Economic Development Council

Economic Development Council Executive Committee Meeting Thursday, November 18, 2021 8:00 A.M. Agenda I. Call to Order – Ginna Holleman, Chairperson II. Review of Prior Meeting Minutes: October 18, 2021 III. Financial Report IV. EDC CEO Update V. Old Business a. Formal Appointment of Legal Counsel VI. New Business a. Upgrade of Positions i. Historic Collinsville Manager ii. Workforce Coordinator b. Health Plan Renewal VII. Other Business a. EDC Budgeting Process Discussion VIII. Next EDC Executive Committee Meeting: Thursday, December 16, 2021 – 8:00 a.m. IX. Adjournment DRAFT Clarksville/Montgomery County Economic Development Council (EDC) Executive Committee Meeting Minutes EDC – Cumberland Room Wednesday, October 7, 2021 8:00 AM VOTING MEMBERS PRESENT: Chairman Ginna Holleman, Paul Turner, Todd Harvey, Mark Kelly, Don Jenkins, Joel Wallace, Matt Cunningham, Khandra Smalley VOTING MEMBERS NOT PRESENT: Keith Bennett GUESTS PRESENT: Chris Smith – Clarksville Now STAFF PRESENT: Shannon Green, Jacqueline Brumley, Michelle Hueffmeier I. Call to Order and Welcome – Chairman Ginna Holleman called the meeting to order noting that a quorum was a present and the meeting was properly posted. II. Review of Prior Meeting Minutes – The minutes from the meeting on June 17, 2021 were presented in the advance materials for review. A motion to approve the June minutes was made by Don Jenkins. Joel Wallace seconded. Motion Passed. III. Financial Report – Shannon Green presented the Committee members with the financial report ending September 30, 2021 and noteworthy items were reviewed. Green reported that as a result in the changes of the way the EDC is funded and structured as of the beginning this fiscal year (FY22), the EDC will be reporting its financial activity using five different categories: 1) EDC Overhead, 2) Tourism Activity, 3) Industrial Activity, 4) Aspire Activity, 5) CBID Activity. Green noted that due to several dedicated Industrial Development position vacancies in the first quarter, a rebate of around $62,000 is due to the IDB, and the EDC was awarded an unbudgeted $500,000 allocated from Montgomery County to be used in Project William Road development. A motion to approve the financial report ending September 30th was made Joel Wallace and seconded by Matt Cunningham. Motion Passed. IV. FY22 EDC Budget – Green informed the Executive Committee members that on February 25, 2021 the Board adopted an FY22 budget that was identical to FY21 to facilitate renewal of the Annual Budget Agreement since little was known at the time about the needs of the member- entity staffing and EDC overhead costs. He provided an overview of proposed changes to make the EDC budget more relevant for the current year, noting that the amendment consisted of two main components of change: 1) Business Development Department of Staff Compensation changes, and 2) EDC overheard changes. He reported that the proposed budget is intended to substantiate a net budget amendment to use $38,076.83 of the Board’s reserves in FY22 for shared overhead costs, rather than increasing the amount funded by the member entities through the Annual budget agreement. Todd Harvey, EDC’s FY22 Secretary/Treasurer reported that the Finance Committee met in a public session on Tuesday, October 5, 2021 to review the FY22 Budget Amendment in detail and voted to recommend approval by the EDC Executive Committee. Don Jenkins seconded. Motion Passed. EDC Board of Directors Meeting Minutes Page 2 of 3 October 7, 2021 V. Resolution: Restrict Shinhung Proceeds for Project William – Green stated that, in FY21, the IDB sold a 42-acre spec site to Shinhung. He added that the proceeds became subject to an inter- local agreement between IDB & Montgomery County. In the agreement 90% of the proceeds went to the County and 10% went to the EDC. Subsequent to that agreement the County allocated their 90% of the sale proceeds to advance Project William. Green stated that the EDC’s 10% of the Shinhung proceeds was an integral part of financing plan for Project William as well. He further explained that the resolution before them was requesting that the EDC Executive Committee authorize the IDB Board to retain the net proceeds (10%) from the Shinhung sale for the sole use to advance Project William. Don Jenkins made a motion to pass the resolution authorizing the IDB to retain the EDC’s share of the Shinhung sale proceeds for the purpose of developing an access road to the proposed East Industrial Park. Mark Kelley seconded. Motion Passed. VI. EDC Legal Counsel Proposal – Buck Dellinger reported that an RFP for General Counsel for the EDC was published on August 2 ,2021. Two legal