The LVCVA FY 16 (July 1, 2015 - June 30, 2016) budget forecasts the sixth consecutive year of room tax stability and growth. Room tax revenues for FY 15 amounts are budgeted at $229.6 million, and FY 2016 amounts are budgeted to grow to $240.2 million, which would be the highest room tax revenue in LVCVA history. Key fiscal results year to date as compared to the same period last year (July 2014 - March 2015) indicate positive trends:
With recent developments providing confidence in economic stability, the LVCVA has incrementally restored funding to expenditures and has been able to navigate toward longer-term plans to drive the destination forward. In order to maintain our position as the No.1 tradeshow destination, we are developing the Las Vegas expansion and renovation project. This long-range transformational project is designed to launch Las Vegas decades ahead of competing destinations and further develop Las Vegas as an international business hub.
Recent reinvestment in the destination from resort partners and other local businesses also give cause for optimism. (In July 2013, the LVCVA successfully negotiated a 5-year contract with our union. This gives consistency to one of the most significant cost components in our operating budget).
As the tourism industry navigates through the economic recovery, the LVCVA will continue to assess its position with a commitment to remain flexible, responsive and timely to ensure resource allocations align with the objectives of the LVCVA to achieve sustainable growth for the destination.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the LVCVA for its Comprehensive Annual Financial Report for the year ended June 30, 2014. This Certificate of Achievement is a prestigious award recognizing conformance with the highest standards for the preparation of state and local government financial reports.
To be awarded the Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to the program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The LVCVA has received this award for the past 31 consecutive years (fiscal years ended 1984 - 2014)
The Popular Annual Financial Report summarizes the LVCVA's financial activities and performance results in a format specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance. The PAFR is an unaudited report and presented on a non-GAAP basis. It is a condensed and simplified presentation that does not include all the required financial presentations or notes to the financial statements. It is intended to simplify, but not to replace the CAFR. The LVCVA has received the Award for Outstanding Achievement in Popular Annual Financial Reporting for its June 30, 2014 PAFR from the Government Finance Officers Association (GFOA).
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Distinguished Budget Presentation Award to the LVCVA for its annual budget for the fiscal year beginning July 1, 2014. To receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan, and a communicative device. The award is valid for a period of one year only. The LVCVA has received this award for the past 26 consecutive years.
The Budget in Brief summarizes the LVCVA's adopted budget for each fiscal year. It is a condensed version of the budget book in a concise format to make it easier to review. It is not intended to replace the budget book, but provide a high level overview about all funds of the LVCVA.