NO LONGER TRACKED AS KPI (DEPARTMENT REPORTS ON MONTHLY FORECAST)

The Public Events Department (Culture & Tourism Fund) is funded by hotel/motel tax, DFW revenue share, and revenues from events at the Fort Worth Convention and Will Rogers Memorial Center. Funds are used to cover operating expenses at both facilities, the contract with the Fort Worth Convention & Visitor's Bureau, which is the marketing arm of Fort Worth, and debt obligations associated with both facilities, maintenance and improvements. Tracking this performance indicator ensures the department is operating efficiently and is fiscally sound. Reaching and/or exceeding the budgeted revenue goal enables the department to understand trends and manage the events and facilities adequately. Revenue goals for FWCC differs from WRMC because of the business market, the types of events and their cyclical dates booked at the facility.

The monthly budget report is exported from the City of Fort Worth ERP Financials to an Excel spreadsheet by the department's Budget Coordinator.  The data captures revenues and expenditures by line item and cost center.  The reports compare current revenues and expenditures to the approved budget and actual amounts to prior year's expenditures.  The Monthly Report is distributed to Senior staff and kept on the shared drive by fiscal year titled "Monthly Report".   Revenue and Expense amounts specific to FWCC and WRMC are obtained via the City of Fort Worth ERP Financials.  From the Main Menu select "CFW Budget to Actual Reporting"; "Operating - Dept. Summary";  Enter "Budget Period", "Fund" and "Department".  Budgeted revenue is based on the prior year's performance and projected income from bookings.  Information is pulled monthly, quarterly and year end.  

Actual = Actual Monthly Revenue

High Variance = Actual Revenue of same month in pervious year

Low Variance = Actual Revenue of same month in pervious year - 10%