firms, “Marks, Shell & Maness” & “Klein, Solomon & Bussell” submitted proposals that met all criteria to compete. The EDC CEO interviewed the primary legal officer from each firm and found them both satisfactory. Dellinger recommended that the Executive Committee authorize the President & CEO enter into contract with Attorney Marks, Shell & Maness, subject to the approval of the Board, and seek a 5-year term to be renewed every year for 5-years. Furthermore, that the EDC’s interim legal counsel, Tim Harvey, will continue to handle any legal matters he is currently handling under the direction of the EDC Chairman, President & CEO and in Collaboration with the appointed Legal Counsel as needed. Khandra Smalley made a motion to authorize the EDC CEO to enter into contract with Attorney Marks, Shell & Maness for a 5-year term, subject to the approval of the EDC Board, and allow Interim Legal Counsel, Tim Harvey to continue to handle ongoing legal matters under the direction of the EDC Chairman, CEO & newly appointed Legal Counsel. Paul Turner seconded. Motion Passed. VII. MRC Committee Update – Dellinger reported that the Management Review Committee (MRC) of the EDC is to establish the process by which the EDC CEO is given his/her annual directives from the EDC Board. The process will accommodate the strategic and operational guidance of the IDB, CVB, and the Chamber Boards. This will allow the EDC Board to direct and guide the CEO to develop a plan with the staff & Vice Presidents of each entity to accomplish specific goals throughout the year. Dellinger explained the timeline for the goals/objectives are based on a fiscal year end bases beginning July 1, and each Board will present the EDC Board with their Goals and Objectives for the next Fiscal year at the end of the 2nd quarter of each year (December 31st). No action required. VIII. Personnel Policy Amendment: Medical Coverage Eligibility Waiting Period – Green reported that the EDC’s policy states that “employees of the EDC are eligible for medical coverage following 30 days of continuous employment”. This 30-day wait was apparently established to conform with the underlying medical group contract and not with any probationary period established elsewhere in the EDC Personnel Policy. However, the 30-day wait period was removed from the medical group contact with the implementation of the Affordable Care Act. Green reported that in recent years management has been requested to waive the 30-day wait by most new-hires so that they don’t incur a gap in coverage as they come from their previous employer. In recent EDC Board of Directors Meeting Minutes Page 3 of 3 October 7, 2021 years, each time the waiver was considered, it was approved. The recommendation is that the Board consider an amendment to the Personnel Policy effective October 1, 2021 that states that “employees of the EDC are eligible for medical coverage on the first month following employment”. Don Jenkins made a motion to approve the Amendment to the Personnel Policy allowing new hires to receive coverage on the first month following their employment, effective October 1, 2021. Khandra Smalley seconded. Motion Passed. IX. Other Business a. Resolution Allocation of $500k to Project William Road Development – Green reminded the Committee members that Montgomery County approved/allocated 500k for design & right of way funds for a road off International Blvd. in support of Project William/Allice. That 500k was awarded to the EDC, who has been given authority to allocate the funds to the Industrial Development but has not yet been received. Green informed the Committee that the resolution before them was to amend the FY22 budget to receive $500,000 of Capital Project funding from Montgomery County and a commensurate appropriation for project design and right-of-way procurement for a road to the Project Alice/William construction site, and furthermore authorize the Chairperson and CEO to distribute said funds to the IDB upon demonstration of costs related to the said design and right-of-way procurement. Mark Kelly made a motion to approve the resolution to amend the budget as proposed and Todd Harvey seconded. Motion Passed. b. Formal Adoption of an Amended Budget Agreement – Green provided a formal amendment to the EDC’s Annual Budget Agreement that conformed with the budget passed by the Committee earlier in the meeting. He added that it also included some recommended updates to the agreement language. He explained that the original agreement did not take into consideration the recent changes in the Private Act and Montgomery County’s new practice of allocating Industrial Development Funds to the EDC rather than the IDB or the CVB. He provided