The LVCVA's financial results for FY 2013 year to date (July through February-unaudited) reflect a continuing trend of stability and recovery. The first eight months of FY 2013 show a modest increase over FY 2012, marking the third consecutive year of positive trends. Key results fiscal year to date as compared to the same period last year:
Room tax revenues fiscal year-to-date reflect a slight increase over the prior year. Room tax revenues for FY 2013 are budgeted at $210 million, comparable to FY 2007 levels.
Although we are pleased with the stability, the threat of another recessionary 'dip' is a constant fiscal moderator. The LVCVA will continue to assess its position with a commitment to remain flexible, responsive and timely as the tourism industry navigates through the economic recovery.
The LVCVA developed and implemented a nine-point plan to incrementally restore funding as revenue streams grow and prove sustainable. Priority funding has been allocated to advertising and marketing the destination, rebuilding fund balance and reserves, as well as restoring personnel and operating budgets. With positive indicators the LVCVA continues to look forward through this recovery and move away from the short-term planning that was necessary during the recession. The LVCVA is now focusing on building longer-term plans to lay the groundwork and drive the destination forward through the Las Vegas Global Business District. In FY 2013 LVCVA is also able to begin reinvesting in our facilities and infrastructure.
The Southern Nevada Index of Leading Economic Indicators (SNILEI) reports an increase in the overall leading index for the period ended December 2012 of 2.87% as compared to the same period last year. This appears to signal expectations for a continued slow recovery. The SNILEI measures changes in multiple activities, including residential and commercial building permits, taxable sales, air passengers emplaned and deplaned, gross gaming revenues, gasoline sales, visitor volume and convention attendance.
Management continues to monitor our financial position daily and is encouraged by each positive signal.
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 28 consecutive years (fiscal years ended 1984 - 2011)
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, 2011. 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 24 consecutive years.