The LVCVA FY 14 (July 1, 2013 - June 30, 2014) budget forecasts the fourth consecutive year of room stability and growth. Room tax revenues for FY 2014 are budgeted at $213 million, which is comparable to FY 2007 levels. Key results fiscal year to date as compared to the same period last year (July 2013 - Dec 2013) indicate positive trends:
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.
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 Global Business District. 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.
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, 2012. 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 29 consecutive years (fiscal years ended 1984 - 2012)
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, 2012 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, 2013. 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 25 consecutive years.