Annual Report AnnualReport2.indd 1 1/22/15 10:33 PM

Transcription

1 Annual Report AnnualReport2.indd 1 1/22/15 10:33 PM

2 Park Board Trustees Members of the Park Board of Trustees Dr. Craig Brown, Chair Melvin Williams, Vice Chair Buzz Elton, Secretary/Treasurer Marie Robb, Council Member Miguel Aleman Joyce Calver-McLean Steve Kalbaugh Clyde Steddum John Zendt Members of the Park Board of Trustees Melvin Williams, Chair Steve Kalbaugh, Vice Chair Buzz Elton, Secretary/Treasurer Dr. Craig Brown, Council Member Miguel Aleman Joyce Calver-McLean Thayer Evans Clyde Steddum John Zendt 2014AnnualReport2.indd 2 1/22/15 10:33 PM

3 Dear Galveston Partners, The fiscal year was certainly a year of surprises. It brought forth unique challenges and extraordinary accomplishments, made possible through collaborative efforts with strategic partners. Proudly, the Park Board, and the island s tourism industry as a whole, experienced record success in many areas. Hotel Occupancy Tax revenue for the island was up 5% from the year prior and Galveston outperformed its competitive set for average daily rate for most of the summer months. TripAdvisor named Galveston one of its Top 10 Destinations on the Rise in the U.S. and USA Today named the island No.2 on its list of the 10 Best Spring Break Destinations. The Park Board forged collaborations with city, state and federal agencies to lay the groundwork for one of the biggest beach nourishment projects in the state of Texas to be completed during the fiscal year. Beaches on Galveston Island from 16th Street to 103rd Street and beyond will be strengthened and expanded in order to protect the island and provide an enhanced recreational experience for both visitors and residents. Furthermore, staff and the Park Board worked on master planning the parks to bring into fruition a vision of an improved visitor and resident experience. Meanwhile, this past year had plenty of challenges. In the spring, Park Board staff worked closely with federal, state and local organizations to swiftly clean up infrastructure and negative publicity damage caused by the Galveston Bay oil spill. By summer, the Park Board s beach maintenance crews were tackling the highest seaweed influx the island has ever seen. By following an effective emergency response protocol, allocating additional resources, and increasing positive publicity and community outreach efforts, the Park Board played an integral role in helping the island experience record summer tourism numbers despite these hurdles. We would like to thank all of our stakeholders, committee and Park Board members, colleagues and supporters who helped us realize success during this year. We look forward to continuing our efforts to make Galveston a great place to live, work and play in Sincerely, Kelly de Schaun Executive Director Galveston Park Board of Trustees Melvin Williams Chair Galveston Park Board of Trustees 2014AnnualReport2.indd 3 1/22/15 10:33 PM

4 Highlights The Park Board saw another successful season in We continued to forge beneficial partnerships with city and state entities and remained committed to providing a quality experience for all who visit or live in Galveston, Melvin Williams, Park Board Chairman 2014AnnualReport2.indd 4 1/22/15 10:33 PM

5 Galveston Experiences Strong Tourism Season The tourism season in Galveston was not without challenges, including a cold and rainy start to spring break, an oil spill in Galveston Bay and a record influx of seaweed this summer. Despite this, tourism performed well with Hotel Occupancy Tax (HOT) collections coming in 5% above the year prior. The island also fared well against major Gulf Coast competitors, leading the pack in both rate and occupancy during most of the summer months. Park Board Boosts Tourism Marketing Efforts In April, the Galveston Park Board worked with the City of Galveston to receive $400,000 from the Galveston Island Convention Center trickle-down fund for two major tourism marketing efforts. The first, intended to promote Galveston to visitors flying into the Houston area, included a six-month placement of the CVB s It s Island Time messaging and imagery on walkways and baggage-claim areas at Hobby Airport. The second included strategic advertising placements in Southwest Airlines national digital and print materials. Both efforts received positive feedback and produced over 40 million impressions and a feature story in the June issue of Spirit Magazine Average Daily Rate Comparison Graphs for April - September 2014 Graphs for April - September 2014 Smith Travel Research, Inc. Republication or other re-use of this data without the express written permission of STR is strictly prohibited. 2014AnnualReport2.indd 5 1/22/15 10:33 PM