the Committee with a redline version of the Agreement that incorporated the Finance Committee’s recommendations and some management-recommended language updates that are necessary to accommodate these changes. A motion to adopt the amendments Annual Budget Agreement that were recommended by the Finance Committee and management along with the two required schedules was made by Joel Wallace and seconded by Todd Harvey. Motion Passed. X. Next EDC Executive Committee Meeting: Ginna Holleman reported that the next EDC Executive Committee meeting will be held on Thursday, November 18, 2021. Holleman also requested that the next Executive Committee meeting be moved from 8:30a.m. to 8:00a.m., as well as the remaining FY22 Committee meetings going forward, and the Executive Committee members agreed. XI. Adjourn – There being no further business to come before the Board, the meeting was adjourned. Approved: _____________________________ _______________________________ Ginna Holleman, Chairman FY22 Todd Harvey, Secretary-Treasurer FY22 November 16, 2021 EXECUTIVE SUMMARY TO: EDC Executive Committee FROM: Buck Dellinger, EDC President & CEO Shannon Green, EDC V/P of Finance and Administration SUBJECT: Preliminary EDC Financial Statement, October 2021 The EDC reports its financial activity using five different categories of activity: 1) EDC Overhead – Includes all financial activity related to the Annual Budget Agreement with the member entities. This area will show the amount of revenues allocated or received to meet the member-entities financial commitments under the agreement and the EDC’s cost to provide the agreed-upon services and staff. 2) Tourism Activity – Includes all Hotel/Motel Tax Proceeds received by the EDC that are not otherwise allocated to the CVB’s share of the EDC Budget Agreement. 3) Industrial Activity – Includes all activity executed with funds restricted for Industrial Development. 4) Aspire Activity – Includes all activity funded by Aspire Grants. 5) CBID Activity – Includes all activity funded by the Restricted CBID Reserves. This summary is intended to give information regarding noteworthy figures presented in the Council’s financial statement. Such items include, but are not limited to, non-budgeted and over-budget figures. 1) Hotel/Motel Tax Proceeds - Proceeds received through October have been the largest in history and indicate a rebound in the local hospitality industry from the affects of the pandemic and 29% growth from pre-pandemic levels (FY19). 2) Member-Entity Rebate – Due to several dedicated Industrial Development position vacancies in the first quarter, a rebate of nearly $75,000 is due to the IDB. 3) Project William Allocation – The EDC contributed the Shinhung sale proceeds toward Project William road development in this reporting period. A more detailed explanation of the EDC’s Financial Summary and additional schedules begins on page 4.  ECONOMIC DEVELOPMENT COUNCIL STATEMENT OF ASSETS, LIABILITIES, AND FUND BALANCE OCTOBER 31, 2021 AND 2020 RESPECTIVELY FY2022 FY2021 ASSETS CURRENT ASSETS Cash 460,515.15 138,730.53 Cash - Restricted 309,015.43 307,350.43 Accounts Receivable 1,086,056.01 3,462.10 Grants Receivable 63,923.44 94,459.91 Prepaid Expenses 4,290.53 3,914.51 Notes Receivable - CBID .00 35,000.00 ------------------ ------------------ TOTAL CURRENT ASSETS 1,923,800.56 582,917.48 PROPERTY AND EQUIPMENT Equipment 96,152.30 88,598.61 EDC Leasehold Improvements 55,210.40 55,210.40 Motor Vehicle 23,325.84 23,325.84 Accumulated depreciation 111,003.00 111,003.00 ------------------ ------------------ TOTAL PROP. AND EQUIPMENT 63,685.54 56,131.85 ------------------ ------------------ TOTAL ASSETS 1,987,486.10 639,049.33 ================== ================== LIABILITIES AND FUND BALANCE CURRENT LIABILITIES Unearned Income 467,565.28 .00 Accounts Payable 606,388.05 47,963.24 Employee Deduction Liabilities 3,016.80 6,888.75 Accrued Payroll 994.68 687.00 Deposits Payable to Member Ent .00 77,000.00 Notes Payable 95,877.00 .00 ------------------ ------------------ TOTAL LIABILITIES 1,173,841.81 132,538.99 FUND BALANCE Fund Balance 800,009.10 387,687.41 YTD Earnings/(loss) 13,635.19 118,822.93 ------------------ ------------------ TOTAL FUND BALANCE 813,644.29 506,510.34 ------------------ ------------------ TOTAL LIABILITIES AND FUND BALANCE 1,987,486.10 639,049.33 ================== ================== ***Preliminary & Unaudited***  CLARKSVILLE/MONTGOMERY COUNTY ECONOMIC DEVELOPMENT COUNCIL STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED OCTOBER 31, 2021 EDC Overhead Tourism Dept. Industry Dept. Aspire Activity CBID Activity All EDC Consol. Budget YTD YTD YTD YTD YTD YTD Budget Variance -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- REVENUE Grant Income $ 33,333 $ 0 $ 0 $ 63,610 $ 0 $ 96,943 $ 638,700 $ (541,757) Montgomery County Allocation 233,783 0 500,000 0 0 733,783 701,348 32,435 Hotel/Motel Taxes 329,686 208,013 0 0 0 537,699 1,113,748 (576,049) Overhead Reimbursements 209,160 0 0 0 0 209,160 594,146 (384,986) Other Income 1,909 0 0 0 0 1,909 0 1,909 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- TOTAL REVENUE $ 807,871 $ 208,013 $ 500,000 $ 63,610 $ 0 $ 1,579,493 $ 3,047,942 $ (1,468,449) OPERATING EXPENSES Accounting Services $ 1,850 $ 0 $ 0 $ 0 $ 0 $ 1,850 $ 7,313 $ 5,463 Advertising Expenses 209 50,154 0 8,905 0 59,268 105,095 45,827 Audit Services 0 0 0 0 0 0 22,350 22,350 Computer Software 2,045 696 0 0 0 2,741 9,187 6,446 Conf./Training/Travel Exp. 372 17,643 0 3,120 0 21,135 106,140 85,005 Dues & Memberships 3,802 1,292 0 275 0 5,369 11,489 6,120 Entertainment - General 393 59 0 4,592 0 5,044 36,760 31,716 Grant Contributions 0 1,674 0 17,325 0 18,999 53,000 34,001 Group Tour Expenses 0 0 0 0 0 0 6,000 6,000 Initiative Expenses 0 0 712,122 11,114 0 723,235 333,791 (389,444) Internet Hosting 0 0 0 0 0 0 89 89 Janitorial Services 2,685 0 0 0 0 2,685 10,740 8,055 Lease Payments Expense 2,529 0 0 0 0 2,529 9,971 7,442 Legal Services 0 0 0 0 0 0 2,000 2,000 Office Furniture & Equipment 460 0 0 0 0 460 14,150 13,690 Office Supplies 834 0 0 0 0 834 2,170 1,336 Operating Insurances 8,648 0 0 1,308 0 9,956 9,424 (532) Periodicals and Subscriptions 12 0 0 0 0 12 329 317 Postage Expense 38 4,705 0 0 0 4,743 690 (4,053) Printing & Stationary Expense 179 1,562 0 0 0 1,741 3,200 1,459 Professional/Consulting Servic 0 0 0 9,599 0 9,599 91,500 81,901 Prospect Entertainment 0 1,069 0 0 0 1,069 11,500 10,431 Public Relations 0 741 0 629 0 1,370 6,760 5,390 Rent Expense 28,533 0 0 0 0 28,533 85,282 56,749 Repair & Maintenance 7,011 0 0 0 0 7,011 29,656 22,645 Salaries/Benefits/Taxes 635,142 0 0 0 10,000 645,142 2,146,946 1,501,804 Supplies Expense 763 72 0 0 0 836 2,050 1,214 Telephone/Communications Exp. 2,476 986 0 530 0 3,991 10,809 6,818 Utilities Expense 0 1,493 0 6,213 0 7,706 45,050 37,344 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- TOTAL EXPENSES 697,981 82,146 712,122 63,610 10,000 1,565,858 3,173,441 1,607,583 -------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- NET OPERATING INCOME/(LOSS) 109,890 125,867 (212,122) 0 (10,000) 13,635 (125,499) 139,134 ============== A ============== B ============== C ============== D ============== E ============== ============== ============== ***Preliminary & Unaudited*** EXECUTIVE SUMMARY (Continued) Page 4 of 12 SUBJECT: Preliminary October, 2021 EDC Financial Statements (This document is intended to be read alongside those financial statements and is presented in the order that these items appear on it. Underlined items indicate a change from the last report.) BALANCE SHEET (Statement of Assets, Liabilities, & Fund Balance) 1) Cash - The EDC’s cash is broken down into the following categories: Cash Amount Unrestricted Cash $ 334,648.15 Restricted Cash - Tourism $ 125,867.00 Restricted Cash - CBID $ 309,015.43 Total Cash $ 769,530.58 a. Unrestricted – This balance is impacted by PPP Loan Proceeds, FY21 Net Income due to shared position vacancies, and the timing of member-entity funding. b. Restricted – Tourism – This is the balance of Hotel/Motel Tax Proceeds that have been received year-to-date above the prorated amount required in the Budget Agreement for CVB participation. c. Restricted – CBID: This represents the cash transferred to the EDC as a result of the wind-down of the Two Rivers Company (8/21/19 Board Action). It includes $66,000 of CRIF Funds. (Year-to-date CBID Expenses have not been funded had not been funded as of the date of this report) 2) Accounts Receivable – All of the following receivables are considered collectable: Accounts Receivable Amount Project William Funds Due From MC $ 500,000.00 Net Industrial Development Funds Due from MC $ 350,674.00 Hotel/Motel Tax Proceeds, October $ 108,892.89 Interlocal Funds Due from IDB for Byard Sale $ 59,331.00 Other Reimbursements Due from Member Entities $ 56,141.92 Overhead Reimbursement Due from IDB $ 10,956.20 Misc. $ 60.00 Total Cash $ 1,086,056.01 3) Notes Receivable – CBID – On June 17, 2020, the Board issued an interest-free loan to the Roxy Regional Theater using restricted CBID funds. It was paid in full in FY21. 4) Unearned Income – This represents the amount funded by Montgomery County for Industrial Development. It is earned on a prorated basis throughout the year. 5) Accounts Payable – The most significant liability in Accounts Payable is the $500k to be funded by Montgomery County and payable to the IDB for Project William road development. 