CVB Special Board Meeting


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  6.       
Meeting Date: 07/21/2021  

SUBJECT MATTER:
Receive, consider and act upon the 2022 Budget; 
BACKGROUND:
Each year, Visit The Woodlands follows The Woodlands Township's directives and timelines regarding the submission of its annual operating budget. Due to the economic impact of COVID-19 pandemic, a special Budget Task Force was created by The Woodlands Township to maximize dollars within all departments including Visit The Woodlands.

Visit The Woodlands staff continues to review and adjust its 2021 Operating Budget based on market factors and forecasts as well as Board advisement. For the 2022 Budget process, staff prepared an operating budget to include general expenses as well as all Visit The Woodlands sales, marketing and tourism initiatives. 

Staff incorporated Board input and forecasts for Q3 and Q4 of 2021 and calendar year 2022 from its April 21, 2021 Board meeting. 

Visit The Woodlands staff completed all directives and deadlines given by The Woodlands Township for the 2022 Budget Process, which was submitted on May 7, 2021, included in Attachment "B." 

As travel, rebounds new sales and marketing opportunities will present themselves that could be funded through general reserve. Staff will continue to monitor these proposals and could bring additional expenditures to this Board for special consideration to modify budget allocations. 

Staff will work with Township's Finance Department and the Budget Task Force to fine tune the departmental budget before the adoption of the 2022 budget in Q3. 
RECOMMENDATION
To be determined by Visit The Woodlands Board of Directors. 

Attachments
Attachment A - 2021 CVB Adopted Budget Packet
Attachment B - 2022 Department Budget Plan


    

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