6 Beach Cleaning Tackles Record Seaweed Influx Summer 2014 brought record amounts of seaweed onto Galveston s 32-mile coastline. Working in collaboration with the Texas A&M Sargassum Early Advisory System (SEAS), a satellite based tracking system, Park Board teams were able to maintain a positive experience for visitors by coordinating heavy equipment needs with city and county officials. Because the season brought in record numbers of threatened and endangered sea turtles, 14 turtle monitors were recruited, trained and placed on the beaches. Excessive amounts of seaweed on the beach generated significant media attention. The CVB staff took the publicity as an opportunity to educate the public about the environmental benefits of Sargassum. Informative signage was placed on the beaches at 61st Street and collateral was created as an part of an educational outreach program. Beginning July 4th weekend, the Park Board sponsored weekend Bucket Brigades during which more than 3,000 beachgoers had the chance to join tours led by marine-biologists to learn about the environmental benefits of seaweed and how it is a habitat for marine life. Park Board and Texas A&M Galveston Team Up for Seaweed Core Dune Project In August, the Park Board and Texas A&M Galveston (TAMUG) launched a pilot program aimed at using seaweed to build a buttress against severe weather. Researchers at TAMUG constructed an 800- foot seaweed-enhanced dune at East Beach to test the theory that sand dunes fortified by compressed seaweed will be more resilient to storm surges and high tides. TAMUG was responsible for the design of the dune, adaptation of heavy equipment necessary to bale the seaweed and the construction of the dune. The Park Board provided the venue for the pilot project, the use of equipment and a financial contribution of $60,000. The project also received an $88,775 grant from the Texas General Land Office. Over time, the dune system will help keep beach sand from blowing away and will limit beach erosion from storm-water runoff. 2014AnnualReport2.indd 6 1/22/15 10:33 PM

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8 FEMA Projects It s been six years since Hurricane Ike caused approximately $22,000,000 in damages at Park Board-managed facilities. The Park Board, with the help of its partners, continues to navigate through funding processes in order to rebuild and improve its facilities. 2014AnnualReport2.indd 8 1/22/15 10:33 PM

9 Seawolf Park During the fiscal year, the Park Board rebuilt the bulkhead at Seawolf Park. The project was completed in March at a cost of $1.6 million. Costs for demolishing and rebuilding the pavilion were recalculated and submitted to FEMA for approval. If approved, construction of a new pavilion could begin next year and FEMA will reimburse the Park Board for 90% of the project s total cost. Seawall Beach Nourishment Project During the financial year, Park Board staff guided a funding application through the Galveston Industrial Development Corporation to secure matching funds for a Seawall beach nourishment project from 14th Street to 61st Street. This $19.5 million project will be undertaken with assistance from the Texas General Land Office (GLO), the City of Galveston and the Park Board. Work is expected to begin next year. End of Seawall Nourishment Project During , the final plans were put into place for nourishing the beach between the end of the Seawall and Dellanera RV Park. The $4.8 million project broke ground in December 2014 and will place approximately 118,000 cubic yards of sand on the public beach. The new beach will stretch for more than one-half of a mile west of the Seawall and will help defend against erosion, protecting the West End s only evacuation route, FM This project is a collaborative effort between the Park Board, the Texas General Land Office, the City of Galveston and local landowners. West End Pocket Parks During the fiscal year, the Park Board secured funds to make repairs and upgrades to the pavilion at Pocket Park #2. Work is expected to begin in AnnualReport2.indd 9 1/22/15 10:33 PM

