Annual Members Meeting. December 28, 2016

Transcription

1 Annual Members Meeting December 28,

2 TMVOA Board & Staff A B C D Residential Lodging Commercial Mountain Special Pete Mitchell Vice-Chairman Duncan Hogarth Jeff Badger Bill Jensen Chairman Jeff Proteau Staff Jim Royer Secretary and Treasurer Anton Benitez Executive Director Garrett Brafford Controller Heidi Stenhammer Operations Manager Louise LaBranche Staff Accountant Board members serve 2-yr terms (Classes A, B, C) Robert Stenhammer 2

3 2016 ELECTION RESULTS Board of Directors Meeting December 28, 2016

4 CLASS A: RESIDENTIAL Total Possible Votes: Total Votes Cast: Mail In Ballots: 7 Disqualified Ballots: 0 Candidate Votes % of votes cast Jack Gilbride % Tim Kunda % TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION

5 CLASS C: COMMERCIAL Total Possible Votes: 1380 Total Votes Cast: 892 Mail In Ballots: 0 Disqualified Ballots: 0 Candidate Votes % of votes cast Jeffery Badger % TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION

6 Board members serve 2-yr terms (Classes A, B, C) CLASS A: RESIDENTIAL Jim Royer ( ) Tim Kunda ( ) CLASS B: LODGING Duncan Holgarth ( ) CLASS C: COMMERICAL Jeff Badger ( ) CLASS D: MOUNTAIN SPECIAL MEMBER APPOINTMENTS Bill Jensen Jeff proteau Robert stenhammer TELLURIDE MOUNTAIN VILLAGE OWNERS ASSOCIATION

7 AGENDA Strategic Initiatives Review 2 Local Economy Financial How we performed Trends Association Communications Accomplishments Lodging Retail Restaurant Real Estate Balance Sheet 2017 Budget Increase member awareness & engagement Execute gondola roadmap Continue plans for owned properties Visitation initiatives for soft periods Partner on collective goals (supporting MV Comp Plan)

8 AGENDA Strategic Initiatives Review 2 Local Economy Financial How we performed Trends Association Communications Accomplishments Lodging Retail Restaurant Real Estate Balance Sheet 2017 Budget Increase member awareness & engagement Execute gondola roadmap Continue plans for owned properties Visitation initiatives for soft periods Partner on collective goals (supporting MV Comp Plan)

9 Last Year s Annual Meeting Dec 30, 2015 We highlighted 3 key strategic areas of focus... each containing specific initiatives Strengthening Relationship with Membership Responsibly Fund Gondola Economic Development & Sustainability So how did we do?

10 From 2015 Presentation Delivered Strengthening Relationship with Membership Frequent & ongoing communication Solicit more input Expanded communications Timely, concise & unbiased One click to access more detailed info Website for comprehensive resources TMVOA s Vision, Mission & Core Values Public Workshop on Town Hall Subarea Representation of members on important topics at Town Council & DRB Harness expertise of members Commercial Lodging Residential (Investment Committee)

11 Investment Committee Brian Kanaga Served as Director in Global Proprietary Trading with Credit Suisse Served as Sr Quantitative Analyst, Index Derivatives at Susquehannna Investment Group - Statistical arbitrage - Volatility models - Quantitative trading & macro strategies Analytics statistical and quantitative Michael Zarrilli Partner, Chief Operating Officer at KLS Diversified Asset Mgt Served as Chief Executive Officer of Stanwich Capital - Deputy Head of North American Credit Mkts JP Morgan - Syndicated loans - Credit product & derivatives - Investment grade bonds - Asset-backed securities Fixed income, banking and credit markets Pam Cavness Served as Chief Compliance Officer with Edward Jones - Former Chair FINRA National Adjudicatory Council - Member FINRA Statutory Disqualification Committee - Past member Securities Industry & Financial Markets Compliance and Legal Executive Committee Compliance, regulations and policy This is an auxiliary committee that provides advice to the TMVOA Finance, Audit, and Budget Committee (FAB) to assist it in the exercise of its fiduciary responsibility 11

12 From 2015 Presentation Delivered Develop Long-Term Plan TMVOA led development of plan (multiple yrs) Achieved consensus on Roadmap Responsibly Fund Gondola Partner with TMV & Other Stakeholders Committee with TMV & TSG Sub-committee with Telluride & County Independent expert consultant Phase 1 study (Oswald Graber) Economic impact study finalized scope of work

13 Gondola 101: Important Facts 1 Town of Mountain Village owns & operates 2 TMVOA provides majority of funding through 3% RETA 3 Costs ~$3.5M annually to operate (Ops, Maint) 2017 TMV Budget = $3.8M 4 Annual capital & major repairs; range from $50K to $+2M 2017 TMV Budget = $2.1M

