants Impact on bond ratings and corresponding increased costs of borrowing Commitments and assignments associated with future projects (consideration should be given to maintaining a higher level of the unrestricted fund balance should be maintained if there are substantial commitments or assignments) Infrastructure capital and maintenance Exposure to significant one-time outlays (e.g. disasters, immediate capital needs, etc.) Growth requiring additional cash reserves Predictability of revenues and the volatility of expenditures Diversification of revenues External events beyond the District s control (e.g. travel/tourism, economy, value of the dollar, etc.) Financial resources in all funds should be considered when assessing the adequacy of the unrestricted fund balance in the general fund. Stabilization Arrangement It is in the long-term interest of the District to preserve and build a healthy fund in years of strong revenue growth to assist in weathering future economic storms and provide budget stability. The need for a stabilization fund has been identified to cover: 1) Revenue shortfalls that are not routine in nature 2) Any event which threatens the health, safety or welfare of the people, the community, or fiscal stability of the District. This is sometimes referred to as a rainy day fund, serving as a source of financial support in times of slow or declining revenue growth or increased expenditures due to increased operating requirements, and as the primary source of protection against making drastic cuts in services, capital or maintenance during periods of economic downturns. Revision: 12/13/2016 1
23 Financial Reserves Policy Greater Boise Auditorium District Determination of Fund Amount At a minimum, the amount in the Stabilization Fund will be calculated usinginclude: 1. SixFour months of designated operating expenses (due to the concentration and volatility of revenues) This was amended by board resolution in Normalized average projected capital expensesrequirements for two years based on the capital plan 3. Projected debt service for two yearsone year As recommended by GFOA Best Practices, reserves at this level are prudent to protect the District against vulnerabilities. 1 Vulnerabilities include, but are not necessarily limited to, unpredictable fluctuations in operating revenues, growth, fluctuations in variable costs, recessionary impacts, changes in tax revenues, decreased tourism and travel, terrorism, natural disasters, cost of travel, epidemics and pandemics. The amount to be retained will be determined annually when developing the annual budget. Use of Funds Replenishment The use of stabilization funds requires approval of the Board and can be used for the following purposes: Significant shortfall of revenue or unanticipated expense that cannot be absorbed by other lines in the operating budget Capital purchases If the Stabilization Fund falls below the minimum level, it is the District s goal to replenish the balance within one to three years. Factors influencing the replenishment time would include: Budgetary reasons behind the fund balance targets Recovery from an extreme event Legislative statutes Financial planning time horizons Long term forecasts and economic conditions External financing expectations Revenue sources that would be considered for replenishment include non-recurring revenues, budget surpluses and excess resources in other funds, if legally permissible and defensible. Year-end surpluses are an appropriate source for replenishment. Revision: 12/13/2016 2
24 Financial Reserves Policy Greater Boise Auditorium District Revision: 12/13/2016 3
25 Financial Reserves Policy Greater Boise Auditorium District Components of fund balance for governmental funds Financial statements prepared in accordance with generally accepted accounting principles can report up to five separate categories of fund balance based on the type and source of constraints placed on how resources get spent. The categories are presented in descending order from most constraining to least constraining: Nonspendable Fund Balance Restricted Fund Balance Committed Fund Balance Assigned Fund Balance Unassigned Fund Balance Refer to the following chart for further clarification and guidance. The remainder of this page is left intentionally blank. Revision: 12/13/2016 4
26 Financial Reserves Policy Greater Boise Auditorium District RESTRICTED FUND BALANCE CATEGORIES Nonspendable fund balance (inherently nonspendable) 1. Portion of net resources that cannot be spent because of their form 2. Portion of net resources that cannot be spent because they must be maintained intact due to legal or contractual provisions Restricted fund balance (externally enforceable limitation on use, legally enforceable by an outside party) 1. Limitations imposed by creditors, grantors, contributors, or laws and regulations of other governments 2. Limitations imposed by law through constitutional provisions or enabling legislation Examples: Consumable and merchandise inventories Prepaid items LT portion of loans and receivables Fixed Assets Non-financial assets held for resale Unclaimed moneys Examples: Bond proceeds Permanent fund expendable portion Legal settlements (with restrictions) Funds to maintain debt covenants Legally enforceable requirement Debt service fund UNRESTRICTED FUND BALANCE Committed fund balance (self-imposed limitations set in place prior to the end of the period, not legally enforceable) 1. Limitation imposed at highest level of decision making that requires formal action at the same level to remove Examples: Budget Stabilization, if policy adopted Construction projects Capital and operating transfers Assigned fund balance (limitation resulting from intended use) 1. Intended use established by highest level of decision making 2. Intended use established by body designated for that purpose 3. Intended use established by official designated for that purpose 4. Cannot be negative in the general fund Examples: Working capital Cannot exceed total fund balance less its nonspendable, restricted and committed components Unassigned fund balance (residual net resources) 1. Total fund balance in the general fund in excess of nonspendable, restricted, committed and assigned fund balance (i.e., surplus) Residual balance 2. Excess of nonspendable restricted and committed fund balance over total fund balance (i.e., deficit) Examples: Used in general fund only, must be positive Deficit fund balances can be found in other governmental fund types 1. Based on recommendations and considerations outlined in the Government Finance Officers Association, in the article, Appropriate Level of Unrestricted Fund Balance in the General Fund, September 2015 Revision: 12/13/2016 5
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