Page 1
TABLE OF CONTENTS
Message From Finance ................................................................................................................ 2
Board of Directors ....................................................................................................................... 3
Executive Staff ............................................................................................................................ 4
About the Reno-Sparks Convention and Visitors Authority ............................................................... 5
Board Adopted Financial Policies ................................................................................................... 5
Reno-Sparks Convention and Visitors Authority Facilities ................................................................. 5
National Bowling Stadium ......................................................................................................... 6
Reno Events Center .................................................................................................................. 6
Reno-Sparks Convention Center ................................................................................................ 7
Reno-Sparks Livestock Events Center ......................................................................................... 7
Room Tax ................................................................................................................................... 8
Occupied rooms .......................................................................................................................... 9
Average Cash Rate ...................................................................................................................... 9
Occupancy Rate .......................................................................................................................... 9
Taxable Room Revenue ............................................................................................................... 9
Financials ................................................................................................................................. 10
Governmental Funds - Revenues ............................................................................................. 10
Tourism Surcharge ................................................................................................................. 10
Statement of Revenues, Expenditures and Changes in Fund Balance .......................................... 11
General Fund Expenditures ..................................................................................................... 12
Capital Assets ........................................................................................................................ 12
Long Term Debt ..................................................................................................................... 13
Requests for Information ...............................................................Error! Bookmark not defined.
To view this report and other financial information, including the Comprehensive
Annual Financial Report, please visit the Financial Information link at
https://www.rscva.com/impact/finance/
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MESSAGE FROM FINANCE
I am pleased to present the Reno-Sparks Convention & Visitors Authority Popular Annual Financial Report for the
fiscal year ended June 30, 2019. This Popular Annual Financial Report (PAFR) is a summary of the financial
activities of the Reno-Sparks Convention & Visitors Authority (Authority) as reported in the 2019 Comprehensive
Annual Financial Report (CAFR). The CAFR, with accompanying auditor’s report for the fiscal year ended June 30,
2019, is an annual report that was prepared in conjunction with the outside auditing firm, Eide Bailly LLP.
Responsibility for the accuracy, completeness and fairness of the presentation, including all disclosures, rests with
the Authority.
Unlike the CAFR, the PAFR is not an audited document
and does not include details by fund or other disclosures
required by GAAP. Therefore, the PAFR is not intended to
present a complete financial picture of the Authority in
accordance with GAAP. This report is a simplified view of
our financials and is a reflection of our effort to keep you
informed about how tax dollars are being spent.
The Government Finance Officers Association of the
United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to
the Authority for its Comprehensive Annual Financial
Report for the fiscal year ended June 30, 2018. This was
the thirty-second consecutive year the Authority has
received this prestigious award. In order to be awarded a
Certificate of Achievement, a government must publish an
easily readable and efficiently organized comprehensive
annual financial report. This report must satisfy both
accounting principles generally accepted in the United
States of America and applicable legal requirements.
A Certificate of Achievement is valid for a period of one
year only. We believe that the current comprehensive
annual financial report continues to meet the Certificate of Achievement Program’s requirements and are
submitting it to the GFOA to determine its eligibility for another certificate.
For more in-depth information, the CAFR is available online at www.rscva.com
, the PAFR is also available online
at the same location.
Sincerely,
Robert Chisel
Director of Finance
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the financial activity and condition of
the Reno-Sparks Convention & Visitors Authority to all having such an interest. Questions concerning
any of the information provided in this report or requests for additional financial information should be
addressed to the RSCVA Finance Department, PO Box 837, Reno, Nevada 89504.
Page 3
BOARD OF DIRECTORS
Page 4
EXECUTIVE STAFF
Page 5
ABOUT THE RENO-SPARKS CONVENTION AND VISITORS AUTHORITY
The Reno-Sparks Convention & Visitors Authority, an independent governmental entity, was established
in February 1959 as the Washoe County Fair and Recreation Board. The Authority is the operating
instrumentality in the Washoe County area for promoting conventions, tourism, and outdoor recreation.
To provide revenue for such purposes, pursuant to the Fair and Recreation Board statutes and related
provisions of the Nevada Revised Statutes, a tax on the income from room charges of transient rental
facilities is imposed by the state, county, and the incorporated cities of Reno and Sparks.
The Authority consists of a nine-member board comprised of (a) one member of the Board of County
Commissioners of Washoe County Nevada; (b) one member of the City Council of the City of Reno,
Nevada; (c) one member of the City Council of the City of Sparks, Nevada; and (d) six members
appointed by the aforementioned elected officials. The six members set forth are selected from
nominations made by gaming, industry associations, Incline Village/Crystal Bay Visitors Bureau, or the
Greater Reno-Sparks Chamber of Commerce. Furthermore, these members must be actively engaged
in the gaming industry (three members), airline industry (one member), the Incline Village/Crystal Bay
Visitors Bureau Board (one member), and general business or commerce (one member). Private sector
members serve two-year terms and are limited to a maximum of two consecutive terms.