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16 From 2015 Presentation Delivered Economic Development & Sustainability Evaluation & pre-dev efforts on owned properties Develop healthy / sustainable air system Master planning of Town Hall Subarea Maximize outcomes of sponsored events Land held for affordable housing (Ilium) Town Hall Subarea (1007 & 1008) Core (161CR) Return of service to Telluride (TEX) Phoenix: service / daily winter Dallas: service / daily yr-round / 2/day winter Partnered with TMV & TSG Hired expert consulting team Conducted interviews & public workshop Partnered with sponsors (16) Spending in MV was up vs prior yr

17 Other / Notable Gondola 20 Anniversary Celebration 400+ attendees More members using Dial-a-Ride service (amenity) Vehicle trips +37% ( ) and +7% ( ) Passenger trips + 49% ( ) and +8% ( ) Strategic Roadmap Vision Mission Strategic areas of focus Core values

18 AGENDA Strategic Initiatives Review 2 Local Economy Financial How we performed Trends Association Communications Accomplishments Lodging Retail Restaurant Real Estate Balance Sheet 2017 Budget Increase member awareness & engagement Execute gondola roadmap Continue plans for owned properties Visitation initiatives for soft periods Partner on collective goals (supporting MV Comp Plan)

19 MV Economy % chg RETA +29 % $ $ chg $$$1,196,936 YTD: Jan-Nov vs 5-yr Avg LODGING +5 % $$$1,909,695 RETAIL RESTAURANT +8 % +13 % $$$1,203,664 $$$2,267, Months Nov 15 - Oct 16 vs prior yr GROCERY/LIQ 0% $$ - 19

20 RETA Update 6,000,000 YTD: Jan Nov 5,000,000 4,000,000 $5,270,515 $1.15M $4,116,810 $635K $4,635,078 $1.2M $4,058,098 3,000,000 2,000,000 1,000, Actual 2016 Budget 2015 Actual 5 Year Average 20

21 Trending: Lodging 9,000,000 8,000,000 7,000, % -1% Winter +8% -11% YTD Oct Total Lodging $ % values are change vs prior year 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000-11% +27% +6% Summer +19% +22% +25% Winter (-1.2%; $302K) : $25.9M : $26.2M Summer (+19.1%; $2.2M) 2016: $13.8M 2015: $11.6M +37% 1,000, % -4% -36% 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Reference: TMV Sales Tax Collections; graphs represent total sales 21

22 Trending: Retail 3,500,000 3,000,000 +7% Winter +5% 0% YTD Oct Total Retail $ % values are change vs prior year 2,500,000 +7% +9% 2,000,000 1,500,000 1,000, % 500, % Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct -1% +46% Summer +18% -3% +9% +18% +103% Winter (+5.4%; $599K) : $11.6M : $11.0M Summer (+18%; $605K) 2016: $4.0M 2015: $3.4M Reference: TMV Sales Tax Collections; graphs represent total sales 22

23 Trending: Restaurant 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 Winter +10% +12% +4% +7% +17% Summer +17% +13% +33% +20% +13% YTD Oct Total Restaurant $ % values are change vs prior year Winter (+9.6%; $1.1M) : $12.1M : $11.0M 1,500,000 1,000, % Summer (+17.1%; $1.2M) 2016: $8.3M 2015: $7.1M 500, % -16% -54% 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Reference: TMV Sales Tax Collections; graphs represent total sales 23

24 AGENDA Strategic Initiatives Review 2 Local Economy Financial How we performed Trends Association Communications Accomplishments Lodging Retail Restaurant Real Estate Balance Sheet 2017 Budget Increase member awareness & engagement Execute gondola roadmap Continue plans for owned properties Visitation initiatives for soft periods Partner on collective goals (supporting MV Comp Plan)

25 RETA: Historical View 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000, thru 2015 $23,351,623 5 Year Average $4,670, (P) 2017(B) 2001 thru 2015 $87,119, Year Average $5,807,936 Total Historical Average Since Inception $117,926, Year Average $4,535,640 25

26 Balance Sheet: At-a-Glance 1% 2% 8% Cash & Equivalents $3.1 Property & Equip $4.3 12% 29% Other ($266K) Restricted Cash ($1.0M) Land 48% Marketable & Temporary Money Mkt Investments $10.5 $17.7 $37.0M Assets As of 9/30/16 = $8.9M Liabilities 24% 76% $28.1M Member s Equity Other ($199K) 2% Gondola ($1.6M) 18% Bond Funding ($665K) Op & Maint AP ($942K) $7.1 Line of Credit 80% $7.8 Designated 27% Gondola & Chondola Reserves $20.3 Undesignated & OCI 73% 26