10 Economic Impact 2014AnnualReport2.indd 10

11 Overnight Visitor Spending by Category Day Visitor Spending by Category Average per person per day = $110 Average per person per day = $52 Which offset average household tax burden of more than $3,000 per household Source: Tourism Economics Source: Tourism Economics Visitors to Galveston Island spent $687.2 million in 2013, which generated $951.8 million in economic activity to the island s economy. Overnight visitors spent $110 per person per day, while day trippers spent $52 per person per day. An estimated 56.1% of all visitors were day trippers. Volume of Visitors to Galveston Millions, including day and overnight visitors Embarking passengers, thousands, (L) On-shore spending, millions (R) Cruise Passenger and On-Shore Spending Source: Port of Galveston, CLIA, Tourism Economics Source: Tourism Economics In 2013, Galveston Island welcomed 5.8 million visitors There were 605,000 cruise embarkations in 2013 up slightly over 2012 by 0.1%. The Port of Galveston is the fifth busiest home port in the US when measured by embarkations. 2014AnnualReport2.indd 11

12 Park Board Divisions The Finance and Operations Committee worked diligently to make sure the Park Board remained solvent and built on its reserves. Part of this work included recalculating project costs to take full advantage of available FEMA funding for current repair and construction projects. Thanks to partnerships with local and state agencies, many Park Board projects have a broader base of support. We will continue to be good stewards of Park Board resources for the betterment of Galveston. Steve Kalbaugh, Finance and Operations Committee Chair 2014AnnualReport2.indd 12

13 FINANCE & ADMINISTRATION The Park Board of Trustees is charged with overseeing beach maintenance and tourism development on Galveston Island, employing a staff of 74 full-time employees and more than 200 part-time/seasonal employees. The Park Board manages 13 unique funds, including tourism development, beach cleaning, beach patrol, debt service, grants, beach nourishment, sand replenishment and general administration. Financially, the fiscal year was successful for the Park Board, which received 15% more Hotel Occupancy Tax than budgeted. In February, the Park Board administration hired a Human Resources Manager, Jill Dworsky. Dworsky is a human resources specialist with sixteen years of personnel and supervision experience in the public sector. Key among her accomplishments this year was the establishment of an annual compensation program that included a framework for salary ranges based on responsibilities, qualifications and comparable salaries for the region. Additionally, Dworsky reviewed and updated job descriptions and devised professional development plans. BEACH PARKS The Galveston Park Board of Trustees manages several parks that offer a variety of amenities and are open to the public. They are: Stewart Beach, R.A. Apffel (or East Beach), Seawolf Park, Dellanera RV Park, and three County Pocket Parks on the West End. In February, the Park Board contracted Houston-based planning firm Knudson LP to draft a master plan for Stewart Beach and East Beach. The plan identified opportunities, constraints and funding for future capital investments and improvements. Those improvements include a parking garage, boardwalk and special-use pavilion at Stewart Beach. Possible improvements for East Beach include RV and camping facilities, a beach camping area and an environmental education facility. The Park Board plans to move forward with these recommendations in the next fiscal year. This year, the new special use areas at Stewart Beach and East Beach were successful in generating revenue from hosting weddings and special events. Events held at East Beach include: the AIA Sandcastle Competition, Texas Ultimate Beach Fest, Beach Blanket Bingo, 93Q Rod Ryan Beach Bash, Splash Day, Gay Beach Day, ESPN Sun Fest, ESPN Hispanic Summer Fest, GCVA Beach Volleyball Tournament and Galveston Ball High School cross-country meet. Events held at Stewart Beach were: Walk to End Alzheimer s, Special Olympics of Texas Polar Plunge, Shell-ebration of the Kemp s Ridley Turtle, and the Land and Sand 5k and 10k. 2014AnnualReport2.indd 13

14 Park Board Divisions This year saw significant progress and several challenges. The development of the 50- Year Sand Management Plan by the Engineering Research and Development Center of the US Army Corps of Engineers is a phenomenal resource in developing a long-term strategy for shoreline protection and beach nourishment, while the creation of the beach maintenance best practices was an important step forward in harmonizing beach cleaning activities Jerry Mohn, BMAC Chair 2014AnnualReport2.indd 14

