PAPER C

Purpose : For Information

Committee :    TOURISM PARTNERSHIP

Date :              11 APRIL 2002

Title :              FINANCIAL POSITION AS AT END FEBRUARY 2002

REPORT OF HEAD OF TOURISM SERVICES

SUMMARY/PURPOSE

This report presents the financial position of Isle of Wight Tourism as at end of February 2002.

CONTENT

A statement detailing expenditure and income against budget for 2001/02 is attached as Appendix A, together with corresponding net expenditure detail in respect of 2000/01.

ADDITIONAL INFORMATION

It is too early to give an accurate year end position for Isle of Wight Tourism, as March and year end transactions are yet to come and these can vary significantly. However the current estimated outturn is provided below for your information and those areas which have caused significant budget variances during the year are detailed as follows:-

Westridge Conference Centre

A committed growth bid has already been approved for £20,000 in 2002/03. Careful management has reduced this figure in year to £9,000.

Exhibitions

The carry forward from 2000/01 of £40,000 was not achievable in one financial year and, therefore, and at the conclusion of this three year programme, there remains an unresolved amount of £20,000. However, continued use of current exhibition stand will mean that this could be amortised in the next financial year.

Call Centre

Loss of bookings due to Foot and Mouth has resulted in an in year under-recovery of income of approximately £13,000.

Tourist Information Centre Agencies

The withdrawal of Southern Vectis Rover Ticket sales in TIC’s could have resulted in a £10,000 deficit although this has been managed down to £5,000 in year.

Careful financial management has enabled savings elsewhere which have partially offset the above and reduced the potential overspends to an estimated £25,000 at financial year end. Every effort will be made to contain any overspend within the current financial year. This estimate is based on the assumption that the £25,000 overspend on our Image Campaign television advert will be carried forward to 2002-03 as previously agreed, and that the pattern of year end transactions will not vary significantly from that of previous years.

Easter trading will also improve the year end position, particularly through Tourist Information Centres and Call Centre operations.

A more accurate year end position should be available for the next meeting.

RECOMMENDATIONS

That the report be noted.

Contact Point: Tim Addison, ☎ 823871

J PULSFORD

Strategic Director

Finance and Information