Executive Committee Mtg 04-16-24

Consent Agenda

Page 7 of 55

DETROIT METRO CONVENTION & VISITORS BUREAU

ACTUAL/FORECAST 2024

1st-Quarter-2024

2nd-Quarter-2024

3rd-Quarter-2024

4th-Quarter-2024

YTD-2024

Actual/Forecast

Budget

Variance Actual/Forecast

Budget

Variance

Forecast

Budget

Variance

Forecast

Budget

Variance Actual/Forecast

Budget

Variance

Revenues

Assessment

$

4,307,860

$ 3,893,490

$

414,370

$

5,552,655

$ 5,356,615

$

196,040

$

6,192,750 5,987,607 $

$

205,143

$

5,408,364 5,319,781 $

$

88,583

21,461,629

$

20,557,493

$

904,136

Membership Revenue

$

20,654

$

76,029

$

(55,375)

$

53,460

$

76,029

$

(22,569)

$

54,352

$

76,029

$

(21,677)

$

69,210

$

76,037

$

(6,827)

197,676

$

304,124

$ (106,448)

Events, Publications & Sponsorships

$

30,085

$

10,670

$

19,415

$

2,100

$

2,500

$

(400)

$

71,672

$

77,752

$

(6,080)

$

-

$

-

$

-

103,857

$

90,922

$

12,935

Other Revenues

$

217,407

$

168,000

$

49,407

$

195,886

$

154,574

$

41,312

$

180,894

$

168,000

$

12,894

$

166,735

$

168,000

$

(1,265)

760,922

$

658,574

$

102,348

Total Revenues

$

4,576,007

$ 4,148,189

$

427,818

$

5,804,101

$ 5,589,718

$

214,383

$

6,499,668 6,309,388 $

$

190,280

$

5,644,309 5,563,818 $

$

80,491

22,524,085

$

21,611,113

$

912,971

Actual 2023 Actual-2022 Actual-2021

$ $ $

3,855,301 3,085,521 1,676,097

$ 3,881,874 $ 2,645,221 $ 1,601,885

$ $ $

(26,573) 440,300

$ $ $

5,092,912 4,223,307 2,733,632

$ 4,812,529 $ 3,745,897 $ 2,324,589

$ $ $

280,383 477,410 409,043

$ $ $

5,640,888 5,228,754 $ 5,086,742 4,069,872 $ 4,189,287 2,812,210 $

$

412,134

$ $ $

4,827,014 4,628,726 $ 5,240,942 3,377,656 $ 4,337,507 2,374,447 $

$

198,288

19,416,115 17,636,512 12,936,523

$ $ $

18,551,883

$

864,232

$ 1,016,870 $ 1,377,077

$ 1,863,286 $ 1,963,060

13,838,646 3,797,866 $ 9,113,130 3,823,393 $

74,212

Actual-2020

$

3,448,633

$ 3,448,633

$

-

$

1,633,364

$

514,384 1,118,980 $

$

2,003,446 1,278,277 $

$

725,169

$

2,501,698 2,354,693 $

$

147,005

9,587,141

$

7,595,987 1,991,154 $

Actual-2019

$

3,776,886

$ 4,012,375

$ (235,489) $

4,682,371

$ 4,730,937

$

(48,566)

$

5,087,339 5,361,315 $

$ (273,976) $

4,503,540 4,590,367 $

$

(86,827)

18,050,136

$

18,694,994

$ (644,858)

Actual-2018

$

3,863,181

$ 3,927,050

$

(63,869)

$

4,552,546

$ 4,673,991

$ (121,445) $

5,301,631 4,968,955 $

$

332,676

$

4,912,761 4,430,467 $

$

482,294

18,630,119

$

18,000,463

$

629,656

Actual-2017 Actual-2016 Actual-2015 Actual-2014 Actual-2013 Actual-2012 Actual-2011 Actual-2010

$ $ $ $ $ $ $ $

3,701,622 3,416,729 3,160,313 2,995,995 2,619,150 2,627,968 2,293,556 2,038,457

$ 3,660,285 $ 3,255,122 $ 3,145,796 $ 2,771,317 $ 2,570,315 $ 2,490,920 $ 2,099,610 $ 2,102,747

$ $ $ $ $ $ $ $

41,337

$ $ $ $ $ $ $ $

4,405,687 3,997,145 3,738,328 3,390,843 3,110,541 2,938,240 2,562,495 2,315,060

$ 3,838,439 $ 3,887,862 $ 3,560,384 $ 3,258,737 $ 3,026,387 $ 2,686,940 $ 2,384,516 $ 2,297,943

$ $ $ $ $ $ $ $

567,248 109,283 177,944 132,106 84,154 251,300 177,979 17,117

$ $ $ $ $ $ $ $

4,796,440 4,649,022 $ 4,410,752 4,513,614 $ 4,260,540 4,126,067 $ 3,929,588 3,629,929 $ 3,517,742 3,373,296 $ 3,218,211 3,089,312 $ 2,990,593 2,734,083 $ 2,665,342 2,555,984 $