6) Notes Payable – This is the balance of the PPP Loan still yet to be forgiven at the date of this report. EXECUTIVE SUMMARY (Continued) Page 5 of 12 SUBJECT: Preliminary October, 2021 EDC Financial Statements INCOME STATEMENT (Statement of Revenue and Expense): Revenues: 1) Grant Income – All Grant Income is offset dollar-for-dollar by expenses incurred to execute Aspire Initiatives and provide for Aspire’s overhead. 2) Montgomery County Allocation – This represents the amount allocated by the County for Industrial Development. Montgomery County Allocations Amount Allocation To Industrial Development Operations (EDC Agrmnt) $ 233,782.72 Allocation To Project William Road Development $ 500,000.00 Total Cash $ 733,782.72 3) Hotel/Motel Taxes – Proceeds for July through October are included in the year-to- date numbers. The amount received beyond the amount necessary to comply with the Annual Budget Agreement appears as Tourism Department revenue and is used to fund Tourism Development Initiatives budgeted for FY22. Proceeds received through October have been the largest in history and indicate a rebound in the local hospitality industry from the affects of the pandemic and 29% growth from pre- pandemic levels (FY19). (A detailed monthly history of Hotel/Motel Tax proceeds received by the EDC/CVB since FY81 is on page 12.) 4) Overhead Reimbursements - This represents monthly funding installments by the Chamber and IDB in accordance with the Annual Budget Agreement. Note: The Chamber’s year-to-date reimbursements are based upon the FY21 monthly amounts. EXECUTIVE SUMMARY (Continued) Page 6 of 12 SUBJECT: Preliminary October, 2021 EDC Financial Statements Expenses: Nearly all year-to-date expenses are as anticipated at this point or are within the annual budget despite its need for amendment to FY22 actuals except for a temporary variance in Operating Insurance expenses (see below). 1) Initiative Expenses – The Industrial Development initiative expenses year-to-date are as follows: Initiative Expenses Amount Montgomery County Allocation to Project William $ 500,000.00 EDC Allocation of Project Shinhung Proceeds to Project William $ 212,121.60 Total Cash $ 712,121.60 2) Operating Insurances – The year-to-date operating insurance is over-budget due to an increase in the D&O Coverage premium. This is expected to be offset by a refund in Auto Insurance coverage once terminated due to sale of the company vehicle. 3) Salaries/Benefits/Payroll Taxes – There is a provision in the Annual Budget Agreement that triggers a rebate of budget savings in dedicated focus area staffing to the member entity who’s monthly participation amount was established by it. This provision is currently triggered when such savings surpass $25,000. A table breaking out the fiscal notes of these dedicated focus area positions is included in the attached EDC Overhead Activity report (Page #7). The year-to-date preliminary numbers indicate that the Industrial Development Board has already merited a rebate of nearly $75,000 due to dedicated staffing vacancies.  CLARKSVILLE/MONTGOMERY COUNTY EDC OVERHEAD ACTIVITY STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED OCTOBER 31, 2021 Current Year To Annual Budget Period Date Budget Variance ----------------- ----------------- ----------------- ----------------- REVENUE Grant Income $ 8,333.33 $ 33,333.36 $ 100,000.00 $ (66,666.64) 66.67- Montgomery County Allocation 58,445.67 233,782.72 701,348.00 (467,565.28) 66.67- Hotel/Motel Taxes 82,421.51 329,686.04 989,057.00 (659,370.96) 66.67- Overhead Reimbursements 52,289.92 209,159.68 594,146.00 (384,986.32) 64.80- Other Income 541.70 1,908.82 .00 1,908.82 .00 ----------------- ----------------- ----------------- ----------------- TOTAL REVENUE $ 202,032.13 $ 807,870.62 $ 2,384,551.00 $ (1,576,680.38) 66.12- OPERATING EXPENSES Accounting Services $ 616.40 $ 1,849.81 $ 7,313.00 $ 5,463.19 74.71 Advertising Expenses 209.10 209.10 500.00 290.90 58.18 Audit Services .00 .00 11,000.00 11,000.00 ***.** Computer Software 354.18 2,045.45 5,167.00 3,121.55 60.41 Conf./Training/Travel Exp. 138.11 372.06 15,910.00 15,537.94 97.66 Dues & Memberships 672.34 3,801.51 9,664.00 5,862.49 60.66 Entertainment - General 195.47 393.26 3,610.00 3,216.74 89.11 Janitorial Services 895.00 2,685.00 10,740.00 8,055.00 75.00 Lease Payments Expense 522.54 2,529.30 9,971.00 7,441.70 74.63 Legal Services .00 .00 2,000.00 2,000.00 ***.** Office Furniture & Equipment 163.16 459.73 13,750.00 13,290.27 96.66 Office Supplies 302.02 834.19 2,170.00 1,335.81 61.56 Operating Insurances .00 8,648.35 7,924.00 (724.35) 9.14- Periodicals and Subscriptions .00 12.00 329.00 317.00 96.35 Postage Expense .00 37.57 690.00 652.43 94.56 Printing & Stationary Expense .00 179.08 3,200.00 3,020.92 94.40 Professional/Consulting Servic .00 .00 36,500.00 36,500.00 ***.