FY12 Budget Presentation

Convention & Entertainment Facilities Department

Annise Parker, MayorDawn Ullrich, Director

CEF in FY12

• Transition to Houston First• CEF remains in place for purposes of debt

retirement• CEF budget for FY12:

– Pledged revenues and related expenses are recorded on city books

– Net available pledged revenues are transferred to Houston First to operate facilities

• Houston First will operate on a calendar year

CEF FY 11 Accomplishments• Completed $1.5M in sound, seating and accessibility improvements

at Miller Outdoor Theatre• Opened $1.2M Baker Commons venue, including statue of James A.

Baker, along Buffalo Bayou• Directed new Gloworama spectacular on New Year’s Eve, attracting

25,000 visitors to downtown and viewers in 250,000 Houston households

• Coordinated NCAA Final Four festivities at GRB, Discovery Green – estimated attendance of 70,000 and direct citywide spending of $100M

• Hosting 10,000 athletes for Summer National Senior Games, June 16-30

• Implemented hotel incentive program to open 262-room Embassy Suites near GRB

• Completed transition to Houston First Corporation

CEF BudgetFY 12 Budget

Beginning Fund Balance $ 45,182,579

Revenue

Hotel Occupancy Tax Revenue 62,220,000

Parking Revenue 8,574,382

Lease Income 1,380,000

Miscellaneous Income 574,667

Interest Income 984,000 73,733,049

Expenditures

Termination Pay 666,215

Debt Service 21,366,953

Net available pledged revenues 50,411,429

Transfers to General Fund 10,403,107

Transfers to Houston First (Initial working capital) 16,189,523 99,037,227

Ending Balance $ 19,878,401  

FY12 Budget Presentation

Convention & Entertainment Facilities Department

Annise Parker, MayorDawn Ullrich, Director