Representatives of the various governmental entities serve until the expiration of their respective terms
of office.
BOARD ADOPTED FINANCIAL POLICIES
The Board Financial Policies that were adopted in 2016 in the Strategic Plan and to be funded in order
of priority order, are as follows:
• Capital Reserve Account: 0.5% of room tax revenues to capital reserve account up to $1
million.
• Debt Sinking Fund 15% of room tax revenues in excess of $22 million annually.
• Rainy Day Fund: 1% of room tax revenues, to build towards a goal of $1-2 million in General
Fund Balance.
• Annual Capital Funding: 10% of all room tax collections up to $2.5 million annually.
• Air Service Fund: Dedicate $.5 million annually to build up to $1.5 million revolving fund to
support new airlift.
• Discretionary Fund: When Policies above are fully funded, remaining funds will be brought to
the Board for allocation, based on the strategic opportunities articulated in the Strategic Plan.
RENO-SPARKS CONVENTION AND VISITORS AUTHORITY FACILITIES
The Authority owns and operates the Reno-Sparks Convention Center and the Reno-Sparks Livestock
Events Center. The Authority also manages the National Bowling Stadium and Reno Events Center
which are owned by the City of Reno. By Agreement, ASM Global (ASM) manages and operates the
National Bowling Stadium, Reno Events Center, Reno-Sparks Convention Center and Reno-Sparks
Livestock Events Center, commencing in June 2018. ASM is responsible for all day to day operations
of the Authority facilities.
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NATIONAL BOWLING STADIUM
Owned by City of Reno
Managed by ASM
Year Built – 1995
300 covered parking stalls
The National Bowling Stadium, the only facility
of its kind in the world, (referred to as the “Taj
Mahal of Tenpins” by The Los Angeles Times) is
dedicated to the classic sport of bowling.
The National Bowling Stadium is an 88-lane
tournament bowling facility situated within
downtown Reno. The stadium offers 78
championship lanes and the Stadium Club with
a full-service bar, large screen TV, pool table
and a spectacular view of the downtown
corridor beckon competitors.
Located on the first floor is the Satellite
International Bowling Hall of Fame/Museum
showcasing ABC, WIBC and PBA Hall of Fame
members and bowling memorabilia from all over
the world.
Also, on the first level is the newly constructed
Kingpin Club, a ten lane VIP bowling center that
can be used for tournaments and rented for
corporate/convention parties for up to 125
people.
RENO EVENTS CENTER
Owned by City of Reno
Managed by ASM
Year Built – 2005
The Reno Events Center is owned by the City
of Reno and operated by ASM through a
contract with the RSCVA. The 118,000 square
foot facility opened in January 2005. The
Center consists of 56,000 square feet of free
span exhibit space (which is utilized for both
convention and meeting space, as well as
concerts, boxing, indoor football and
basketball), 4,954 square feet of dedicated
meeting space with nine rooms varying in size
from 400 to 850 square feet, two loading
docks, six dressing rooms and two event and
promoter offices. When utilized for concerts,
the Facility can accommodate up to 7,500
patrons.
Page 7
RENO-SPARKS CONVENTION CENTER
Owned by RSCVA
Managed by ASM
Year Built – 1965
Total Acreage 47.798, Building Acreage 13.95
The Reno-Sparks Convention Center, located
south of the downtown area at over 600,000
square feet, offers 381,000 square feet of
contiguous exhibit space in five adjoining halls.
More than 105,000 square feet of meeting room
space in 53 meeting rooms with seating
capacities ranging from 125 to 3,000 persons is
available for breakout sessions. The facility is on
ground level with unlimited floor load capacity.
On-site parking capacity totals 1,800 (including
35 disabled) stalls.
The Convention Center also features a 30,000
square foot ballroom. A full range of food
service capabilities are available ranging from
concession stands, portable food stations and
cocktail lounges to catered banquet
arrangements for more formal dining. In
addition, the RSCC features 106,000 square feet
of public concourse/registration space and
improved show load-in/out capabilities,
enabling concurrent major events.
RENO-SPARKS LIVESTOCK EVENTS
CENTER
Owned by State of Nevada
Managed by ASM through 50-year agreement
between RSCVA and Washoe County
Year of Management Transfer – 1986
Total Acreage 43
The Reno-Sparks Livestock Events Center
(RSLEC) is a large multi-purpose public
assembly facility located on the northern edge
of downtown Reno. The RSLEC has 19 barns,
wash racks for horses, 216 multi-use stalls, 266
exhibitor truck and trailer spaces, 67 full hook-
up RV spaces and 22 partial hook-up RV spaces.
The indoor Main Arena has seating for 6,200
people, three show offices, VIP Lounge, and a
150’x300’ dirt floor arena. The enclosed
Livestock Pavilion, connected to the Main Arena
is comprised of a 1,000-seat arena or auction
area, a 90’x200’ dirt area; an outdoor 100’x200’
covered Cutting Arena. The fully-lighted
outdoor Rodeo Arena seats 9,500 and the arena
dirt floor is 325’x170’.
