HomeMy WebLinkAboutBIDMinutes_2020_04_28BID Board Meeting
Tuesday, April 28, 2020
Meeting called to order at 1:00 pm
Present: Randy Soma, Laura Schoen Carbonneau, Tom Richter, and Lynda Pierce.
Staff: Mike Struck
AGENDA
1. Call to order
2. Approval of Agenda. Motion by Richter, second by Schoen Carbonneau, motion carries.
3. Approval of Minutes. Motion by Soma, second by Richter, motion carries.
4. New Business
Election of 2020 Officers
Chair – Tom Richter
Vice Chair – Randy Soma
Secretary – Laura Schoen Carbonneau
Motion by Schoen Carbonneau, second by Soma to approve the above slate of officers. Motion carries.
2019 Annual Reports
Struck reviewed the BID 2019 report. Hotels submit tax reports by the 20th of each month. 2019
occupancy was 53%, up from 2018 (which was 47%). 2019 BID collections were $250,870. Normal stays
comprised 91% of the occupancies while extended stays made up 8% and complimentary rooms
accounted for 1%. Days of the week occupancy was very consistent with past years trends with Friday
and Saturday generating the highest demand with mid-week Tuesday/Wednesday running around 53%
occupancy.
2019 BID financials were reviewed. $250,870 revenues collected and $3,147.52 interest income;
$230,000 paid to CVB; $5,677.16 administration fee paid to the City (capped by a certain percentage).
Unrestricted fund balance $80,361.60; restricted fund balance $131,096.00.
Action to approve a 2021 Plan of Improvements for Business Improvement District #1
Discussion of overall budgeting and City G&E Policy. Schoen Carbonneau discussed Department of
Tourism projecting 25% decrease in travel demand for remainder of 2020 due to COVID-19. Suggested
writing a funding recommendation with a conservative dollar amount with the opportunity to re-
evaluate funding if visitor industry rebounds quicker than projected. Convention & Visitors Bureau is
working on 2021 budget and decreased revenue will result in programming cuts. Richter discussed
concept of utilizing $30,000 from Restricted Fund Balance and $40,000 from Unrestricted Fund Balance
to off-set the decrease in projected revenue for 2020. Pierce discussed the importance of establishing
reserve balances for difficult times and emphasized the need to try to maintain funding for the CVB to
ensure the recovery period is as short as possible by providing the CVB with the opportunity to secure
future events. Schoen Carbonneau is estimating 45% of 2019 occupancies for budgeting purposes
would generate approximately $121,000. Struck reported 2020 1st quarter revenues at $48,718.
Committee discussed interest and intentions to continue support/funding of CVB, as well as continuing
to build the reserve fund for larger capital projects related to the visitor industry.
Motion by Soma, 2nd by Richter to fund Convention and Visitors Bureau at $230,000 with $80,000 from
Unrestricted Fund Balance and the remainder from 2021 Pillow Tax Revenues and if necessary utilize
Restricted Fund Balance. Motion carries.
6. Adjournment. Motion by Soma, second by Richter. Motion carries.