$

147,418

$

4,444,939 4,149,303 $ 4,233,640 3,822,383 $ 4,055,153 3,568,319 $ 3,775,947 3,265,215 $ 3,274,615 3,032,442 $ 3,150,601 2,714,543 $ 2,887,778 2,499,322 $ 2,520,318 2,374,742 $

$ $ $ $ $ $ $ $

295,636 411,257 486,834 510,732 242,173 436,058 388,456 145,576

17,348,688 16,058,266 15,214,334 14,092,372 12,522,048 11,935,020 10,734,422 9,539,177

$ $ $ $ $ $ $ $

16,297,049 1,051,639 $

161,607

$ (102,862) $

15,478,981 14,400,566

$ $

579,285 813,768

14,517 224,678 48,835 137,048 193,946 (64,290)

$ $ $ $ $ $

134,473 299,659 144,446 128,899 256,510 109,358

$ $ $ $ $ $

12,925,198 1,167,174 $

12,002,440 10,981,715

$ $

519,608 953,305

9,717,531 1,016,891 $

9,331,416

$

207,761

Direct Promotional Expenses

Fams, Events & Sponsorships

$

649,295

$

622,050

$

27,245

$

388,272

$

374,050

$

14,222

$

150,022

$

142,350

$

7,672

$

429,712

$

409,850

$

19,862

1,617,301

$

1,548,300

$

69,001

Tradeshows & Conferences

$

305,328

$

298,350

$

6,978

$

238,675

$

229,000

$

9,675

$

261,499

$

249,400

$

12,099

$

261,712

$

264,500

$

(2,788)

1,067,214

$

1,041,250

$

25,964

Sales

$

1,084,015

$

986,509

$

97,506

$

1,081,531

$ 1,052,009

$

29,522

$

1,003,555

$

964,849

$

38,706

$

920,999

$

882,003

$

38,996

4,090,100

$

3,885,370

$

204,730

Detroit Metro Sports Commission

$

1,003,368

$

930,195

$

73,173

$

1,097,947

$ 1,050,968

$

46,979

$

945,215

$

918,852

$

26,363

$

790,949

$

762,998

$

27,951

3,837,478

$

3,663,013

$

174,465

Bureau Services

$

1,150,041

$ 1,130,584

$

19,457

$

797,275

$

772,388

$

24,887

$

1,039,554 1,037,407 $

$

2,147

$

690,220

$

651,654

$

38,566

3,677,091

$

3,592,033

$

85,058

Advertising & Marketing

$

1,245,196

$ 1,081,111

$

164,085

$

1,517,514

$ 1,482,134

$

35,380

$

742,300

$

733,163

$

9,137

$

1,032,115

$

926,659

$

105,456

4,537,124

$

4,223,067

$

314,057

Publication & Mkt Communications

$

549,490

$

567,786

$

(18,296)

$

512,445

$

502,965

$

9,480

$

461,588

$

429,088

$

32,500

$

475,226

$

468,418

$

6,808

1,998,749

$

1,968,257

$

30,492

Total Direct Promotional

$

5,986,733

$ 5,616,585

$

370,148

$

5,633,659

$ 5,463,514

$

170,145

$

4,603,733 4,475,109 $

$

128,624

$

4,600,933 4,366,082 $

$

234,851

20,825,057

$

19,921,290

$

903,767

OTHER OPERATING EXPENSES

Executive & Administrative

$

412,804

$

432,568

$

(19,764)

$

379,282

$

374,109

$

5,173

$

337,280

$

338,082

$

(802)

$

422,756

$

384,177

$

38,579

1,552,122

$

1,528,936

$

23,186

Total Other Operating Expenses

$

412,804

$

432,568

$

(19,764)

$

379,282

$

374,109

$

5,173

$

337,280

$

338,082

$

(802)

$

422,756

$

384,177

$

38,579

1,552,122

$

1,528,936

$

23,186

NON-OPERATING EXPENSES Depreciation

$

42,296

$

39,624

$

2,672

$

15,687

$

39,624

$

(23,937)

$

42,540

$

39,624

$

2,916

$

42,540

$

39,624

$

2,916

143,064

$

158,496

$

(15,432)

Total Other Expenses

$

42,296

$

39,624

$

2,672

$

15,687

$

39,624

$

(23,937)

$

42,540

$

39,624

$

2,916

$

42,540

$

39,624

$

2,916

143,064

$

158,496

$

(15,432)

Total All Expenses

$

6,441,833

$ 6,088,777

$

353,056

$

6,028,628

$ 5,877,247

$

151,381

$

4,983,553 4,852,815 $

$

130,738

$

5,066,229 4,789,883 $

$

276,346

22,520,243

$

21,608,722

$

911,521

Surplus (Deficit)

$

(1,865,826)

$ (1,940,588) $

74,762

$

(224,526)

$

(287,529)

$

63,002

$

1,516,114 1,456,573 $

$

59,541

$

578,080

$

773,935

$

(195,855)

3,842

$

2,391

$

1,451

M:\Monthly Financials\DMCVB\2024 Monthly FS\03 March 2024\Mar 2024 Financials\Forecast n Actual 03-31-2024sz (new)

4/11/2024: 10:14 AM