** Public Relations .00 .00 1,760.00 1,760.00 ***.** Rent Expense 7,133.21 28,532.84 85,282.00 56,749.16 66.54 Repair & Maintenance 3,882.77 7,010.62 29,656.00 22,645.38 76.36 Salaries/Benefits/Taxes 160,856.93 635,141.61 2,116,946.00 1,481,804.39 70.00 Supplies Expense 223.06 763.45 2,050.00 1,286.55 62.76 Telephone/Communications Exp. 928.25 2,475.81 8,418.00 5,942.19 70.59 ----------------- ----------------- ----------------- ----------------- TOTAL EXPENSES 177,092.54 697,980.74 2,384,550.00 1,686,569.26 70.73 ----------------- ----------------- ----------------- ----------------- NET OPERATING INCOME/(LOSS) 24,939.59 109,889.88 1.00 109,888.88 ***.** ================= ================= A ================= ================= ***Preliminary & Unaudited***  CLARKSVILLE/MONTGOMERY COUNTY EDC TOURISM DEPARTMENT STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED OCTOBER 31, 2021 CURRENT YEAR TO ANNUAL BUDGET PERIOD DATE BUDGET VARIANCE ----------------- ----------------- ----------------- ----------------- REVENUE Hotel/Motel Taxes 26,471.38 208,012.65 124,691.00 83,321.65 66.82 ----------------- ----------------- ----------------- ----------------- TOTAL REVENUE $ 26,471.38 $ 208,012.65 $ 124,691.00 $ 83,321.65 66.82 OPERATING EXPENSES Advertising Expenses 15,520.05 50,153.95 .00 (50,153.95) .00 Computer Software .00 695.69 .00 (695.69) .00 Conf./Training/Travel Exp. 8,987.41 17,642.89 .00 (17,642.89) .00 Dues & Memberships 676.00 1,292.00 .00 (1,292.00) .00 Entertainment - General 58.56 58.56 .00 (58.56) .00 Grant Contributions 767.09 1,674.41 .00 (1,674.41) .00 Initiative Expenses .00 .00 124,691.00 124,691.00 ***.** Postage Expense 1,709.56 4,705.06 .00 (4,705.06) .00 Printing & Stationary Expense 485.32 1,562.37 .00 (1,562.37) .00 Prospect Entertainment 38.57 1,068.76 .00 (1,068.76) .00 Public Relations 300.00 741.00 .00 (741.00) .00 Supplies Expense 11.98 72.09 .00 (72.09) .00 Telephone/Communications Exp. 403.71 985.92 .00 (985.92) .00 Utilities Expense 742.00 1,493.04 .00 (1,493.04) .00 ----------------- ----------------- ----------------- ----------------- TOTAL EXPENSES 29,700.25 82,145.74 124,691.00 42,545.26 34.12 ----------------- ----------------- ----------------- ----------------- NET OPERATING INCOME/(LOSS) (3,228.87) 125,866.91 .00 125,866.91 ***.** ================= ================= B ================= ================= Note: The EDC's Tourism Development Initiative budget that was adopted for FY22 was not distributed across functional expense lines. This will be recommended in a future reporting period and will make this report more useful. ***Preliminary & Unaudited***  CLARKSVILLE/MONTGOMERY COUNTY EDC INDUSTRIAL DEPARTMENT STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED OCTOBER 31, 2021 Current Year To Annual Budget Period Date Budget Variance ----------------- ----------------- ----------------- ----------------- REVENUE Montgomery County Allocation .00 500,000.00 .00 500,000.00 .00 ----------------- ----------------- ----------------- ----------------- TOTAL REVENUE $ .00 $ 500,000.00 $ .00 $ 500,000.00 ***.** OPERATING EXPENSES Initiative Expenses 212,121.60 712,121.60 .00 (712,121.60) .00 ----------------- ----------------- ----------------- ----------------- TOTAL EXPENSES 212,121.60 712,121.60 .00 (712,121.60) ***.** ----------------- ----------------- ----------------- ----------------- NET OPERATING INCOME/(LOSS) (212,121.60) (212,121.60) .00 (212,121.60) ***.** ================= ================= C ================= ================= ***Preliminary & Unaudited***  CLARKSVILLE/MONTGOMERY COUNTY EDC ASPIRE INITIATIVES STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED 0$50#&3
, 2021 CURRENT YEAR TO ANNUAL BUDGET PERIOD DATE BUDGET VARIANCE ----------------- ----------------- ----------------- ----------------- REVENUE Grant Income $ 30,590.13 $ 63,609.78 $ 538,700.00 $ (475,090.22) 88.19- ----------------- ----------------- ----------------- ----------------- TOTAL REVENUE $ 30,590.13 $ 63,609.78 $ 538,700.00 $ (475,090.22) 88.19- OPERATING EXPENSES Advertising Expenses .00 8,905.40 104,595.00 95,689.60 91.49 Audit Services .00 .00 11,350.00 11,350.00 ***.** Computer Software .00 .00 4,020.00 4,020.00 ***.** Conf./Training/Travel Exp. 2,558.00 3,120.40 90,230.00 87,109.60 96.54 Dues & Memberships .00 275.00 1,825.00 1,550.00 84.93 Entertainment - General 1,975.24 4,592.24 33,150.00 28,557.76 86.15 Grant Contributions 3,825.00 17,325.00 53,000.00 35,675.00 67.31 Group Tour Expenses .00 .00 6,000.00 6,000.00 ***.