ACVB EXECUTIVE COMMITTEE MEETING THURSDAY, MARCH 26, 2020 | 8:00 a.m. VIA TELECONFERENCE
CALL TO ORDER
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JO ANN HEROLD CHAIR, BOARD OF DIRECTORS
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@christopherbw
PRESIDENT’S REPORT
WILLIAM PATE PRESIDENT AND CEO
DESTINATION REPORT
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MARK VAUGHAN EVP/CSO
ATLANTA OCCUPANCY – FEBRUARY 2020 February 2020 YTD occupancy ACVB tax revenue district
Atlanta convention hotels
Hotels within 1-mile radius of GWCC
Metro Atlanta
Source: STR
2019
2020
74.7%
71.0%
80.7%
78.3%
78.4%
74.1%
64.7%
67.7%
KEY SALES ACTIVITIES Year-to-date booking goal – February Year-to-date lead goal – February
135.2% 121.0%
Direct Sales Events
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Envision SISO CBI Pharma Forum NTA Final Four MPI New England MPI Kansas City Sports Commission PCMA Visionary Conference Direct
Postponed Postponed Canceled Postponed Canceled Canceled Canceled Postponed Postponed Postponed
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FINANCIAL REPORT
GREGORY PIERCE EVP/CAO/CFO
ATLANTA CONVENTION & VISITORS BUREAU STATEMENT OF REVENUE & EXPENSE (in millions) Revenue-public
REVISED ORIGINAL Variance YE FORECAST BUDGET 12/31/20 12/31/20
Revenue-private Reserve transfer Total revenue
$17.8 $1.2 $3.3 $22.3
$27.4 $6.5 $33.9
($9.6) ($5.3) $3.3 ($11.6)
Direct promotional exp.
$10.6
$20.1
$9.5
Payroll & related exp.
$8.8
$10.2
$1.4
Operating exp.
$2.9
$3.1
$0.2
Total expense
$22.3
$33.4
$11.1
Excess (deficiency)
$0.0
$0.5
($0.5)
CONTINGENCY PLAN ITEMS Payroll and related 401k match and discretionary contribution Furloughs – staff Salary freeze/hiring freeze/miscellaneous items Direct promotional expense Program cuts across the board, and still underway (and the effect of removing nearly all private participation) Operating expense Cuts underway involving many vendor contacts/contract review, etc.; more reductions coming
$644,000 $421,000 $335,000 $1,400,000 $ 9,500,000
$200,000
We also have many refunds coming of deposits and items paid for programs no longer happening. This will be a six-figure amount. Current total:
$11,100,000
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OLD BUSINESS
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NEW BUSINESS
ADJOURN