15 COASTAL ZONE MANAGEMENT GALVESTON ISLAND BEACH PATROL The Coastal Zone Management department is responsible for seaweed removal and litter control services along portions of Galveston s 32-mile shoreline. The department also manages seaweed relocation on the island s public beach parks, including East Beach, Stewart Beach, the Seawall beaches between 10th and 61st streets, Dellanera RV Park and the West End pocket parks. In January 2014, the Park Board added environmentally friendly beach maintenance machinery to its fleet. The new equipment includes Kubota tractors and Barber Surf Rakes. The Surf Rakes are cost-effective alternatives to the front-end loaders previously used. They are designed to remove seaweed without disrupting sand. The Surf Rakes have trash collection capabilities and reduce the amount of labor and time needed to keep the beaches clean. Also in January, the Park Board approved a best-practices document for beach maintenance. The document s principles are intended to guide the City of Galveston Planning Department when reviewing permit applications for seaweed maintenance. The document was created by the Park Board s Beach Maintenance Advisory Committee (BMAC) and was provided as a resource to facilitate coastal stewardship and sustainable, environmentally responsible beach cleaning and maintenance practices along the Galveston coast, including seaweed relocation, litter control and debris removal. The Galveston Island Beach Patrol is a state certified, first-responder agency employing more than 100 lifeguards, senior lifeguards, supervisors and peace officers. They continue to be a familiar beacon on Galveston s long, dynamic coast. During the 2014 beach season, Beach Patrol moved more than 20,000 swimmers from harm, performed more than 1,700 enforcement actions and more than 300 medical interventions. Beginning in the summer of 2014, Beach Patrol initiated a dedicated summer weekend patrol in the San Luis Pass area. This required the purchase of additional equipment and the placement of warning signage throughout the area as well as coordination with a number of public safety groups throughout the season for prevention and response. An emphasis on training and professional development allows Beach Patrol to support the heavily populated beaches in Galveston. During , full-time law enforcement staff members completed Advanced Law Enforcement Rapid Response Training and have received Marine Safety Enforcement Officer certification. Additionally, full-time employees completed four National Incident Management training courses and have received Swift Water Rescue Technician certification. Beach Patrol continued its community outreach, working with Galvestonarea youth. This year, Beach Patrol presented water safety talks at schools and other community venues, reaching more than 13,000 children. Also, more than 80 young people, ages 10 to 15, completed the Beach Patrol s six-week Junior Lifeguard program. 2014AnnualReport2.indd 15

16 Park Board Divisions Revenues from the fiscal year proved once again the importance of tourism to Galveston Island. The CVB and its hotel and lodging partners worked closely to build group business and to increase the number of leisure travelers to the island, Steve Kalbaugh, TDAC Chair 2014AnnualReport2.indd 16