27 Important Ratios Debt to Equity Debt to Assets $8.9M Liabilities $28.0M =32% Member s Equity $8.9M $37.0M Liabilities =24% Assets 27

28 Quick Ratio = 880% Current Assets (less than 1 yr) Prepaid & Other Assets Accounts Receivable Temporary Money Markets Restricted Cash Fixed income (mature <1yr) Cash & Equivalents All Equities Current Assets: $10.4M 29, , ,000 1,000,000 1,800,000 3,100,000 3,400, ,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Current Liabilities: $1.17M Current Liabilities Bond funding (<1yr) Other Accrual Liab Accounts Payable 34,000 36,000 1,100,000 (less than 1 yr) 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 28

29 Quarterly Financial Snapshots 1-pg quarterly summary to keep membership updated Financials Key Points Gondola Ratios RETA Trends Investments 29

30 2017 Approved Budget 30

31 2017 Approved Budget: At-a-Glance DAR; $4.5K Investment; $335K Rent Income; $390K Monthly Assessments Commercial; 8% Lodging: 12% Residential; 80% RETA $4.8M 0.1% 4% 4% $1.2M 13% 55% Total Revenue $8.8M Total Expenses $8.6M 2% 56% 24% 42% $2.0M Debt Service; $181K Discretionary $3.6M Operating $4.8M Reserves (Gondola/Chondola Capital)$1.2M 55% 3% 10% 21% 5% 3% 3% 71% 14% Other; $185K Other Legal; $125K Economic Dev; $100K Chondola Capital; $110K Economic Stimulus; $374K Member Benefits; $748K $2.0M Gondola Capital 7% 4% 4% Wildfire Mitigation; $35K Gondola Consulting; $150K Chondola O & M; $170K Depreciation; $178K R/E Carrying; $350K Admin & General; $695K $3.4M Gondola O & M 31

32 AGENDA Strategic Initiatives 2 Financial 1 Local Economy 2016 Review How we performed Trends Association Communications Accomplishments Lodging Retail Restaurant Real Estate Balance Sheet 2017 Budget Increase member awareness & engagement Execute gondola roadmap Continue plans for owned properties Visitation initiatives for soft periods Partner on collective goals (supporting MV Comp Plan)

33 S T R A T E G I C R O A D M A P Where we want to be (in the future) VISION An engaged owners association of a unique multigenerational resort village that promotes constructive relationships with all regional stakeholders CORE VALUES Proactively serve the interests of all members How we will achieve our long term aspirations MISSION To promote: Member communications & education Economic prosperity Enhanced property values Unique, quality owner & guest experience Active & inspiring recreational lifestyle Environmental stewardship Vibrant regional community Neighborhood preservation Transportation & access High-quality development opportunities Open, transparent & fiduciary management To inform and educate Commitment to wellplanned & executed development How we will organize our efforts STRATEGIC AREAS OF FOCUS Member Representation & Services Transportation Economic Vibrancy & Sustainability Operations Unyielding commitment to quality Improve Communications Aerial (Gondola): Long Term Strategy Champion Real Estate Values Approve & Execute Strategic Plan Major steps to achieve our mission KEY INITIATIVES Optimize Amenities Ground: Optimize Stimulate & Grow Economy Build Positive Partnerships Maximize Assets, Returns & Value Improve Accessibility Increase Productivity 33

34 2017 Initiatives Member Representation & Services Strengthenin g Relationship Serve with Membersh Membership ip Ongoing, consistent & straightforward communications Increase member awareness & participation in local affairs

35 2017 Initiatives Complete economic impact study with stakeholders (Phase 1) Transportation - Gondola - Strengthenin g Serve Relationship Membersh with ip Membership Start research activities on desired system (Phase 2) Continue partnering with regional stakeholders (Phase 3)

36 2017 Initiatives Economic Vibrancy & Sustainability Strengthenin g Relationship Serve with Membersh Membership ip Continue to develop plans for owned properties Coordinate with lodging members on visitation programs for soft periods Actively engage regional stakeholders on collective goals

37 Comprehensive Plan The Comprehensive Plan recognizes that the key to improved economic vitality is increased visitation: more people visiting more often, staying longer, spending more. pg 28 Critical Actions Increase airlift Seek branded hotels Diversify Employment with business development Enhanced Marketing Build Partnerships Build additional housing for workforce Pg 30

38 Thank you for attending 38