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A&P Commission hears stronger year‑end revenue, recognizes finance VP Jennifer Walker as she moves to city role
Summary
Experience Fayetteville reported HMR tax collections above target and Town Center revenue gains; Vice President of Finance Jennifer Walker announced she will join the City of Fayetteville as deputy CFO and the commission formally recognized her five years of service.
The Fayetteville Advertising & Promotions Commission received its December financial statements on Jan. 26 and heard that hotel‑motel‑restaurant (HMR) tax collections ended the year about 1.8% over budget, or roughly $5.3 million. Towne Center posted a strong fourth quarter, and staff reported year‑end net income before depreciation of about $745,000.
"We eked out a little better results on HMR tax revenue for the end of the year," Jennifer Walker, vice president of finance, told commissioners. She noted expenses ended the year about 7% below budget and unearned revenue for the Town Center stood at $267,000.
Walker emphasized that the commission’s reported $8 million fund balance includes fixed assets (buildings) as well as about $4.8 million in cash and investments. She reminded commissioners the organization maintains a $1,000,000 operating reserve intended to cover roughly three months of expenses and advised the board to monitor financial policies and internal controls given the small size of the finance staff.
Walker also announced she has accepted a role across the street at the City of Fayetteville as deputy chief financial officer. The commission moved to formally recognize and thank her for five years of service; the motion carried unanimously.
Commissioners discussed possible steps to strengthen controls, including a light consultant review of policies and systems and the possibility of directing the city to invest additional cash on the commission’s behalf.
