Rogers 2024 Budget

Rogers, AR – At the recent March 13th meeting of the Rogers Advertising and Promotion Commission, financial officer Kraig Pomrenke presented an encouraging financial report, highlighting the commission's strong fiscal position and strategic investments in promoting the city.

Financial Overview The commission's financial status remains robust with total cash and cash equivalents amounting to $1,781,415. This includes $727,297 in the checking account and $1,054,032 in reserve funds. Despite a net loss of $105,310 for the current period, the commission maintains a healthy fund balance of $1,780,207.

Revenue Streams A significant portion of the commission's revenue comes from a 3% hotel tax, contributing $147,577 year-to-date. Although this figure is down 16% from the same period last year, it represents a substantial source of funding for the commission's activities. Other revenue streams include short-term rentals and interest income.

Expenditure Insights The commission's expenditures for the year-to-date total $260,028, which is 15% of the approved budget. Major expenses include human resources, marketing, and tourism incentive funding. Marketing efforts alone have accounted for $57,789, reflecting the commission’s commitment to attracting more visitors to Rogers.

Budget Performance The budget performance report indicates careful financial management with expenditures aligned with budget expectations. Significant investments in continuing education, meals, travel, and promotional activities are expected to yield long-term benefits for the city's tourism and economic growth.

Visual Suggestion: A photo of the commission members in a meeting, reviewing financial documents or presenting at the meeting. Alternatively, a visual graph depicting the financial figures mentioned (revenue streams, expenses, and budget performance) would effectively illustrate the financial health of the commission.