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Finance update: food-and-beverage tax up 4% in Q1; cash balance reported
Summary
Consultant Kyle Carlson reported first-quarter food-and-beverage tax revenues up 4% year over year, February expenditures of about $152,000, and ending cash balances of roughly $3.5 million, with available cash of just over $3 million; insurance premium details will be broken out for 2026 cash flow.
Kyle Carlson of Piccotele presented the board's cash-flow update, reporting that first-quarter 2025 food-and-beverage tax collections were about 4% higher than the first quarter of 2024, while noting that March 2024 collections were unusually low and can distort year-over-year comparisons.
Carlson said February expenditures were about $152,000, the largest portion of which was a transfer to replenish the Oakview Group operating account. He reported an ending cash balance in February of about $3.5 million and available cash of just over $3 million.
Staff supplied insurance premium information from USI that Carlson said will allow the consultant to break out those costs by month on the 2026 cash-flow page, giving the board a clearer view of timing and amounts for those insurance expenditures.
Why it matters: Food-and-beverage-tax receipts are a primary revenue stream for convention and event operations; month-by-month premium and cash-flow visibility informs claims and budget timing, including transfers to operating accounts.
Next steps: Carlson and staff will incorporate the USI premium details into the 2026 cash-flow projection and provide a monthly breakout for anticipated insurance expenditures.