17 TOURISM DEVELOPMENT The Galveston Island Convention and Visitors Bureau (CVB) is the official destination marketing organization of Galveston Island and works to generate tourism within the leisure, meetings and convention, and group travel markets. The CVB is comprised of a talented team of professionals in destination sales, convention services, special event management, marketing, advertising and public relations that work to position Galveston as a premier tourist destination. The CVB experienced a successful fiscal year, managed numerous new marketing initiatives and collaborated with tourism partners to undertake new efforts to improve the Galveston tourism product. This year saw group room night bookings increase by 3% or 1,925 room nights over last year s numbers. The CVB sales team booked five citywide events and conducted 43 site visits. The CVB s homegrown Island Pass surpassed target sales by double, booking a total of 5,363 passes (representing 22,360 attraction tickets sold). Certified Tourism Ambassador Program (CTA) In May, the Galveston CVB launched the city s Certified Tourism Ambassador (CTA) program The program is part of a nationally acclaimed certification curriculum designed to enhance tourism by inspiring members of the hospitality industry to contribute in making every visitor encounter a positive experience. The CTA program provides training to help participants increase their knowledge of Galveston and raise the quality of customer service provided to visitors. The Galveston Island CVB is partnering with the Galveston Chamber of Commerce on the program. To become a CTA, members of the hospitality industry must complete a reading curriculum, a four-hour CTA class and an open book test. There is also an annual renewal process. To date, more than 300 people have received their CTA designations. Marketing and Public Relations In an effort to promote and increase tourism during shoulder season, the CVB increased holiday marketing efforts in 2014, branding the island as the Winter Wonder Island of Texas and organizing a comprehensive advertising and PR plan to cross promote holiday events and attractions. This year s efforts were a continuation of the CVB s previous Passport to Holiday Magic campaign. Since the holiday program began in 2011, combined overall revenues for the months of November and December have increased by an estimated $4.1 million. In an effort to take advantage of increased traffic to the Galveston Bay area, the CVB partnered with Tanger Outlet Mall in Texas City to install a Galveston Island visitor kiosk in the mall s food court. The kiosk has visitor guides, rack cards and a continual-play video highlighting tourism opportunities in Galveston. During 2014, the CVB public relations team produced grass roots events to position Galveston in direct contact with niche markets in Houston. This year four events were sponsored, including: Houston Family Fun Fest (November 2013), Mardi Gras Ball Fashion Preview (January 2014), Houston Social Media Breakfast (June 2014) and Houston Family Fun Fest (July 2014). The PR team also took home two Gold Excalibur Awards from the Public Relations Society of America Houston Chapter for work done to promote Galveston tourism in AnnualReport2.indd 17

18 Since the holiday program began in 2011, combined overall revenues for the months of November and December have increased by an estimated $4.1 million. 2014AnnualReport2.indd 18

19 Average Daily Rate Occupancy $326M in publicity value of positive Galveston media coverage coverage in USA Today, Huffington Post, Chicago Tribune, Spirit Magazine, Travel Weekly, AARP, AAA Home & Away Magazine INSIDER TIP #2 Ride the tallest swing ride in Texas at The Historic Pleasure Pier INSIDER TIP #27 Dress in Victorian costume for Dickens on The Strand Graphs for April - September 2014 Smith Travel Research, Inc. Republication or other re-use of this data without the express written permission of STR is strictly prohibited. Social Media Analytics October September 2014 The beach is just the beginning. INSIDER TIP #3 Go behind-the-scenes at Moody Gardens Aquarium Pyramid and meet a penguin FOR MORE TIPS, VISIT GAL.ISLE Galveston makes TripAdvisor s List of Top 10 Destinations on the Rise, Galveston Places 2nd on USA Today s Poll for Best Spring Break Destination 2014AnnualReport2.indd 19

20 RESULTS OF TOURISM IMAGE STUDY Visitors seek multiple activities when planning a vacation. Galveston ranks high in several categories. Top interests by tourists when trip planning After the Texas City Y Oil Spill, the Galveston Island CVB hired MMI Agency in Houston to conduct a scientific research study to determine if there were any negative perceptions in Galveston s top target markets that would impact future visitation. Importance to tourist How Galveston Rates point scale Dining and shopping The survey included 348 Texas residents from Houston, Dallas/Ft. Worth, San Antonio, Austin and Beaumont. The study is designed to identify Galveston s competitive position, perceived weaknesses and areas of opportunity for targeted tourism marketing initiatives. The study concluded that Galveston has a strong identity among beach destinations and is the No. 1 Gulf Coast destination of choice of those surveyed. Galveston is the third most popular Texas vacation destination behind Austin and San Antonio. Additional data revealed that there is a general lack of awareness of historical sites among San Antonio residents and there could be an overall opportunity to increase awareness of Galveston s nature based experiences and art and culture. The word cloud below illustrates top-in-mind association of Galveston with those responding to the survey and is illustrated with the more responses the larger the word. historic relaxed easy humid strand small exciting entertaining ocean hot relaxing unique hurricanes beach inexpensive crowded coastal never active fishing ships expensive enjoyable history food port dirty smelly cheap nearby cruises sand ship funisland boring affordable great restaurants gulf beachy dining people place busy good beaches close touristy trip quaint beatutiful entertainment dull Shopping home sun family historical tourist seafood nice quiet water clean interesting friendly scenic cruise limited convenient bad old sandy Beach activities Seeing historical sites Water-based activities like boating or fishing Amusement or water parks Nature-based experiences such as birding Arts and culture 2014AnnualReport2.indd 20

