FINANCE

The Finance department supports the overall financial health of Visit Greater Palm Springs by overseeing organizational funding and spending and forecasting future economic trends that could affect our local tourism industry.

Primary responsibilities include:

overall financial planning
managing and reporting of financial transactions, including the performance of general accounting activities
development and implementation of the annual budget
issuance of financial statements and annual audits
managing cash flow, credit, and investments
managing employee payroll and benefits
performing financial analysis, strategy and performance measurement

November/December Reporting Period

The independent audit of VGPS financial operations for the year ended June 30, 2024, is currently in process. The audited financial statements and audit report will be presented at the April 2025 JPA/Board meeting.

VGPS is starting 2025 with new custodians for its defined benefit and defined contribution plans. These organizations are providing improved technology, reporting, and customer service. The lower expenses resulting from lower fees are magnified by the new efficiencies that have been achieved.

The YTD financial report as of November 30, 2024, can be found below. This includes explanations of variances between actual results and the budget greater than $100,000.

It is noteworthy that the Hotel TBID revenues of $1,979,429 was a new record for the month of November exceeding the previous record set in November 2022 by $32,019. Hotel TBID for December 2024 and January 2025 will exceed the budgeted revenues based on current projections.

Financial Reporting

The following represent the most recent YTD financial reporting. Click on a blue bar to open.

VGPS Financial Report

Below is Visit Greater Palm Springs' Statement of Activities
(Click on the image to view larger.)

* Notes for Budget Variances > $100k

TBID - Vacation Rentals revenue:
This is a timing variance. The cities are providing TBID collection data sooner than in prior years.

Joint Share Partnerships:
Includes $200K from the City of Rancho Mirage for the "Live with Kelly & Mark" show.

Grants:
This is a timing variance that will reverse in December when the Riverside County grant is completed.

Net Investment Income:
Invested balances and interest rates were both higher than projected.

Marketing Production:
No production costs required for Fall TV Co-ops. No new general leisure or meetings footage needed.

Media Placement & Digital Marketing:
This is a timing variance. Billing for some advertising expenses have not been received.

Tradeshows / Sales Missions:
There was a savings for the ASAE Annual Expo due to our partnership with ASAE.

Special Promotions:
Includes $959k of reserve use for the 'Live with Kelly & Mark' show approved by the JPA/Board.

Research:
This is a timing variance. Not all research services have been billed.
Annual VGPS Audit Report

2023 Annual Audit Report
This financial report PDF file is of Visit Greater Palm Springs' finances for the fiscal year ended June 30, 2023.

Questions concerning any of the information in this report should be addressed to the Vice President of Finance & Administration at info@visitgreaterps.com or by U.S. mail:

Visit Greater Palm Springs
70100 Highway 111
Rancho Mirage, CA 92270
GPS Tourism Foundation Financial Report

Below is our most recent GPS Tourism Foundation financial report.

(Click on the image to view larger.)
Delinquencies

There are no delinquencies YTD through November 30, 2024.

If you have any questions about VGPS finance, please contact:
Bill Judson, Vice President, Finance & Administration
bill@visitgreaterps.com | 760.969.1303

Board Report

FINANCE

November/December Reporting Period

Financial Reporting

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