** Initiative Expenses 10,592.81 11,113.54 113,600.00 102,486.46 90.22 Internet Hosting .00 .00 89.00 89.00 ***.** Office Furniture & Equipment .00 .00 400.00 400.00 ***.** Operating Insurances .00 1,308.00 1,500.00 192.00 12.80 Professional/Consulting Servic 9,500.00 9,599.00 55,000.00 45,401.00 82.55 Prospect Entertainment .00 .00 11,500.00 11,500.00 ***.** Public Relations 53.54 629.14 5,000.00 4,370.86 87.42 Telephone/Communications Exp. .00 529.53 2,391.00 1,861.47 77.85 Website Design 2,085.54 6,212.53 45,050.00 38,837.47 86.21 ----------------- ----------------- ----------------- ----------------- TOTAL EXPENSES 30,590.13 63,609.78 538,700.00 475,090.22 88.19 ----------------- ----------------- ----------------- ----------------- NET OPERATING INCOME/(LOSS) .00 .00 .00 .00 .00 ================= ================= D ================= ================= ***Preliminary & Unaudited***  CLARKSVILLE/MONTGOMERY COUNTY EDC CBID INITIATIVES STATEMENT OF REVENUE AND EXPENSE FOR THE PERIOD ENDED 0$50#&3
, 2021 CURRENT YEAR TO ANNUAL BUDGET PERIOD DATE BUDGET VARIANCE ----------------- ----------------- ----------------- ----------------- REVENUE ----------------- ----------------- ----------------- ----------------- TOTAL REVENUE $ .00 $ .00 $ .00 $ .00 .00 OPERATING EXPENSES Initiative Expenses .00 .00 95,500.00 95,500.00 ***.** Salaries/Benefits/Taxes 2,500.00 10,000.00 30,000.00 20,000.00 66.67 ----------------- ----------------- ----------------- ----------------- TOTAL EXPENSES 2,500.00 10,000.00 125,500.00 115,500.00 92.03 ----------------- ----------------- ----------------- ----------------- NET OPERATING INCOME/(LOSS) (2,500.00) (10,000.00) (125,500.00) 115,500.00 92.03 ================= ================= E ================= ================= ***Preliminary & Unaudited***  EDC / CVB Tax Revenue History As of 11/9/2021 Fiscal Year 1980/1981 1981/1982 1982/1983 1983/1984 1984/1985 1985/1986 1986/1987 1987/1988 1988/1989 1989/1990 July $ 5,786.41 $ 9,642.23 $ 8,012.49 $ 10,924.92 $ 8,307.01 $ 10,598.50 $ 11,339.45 $ 10,085.31 $ 14,896.72 $ 11,535.59 August $ 6,742.61 $ 10,593.70 $ 8,815.25 $ 9,082.29 $ 8,269.44 $ 7,945.59 $ 10,608.06 $ 9,593.90 $ 11,649.36 $ 11,151.63 September $ 5,922.59 $ 9,751.29 $ 10,810.41 $ 7,002.88 $ 6,521.58 $ 8,370.87 $ 8,501.65 $ 8,674.46 $ 8,268.17 $ 9,347.52 October $ 5,440.96 $ 8,932.13 $ 8,420.66 $ 9,350.00 $ 7,532.98 $ 6,248.35 $ 8,050.65 $ 9,384.25 $ 9,678.30 $ 9,821.40 November $ 5,596.69 $ 8,361.31 $ 7,632.37 $ 8,565.03 $ 6,345.25 $ 6,505.43 $ 6,877.83 $ 7,494.25 $ 7,420.82 $ 8,030.18 December $ 5,132.68 $ 8,191.84 $ 8,154.00 $ 9,352.50 $ 5,438.95 $ 6,096.86 $ 6,207.57 $ 6,596.46 $ 7,015.87 $ 7,958.62 January $ 4,609.31 $ 5,007.93 $ 10,445.70 $ 9,252.82 $ 5,542.87 $ 6,215.62 $ 6,224.44 $ 6,281.67 $ 9,280.24 $ 7,686.40 February $ 6,861.61 $ 7,854.91 $ 10,519.81 $ 12,030.53 $ 6,140.21 $ 8,436.60 $ 7,503.12 $ 6,805.01 $ 7,832.08 $ 7,240.51 March $ 7,057.45 $ 7,913.27 $ 10,528.61 $ 12,797.07 $ 7,968.88 $ 8,415.96 $ 7,949.10 $ 7,617.85 $ 10,432.93 $ 9,800.56 April $ 7,858.50 $ 8,513.42 $ 10,610.51 $ 12,415.17 $ 6,281.67 $ 7,809.32 $ 8,445.75 $ 10,170.86 $ 9,308.99 $ 9,714.76 May $ 8,771.56 $ 8,367.92 $ 14,787.33 $ 6,145.51 $ 6,808.26 $ 7,529.70 $ 9,622.08 $ 9,031.49 $ 9,423.33 $ 10,052.49 June $ 10,184.34 $ 12,181.62 $ 14,808.57 $ 7,873.60 $ 9,857.63 $ 12,977.34 $ 10,710.65 $ 12,155.68 $ 12,248.53 $ 12,099.72 Totals $79,964.71 $105,311.57 $123,545.71 $114,792.32 $85,014.73 $97,150.14 $102,040.35 $103,891.19 $117,455.34 $114,439.38 31.7% 17.3% -7.1% -25.9% 14.3% 5.0% 1.8% 13.1% -2.6% Fiscal Year 1990/1991 1991/1992 1992/1993 1993/1994 1994/1995 1995/1996 1996/1997 1997/1998 1998/1999 1999/2000 July $ 13,720.98 $ 13,835.53 $ 14,410.51 $ 17,338.90 $ 17,752.99 $ 18,776.01 $ 20,471.24 $ 19,893.46 $ 19,726.19 $ 22,655.82 August $ 13,327.01 $ 13,591.82 $ 13,513.34 $ 16,928.73 $ 17,105.10 $ 20,969.90 $ 21,685.32 $ 21,883.61 $ 23,487.42 $ 28,017.14 September $ 10,171.56 $ 10,681.55 $ 10,772.07 $ 13,876.34 $ 18,414.56 $ 19,229.18 $ 18,664.93 $ 20,378.96 $ 20,269.65 $ 20,910.21 October $ 10,722.91 $ 12,216.31 $ 13,472.59 $ 12,578.75 $ 15,668.57 $ 15,516.09 $ 14,489.28 $ 14,303.46 $ 20,486.31 $ 20,677.38 November $ 7,954.50 $ 10,560.95 $ 7,781.24 $ 15,261.58 $ 16,589.06 $ 15,522.61 $ 15,967.97 $ 16,281.67 $ 19,115.31 $ 20,528.77 December $ 7,896.39 $ 9,063.20 $ 6,072.76 $ 12,078.74 $ 13,935.47 $ 14,181.78 $ 14,383.71 $ 14,820.79 $ 18,926.25 $ 16,711.09 January $ 9,847.97 $ 9,120.35 $ 5,627.35 $ 11,237.49 $ 12,818.53 $ 12,269.00 $ 13,595.07 $ 12,244.44 $ 13,136.23 $ 14,903.80 February $ 7,817.88 $ 9,995.00 $ 7,987.96 $ 12,969.35 $ 12,182.43 $ 11,465.48 $ 11,094.43 $ 10,956.36 $ 14,805.04 $ 16,320.99 March $ 11,112.20 $ 