21 Park Board Administration Kelly de Schaun, Executive Director Mario Rabago, Deputy Director Jill Dworsky, Human Resources Manager Karen Blute, Executive Assistant Georgia Alvarado, Administrative Assistant II Accounting Michael Moser, Controller Tom Fraley, Staff Accountant Tony Andrisek, Payroll Clerk Ed Montoya, Accounts Payable Beach Park Operations Jesse Ojeda, Beach Cleaning Operations Manager Chris Saddler, Stewart Beach & East Beach Park Manager Ray Florez, Assistant Stewart Beach & East Beach Park Manager Joe Romero, Dellanara Park Manager Joey Martinez, Assistant Dellanera Park Manager John McMichael, Seawolf Park Manager Galveston Island Beach Patrol Peter Davis, Beach Patrol Chief Tony Pryor, Captain Mary Stewart, Supervisor Mike Reardon, Lieutenant Kara Harrison, Sergeant Joe Cerdas, Officer/Supervisor Josh Hale, Officer/Supervisor Kris Pompa, Officer/Supervisor Galveston Island Convention & Visitors Bureau Meg Winchester, CMP, CVB Director Dottie Bossley, Regional Sales Manager Sheri Teller, Sales Manager Melissa White, Tour and Travel Development Manager Karin Greene, National Sales Manager Jacquelyn Helton, Development Manager Stacy Gilbert, Director of Convention Services and Visitor Center Tiffaney Hinojosa, Convention Services & Visitor Center Manager Bryan Kunz, Special Events Manager Melody Smith, Director of Marketing Leah Cast, Public Relations Manager Ivette Wilhelm, Public Relations Coordinator Mary Beth Bassett, Public Relations Coordinator Anna Lopez, Office Coordinator Beach Maintenance Advisory Committee (BMAC) Jerry Mohn, Chair (Citizen Representative) Clyde Steddum, Vice Chair (Park Board Trustee) Rhonda Gregg ( Citizen Representative) Claire Reiswerg (Beach Related Business Representative) Dr. Jens Figlus (Scientific Community Representative) Linda Strevell (Volunteer Organization Representative) Captain Robert Webster (Scientific Community Representative) Karla Klay (Volunteer Organization Representative) Dr. David Baca, Ph.D. (Scientific Community Representative) Greg Clark (Seawall Hotelier) Thayer Evans (Park Board Representative) Allison Buchtein (Resource Member) Brandon Cook (Resource Member) Lee Crowder (Resource Member) Catherine Gorman (Resource Member) Michael Kovich (Resource Member) Dr. Tom Linton (Resource Member) Ellis Pickett (Resource Member) Mario Rabago (Resource Member) Bob Randall (Resource Member) Kelly de Schaun (Resource Member) Tourism Development Advisory Committee (TDAC) Steve Kalbaugh, Chair (Park Board Trustee) Steve Cunningham, Vice Chair (Wyndham Hotels) Claire Reiswerg (Sand N Sea Properties) Garvin O Neil (Moody Gardens Hotel) Mike Pistone (The Hilton Galveston Island Resort) Teresa Elliott (Casa del Mar Beachfront Suites) Jan Inlow (Galveston Restaurant Group) John Zendt (Moody Gardens) Maureen Patton (The Grand 1894 Opera House) Diane Olsen (Galveston Island Nature Tourism Council) Kathy Modzelewski (Historic Downtown Strand Partnership) Michael Kovacs (City of Galveston) Dr. Craig Brown (Park Board Trustee) Buzz Elton (Park Board Trustee) Joyce Calver McLean (Park Board Trustee) Erin M. Kay (Galveston Chamber of Commerce) 2014AnnualReport2.indd 21

