The LVCVA’s financial results for FY 2012 year to date (July through February) reflect a continuing trend of stability and moderate recovery. Key results fiscal year to date as compared to the same period last year:

• Room tax revenue is up 18%
• Visitor volume is up 3.6%
• Average daily rate is up 14%
• Average number of rooms occupied daily is up 1.5%

Room tax was conservatively budgeted to remain flat in FY 2011; however, FY 2011 room tax revenues exceeded FY 2010 by nearly 14%. Room tax revenue has continued that improving trend during the first half of FY 2012. As of February 2012, room tax has exceeded expectations each month for the past twenty-four consecutive months. Based on these continued increases the LVCVA Board of Directors approved a budget augmentation in March 2012 which increased FY 2012 budgeted room tax revenues by $27 million. This revised estimate of $200 million is comparable to FY 2006 levels.

Although we are pleased with the increases, revenues have not yet returned to peak levels as seen in FY 2008, and the threat of another recessionary ‘dip’ is a constant fiscal moderator.

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.

The Southern Nevada Index of Leading Economic Indicators (SNILEI) reports an increase in the overall index for the period ended March 2012 of 2.2% 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.

Clark County total gaming win is also showing some improvement as reported by the Nevada Gaming Control Board. February 2012 reports show a twelve month increase of 6.56%.

Management continues to monitor our financial position daily and is encouraged by each positive signal.

1. Financial Status April 2012

1. Comprehensive Annual Financial Reports (CAFRs)

   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, 2010. 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)

   1. FYE 6/30/2006
   2. FYE 6/30/2007
   3. FYE 6/30/2008
   4. FYE 6/30/2009
   5. FYE 6/30/2010
   6. FYE 6/30/2011
   
   
2. Popular Annual Financial Report (PAFR)

   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, 2010 PAFR from the Government Finance Officers Association (GFOA).

   1. FYE 2007
   2. FYE 2008
   3. FYE 2009
   4. FYE 2010
   5. FYE 2011
   
   
3. SEC Disclosure (for year ended June 30, 2011)
   
   

1. Annual Budgets

   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 22 consecutive years.

   1. FY 2008/2009
   2. FY 2009/2010
   3. FY 2009/2010 - CIP
   4. FY 2010/2011
   5. FY 2011/2012
   
   

1. Quarterly Budget & Statistical Reports
   1. September 30, 2010
   2. December 31, 2010
   3. March 31, 2011
   4. September 30, 2011
   5. December 31, 2011
   6. March 31, 2012
   
   
2. Monthly & YTD Visitors Statistics
   1. Current Month
   2. YTD for 2012
   3. 2011 Statistics
   
   

1. Financial Management Policy (updated September 2011)
   
   
2. Debt Compliance Policy
   
   
3. Debt Management Policy (updated March 2012)
   
   
4. Investments
   1. Investment Policy
   2. Broker/Dealer Questionnaire
   3. Investment Agreement Form
   
   

1. Contact the Finance Department