11,050.74 $ 14,139.39 $ 13,697.19 $ 11,555.69 $ 12,575.05 $ 14,030.41 $ 14,851.17 $ 15,814.66 $ 21,146.50 April $ 12,921.44 $ 11,859.90 $ 12,756.40 $ 15,983.43 $ 14,918.33 $ 17,394.99 $ 17,300.55 $ 16,516.12 $ 18,276.17 $ 20,126.59 May $ 13,304.13 $ 11,867.02 $ 13,198.52 $ 15,702.74 $ 15,948.94 $ 16,500.95 $ 18,592.72 $ 19,331.56 $ 22,488.44 $ 20,149.26 June $ 13,547.00 $ 12,762.61 $ 13,262.95 $ 15,095.92 $ 15,910.06 $ 17,837.35 $ 18,939.97 $ 19,724.90 $ 20,443.94 $ 20,149.26 Totals $132,343.97 $136,604.98 $132,995.08 $172,749.16 $182,799.73 $192,238.39 $199,215.60 $201,186.50 $226,975.61 $242,296.81 15.6% 3.2% -2.6% 29.9% 5.8% 5.2% 3.6% 1.0% 12.8% 6.8% Fiscal Year 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 July $ 21,701.37 $ 35,273.48 $ 43,970.36 $ 43,671.21 $ 43,673.82 $ 65,700.54 $ 56,316.10 $ 80,834.96 $ 56,727.55 $ 82,535.34 August $ 40,890.80 $ 39,958.62 $ 51,396.32 $ 55,334.76 $ 59,233.34 $ 75,355.38 $ 58,810.64 $ 76,442.59 $ 63,321.89 $ 82,296.53 September $ 38,398.70 $ 37,584.54 $ 36,843.66 $ 44,136.10 $ 44,113.61 $ 61,496.02 $ 55,834.94 $ 72,632.54 $ 56,104.77 $ 65,900.15 October $ 38,720.79 $ 31,888.87 $ 32,294.38 $ 35,173.87 $ 42,609.94 $ 61,377.50 $ 71,852.91 $ 68,488.04 $ 49,670.67 $ 61,774.90 November $ 33,607.79 $ 34,704.10 $ 33,988.75 $ 38,461.82 $ 42,246.55 $ 55,673.45 $ 56,511.32 $ 78,700.79 $ 59,595.73 $ 69,554.94 December $ 27,059.61 $ 31,923.16 $ 32,655.54 $ 35,188.61 $ 43,107.99 $ 52,322.57 $ 55,710.07 $ 53,081.12 $ 69,178.70 $ 64,092.82 January $ 23,987.09 $ 25,160.35 $ 32,615.06 $ 36,036.00 $ 46,851.70 $ 37,483.18 $ 44,205.34 $ 47,878.21 $ 51,712.67 $ 58,685.60 February $ 23,640.44 $ 26,616.34 $ 33,848.14 $ 45,306.09 $ 40,169.90 $ 37,831.53 $ 42,249.42 $ 46,523.20 $ 61,469.72 $ 72,720.46 March $ 26,849.31 $ 27,129.13 $ 46,095.00 $ 51,997.30 $ 41,611.61 $ 38,647.47 $ 46,805.15 $ 49,776.67 $ 63,043.48 $ 57,750.68 April $ 32,017.62 $ 37,570.21 $ 46,940.38 $ 45,771.72 $ 60,791.55 $ 58,887.40 $ 66,980.25 $ 73,027.15 $ 77,923.00 $ 87,394.90 May $ 33,220.35 $ 35,581.94 $ 45,091.48 $ 47,631.28 $ 53,900.48 $ 51,409.15 $ 61,304.18 $ 53,529.79 $ 73,862.42 $ 83,219.25 June $ 33,181.60 $ 38,774.64 $ 41,672.20 $ 45,048.81 $ 59,450.76 $ 53,158.17 $ 80,238.62 $ 63,323.06 $ 76,582.48 $ 93,201.00 Totals $373,275.47 $402,165.38 $477,411.27 $523,757.57 $577,761.25 $ 649,342.36 $ 696,818.94 $ 764,238.12 $ 759,193.08 $ 879,126.57 54.1% 7.7% 18.7% 9.7% 10.3% 12.4% 7.3% 9.7% -0.66% 15.80% (HSC Arrival) Fiscal Year 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 July $ 92,071.44 $ 99,032.51 $ 84,670.68 $ 82,640.21 $ 92,635.12 $ 97,375.39 $ 108,306.59 $ 107,670.20 $ 127,811.21 $ 115,990.77 August $ 94,682.94 $ 112,283.55 $ 86,097.25 $ 82,274.32 $ 84,246.07 $ 108,706.02 $ 115,198.82 $ 145,352.06 $ 131,345.55 $ 131,208.85 September $ 82,611.87 $ 108,804.55 $ 81,830.86 $ 73,357.13 $ 80,009.26 $ 80,806.01 $ 109,026.26 $ 118,856.35 $ 124,414.35 $ 114,899.51 October $ 63,470.17 $ 89,471.86 $ 81,025.68 $ 70,261.17 $ 78,375.69 $ 81,802.26 $ 92,724.58 $ 105,652.30 $ 116,079.03 $ 107,855.61 November $ 66,472.41 $ 100,628.13 $ 83,121.27 $ 79,322.97 $ 94,664.03 $ 96,718.30 $ 100,355.16 $ 99,182.30 $ 133,340.57 $ 132,040.19 December $ 65,736.67 $ 89,742.32 $ 67,103.79 $ 74,184.28 $ 71,320.27 $ 88,294.76 $ 80,560.31 $ 80,820.86 $ 112,921.57 $ 105,493.40 January $ 55,579.94 $ 73,037.98 $ 60,566.33 $ 63,503.73 $ 70,579.54 $ 67,155.59 $ 67,875.69 $ 78,009.84 $ 92,658.36 $ 83,432.35 February $ 58,579.04 $ 77,572.06 $ 50,460.64 $ 66,168.66 $ 64,212.59 $ 62,931.53 $ 67,828.66 $ 84,493.98 $ 87,557.99 $ 74,194.80 March $ 73,451.25 $ 77,541.01 $ 53,399.35 $ 64,026.92 $ 58,068.47 $ 72,599.61 $ 66,367.86 $ 93,764.21 $ 91,398.27 $ 90,058.34 April $ 83,882.70 $ 99,156.84 $ 75,444.65 $ 102,219.48 $ 100,239.86 $ 91,485.84 $ 95,299.13 $ 113,615.32 $ 121,533.99 $ 90,098.41 May $ 88,004.55 $ 86,189.58 $ 68,158.13 $ 81,559.52 $ 97,212.22 $ 94,672.91 $ 98,282.16 $ 107,714.74 $ 121,943.18 $ 39,730.98 June $ 98,268.28 $ 92,994.43 $ 89,051.48 $ 88,958.53 $ 99,414.56 $ 103,178.55 $ 102,158.91 $ 126,818.44 $ 127,550.89 $ 72,334.38 Totals $ 922,811.26 $1,106,454.82 $880,930.11 $928,476.92 $ 990,977.68 $ 1,045,726.77 $ 1,103,984.14 $ 1,261,950.59 $ 1,388,554.94 $ 1,157,337.59 4.97% 19.90% -20.4% 5.4% 6.7% 5.5% 5.6% 14.3% 10.0% -16.7% (HSC Shut-down) (Eclipse / Irma/LG) (COVID-19) Fiscal Year 2020/2021 2021/2022 Chg. % vs. PY July $ 95,041.82 $ 122,783.84 29% August $ 98,591.79 $ 157,845.66 60% September $ 89,347.76 $ 148,176.30 66% October $ 87,843.78 $ 108,892.89 24% November $ 97,807.74 December $ 76,129.93 January $ 70,135.93 February $ 12,704.55 March $ 139,570.34 April $ 106,494.86 May $ 115,671.34 June $ 128,051.65 Totals $ 1,117,391.48 -3.45% (COVID-19) Rate Changes