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23 2014 UNAUDITED FINANCIAL STATEMENT BALANCE SHEET Assets GOVERNMENTAL FUNDS ENTERPRISE FUNDS CONSOLIDATED TOTAL Cash 6,605,183 (1,098,106) 5,507,077 Investments 2,999,185-2,999,185 Accounts Receivable 2,159, ,119 2,867,481 Inventories - 11,923 11,923 Prepaid Expense 103, , ,273 Capital Assets Net of Depreciation 6,170,165 7,577,231 13,747,396 Moody Gardens Assets Net of Depreciation 309,363, ,363,631 Amount Required to Retire Debt 2,763,790-2,763,790 Other Assets 24,331-24,331 Total Assets $ 330,188,690 $ 7,355,397 $ 337,544,087 Liabilities Accounts Payable and Accrued Liabilities 1,631,296 1,294,682 2,925,978 Pass Thru Funds 224, ,425 Notes Payable 2,763, ,165 2,979,955 Total Liabilities $ 4,619,511 $ 1,510,847 $ 6,130,358 Net Assets Moody Gardens Assets 309,363, ,363,631 Fund Balance 16,205,548 5,844,550 22,050,098 Total Net Assets $ 325,569,179 $ 5,844,550 $ 331,413,729 Total Net Assets & Liabilities $ 330,188,690 $ 7,355,397 $ 337,544,087 REVENUE AND EXPENSE STATEMENT Operating Revenues GOVERNMENTAL FUNDS ENTERPRISE FUNDS CONSOLIDATED TOTAL Hotel Tax Proceeds 8,826,338-8,826,338 State Grants 105, ,966 City and County Reimbursement 539, ,723 Park Admissions - 2,856,620 2,856,620 Disaster/Insurance/Grants - 1,925,198 1,925,198 Concessions and Vending 157, , ,699 Investment Proceeds 27,917 27,917 Other 47,438 2,330 49,768 Total Operating Revenues $ 9,705,159 $ 5,093,070 $ 14,798,229 Inter-fund Transfers In 2,135, ,613 2,336,183 Total Operating Revenues and Transfers $ 11,840,729 $ 5,293,683 $ 17,134,412 Expenditures Personnel 4,558,190 1,167,212 5,725,402 Operating 5,021,522 1,097,053 6,118,575 Capital Assets 857,865 1,416,627 2,274,492 Total Expenditures $ 10,437,577 $ 3,680,892 $ 14,118,469 Inter-fund Transfers Out 1,594, ,443 2,336,183 Total Expenditures including Transfers $ 12,032,317 $ 4,422,335 $ 16,454,652 Net Income Before Depreciation $ (191,588) $ 871,348 $ 679,760 Depreciation-Park Board Assets 730, ,700 1,379,893 Changes In Net Assets From Operations $ (921,782) $ 221,648 $ (700,133) Depreciation-Moody Gardens Assets 13,309,301-13,309,301 Changes In Net Assets $ (14,231,083) $ 221,648 $ (14,009,434) 2014AnnualReport2.indd 23

24 Park Board of Trustees Our Vision Through dynamic leadership of a committed board and staff, the Park Board of Trustees will work to further the success of Galveston Island as a premier tourist destination while maintaining the quality of life for island residents through the effective management of the Island s beach parks and Seawall. Our Mission The mission of the Park Board of Trustees of the City of Galveston is to position Galveston Island among the top five tourist destinations in the State of Texas by accepting responsibility for Galveston s number one industry: tourism. The organization is responsible for promoting Galveston Island, its diversity and natural resources, and is committed to sustaining a world-class organization through visionary leadership, empowerment of staff, human development and effective appropriation of resources. 601 Tremont Street Galveston Island, Texas AnnualReport2.indd 24