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ROOM TAX
The tax rates were last changed as of July 1, 2009, and remain at 13% in non-downtown Reno and,
13.5% in downtown Reno, 13.5% in Sparks, and 13% in the unincorporated areas of Washoe County.
The Authority collects these taxes and retains a total of 8 5/8%, with the other taxes distributed to
state and local governments in accordance with Nevada Revised Statutes.
Nevada Revised Statutes 244A.645, 244.335 (7) and 268.095 (7) permit the county and cities to
delegate authority to collect, enforce and administer the Transient Lodging Tax and certain Surcharges
to the county fair and recreation board if
they so desire. Washoe County, City of
Reno, and City of Sparks delegated this
authority to the RSCVA to collect the
Transient Lodging Tax and certain
Surcharges on their behalf. The
Transient Lodging Tax, often referred to
as Room Tax, is collected by the RSCVA
and the rate varies throughout Washoe
County.
As the chart to the left shows, the
RSCVA keeps only 65% of the Room
Tax, the remainder goes to other
government entities for various
programs or debt as identified.
Reno B Reno D
Reno E Sparks
Washoe A Washoe B
Reno General
Reno
Downtwon
Reno Greater
Downtown
Sparks
Unincorporated
Washoe
Washoe - Lake
Tahoe
RSCVA
RSCVA General Fund
RSCVA 6.625% 6.625%
6.625% 6.625%
6.625%
6.625%
Convention Center-Debt RSCVA-Debt 2.000% 2.000% 2.000% 2.000% 2.000% 2.000%
Total to RSCVA
8.625% 8.625% 8.625% 8.625% 8.625% 8.625%
City of Reno
National Bowling Stadium-Debt City of Reno-Debt 1.000% 1.000% 1.000% 1.000% 1.000% 1.000%
City/Civic Center City of Reno-Debt - 1.500% 1.500% - - -
Reno Parks & Recreation City of Reno 1.000% 1.000% 1.000% - - -
Reno-Railroad District City of Reno-Debt - 1.000% - - - -
Total to City of Reno
2.000% 4.500% 3.500% 1.000% 1.000% 1.000%
Other
City/Civic Center Reno/Sparks/RSCVA 1.000% - 1.000% 1.000% 1.000% 1.000%
Sparks City of Sparks - - - 2.500% - -
Nevada Commission on Tourism State of Nevada 0.375% 0.375% 0.375% 0.375% 0.375% 0.375%
State General Fund & School Support State of Nevada 1.000% - - - 1.000% 1.000%
Washoe County Washoe County - - - - 1.000% 1.000%
Total to Other
2.375% 0.375% 1.375% 3.875% 3.375% 3.375%
Total Rate 13.000% 13.500% 13.500% 13.500% 13.000% 13.000%
Room Surcharge-Hotels*
Capital Projects Surcharge City of Reno -$ 2.00$ -$ -$ -$ -$
Tourism Surcharge RSCVA 2.00$ 1.00$ 2.00$ 2.00$ 2.00$
Total Surcharge-Hotels 2.00$ 3.00$ 2.00$ 2.00$ 2.00$ -$
*Surcharge - See Toursim Surcharge
Washoe County Transient Lodging Tax Districts and Rates
Jurisdiction
Receiving Funds
Description
Room Tax Rates
Page 9
OCCUPIED ROOMS
Occupied rooms are defined as the number of rooms
occupied, through either cash, comp, or exempt. Cash
rooms are rooms paid for by the guest, or other. Comp
rooms are rooms given free by the property to the
guest, and exempt rooms are long term guests that
have met the requirement for exemption from transient
lodging tax.
AVERAGE CASH RATE
The Average Cash Rate is the total
taxable room revenue divided by the
number of taxable room nights as
reported in the Transient Lodging Tax
return.
The Average Cash Rate has seen an
increase of 11% to $115.53 from
$104.41 in Fiscal Year 2018-19. Since
Fiscal Year 2013-14 the rate has
increased by over 46%.
OCCUPANCY RATE
The Occupancy Rate is the overall number
of rooms occupied (cash, comped, and
exempt) divided by the available rooms.
The occupancy rate for Washoe County had
a slight decline for the last fiscal year to
67.70% for Fiscal Year 2018-19.
TAXABLE ROOM REVENUE
The Taxable Room Revenue is the total taxable transient
lodging revenue reported.
For Fiscal Year 2018-19, the increase was 3.1% to
$401,157,233 from $389,144,926 in Fiscal Year 2017-18,
and has increased 47% since Fiscal Year 2014-15.
$78.88
$81.34
$89.84
$96.29
$104.41
$115.53
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
$110.00
$120.00
2014
2015 2016 2017 2018 2019
Fiscal Year
Average Cash Rate
62.40%
64.50%
66.80%
69.30%
71.50%
67.70%
0.00%
25.00%
50.00%
75.00%
100.00%
2014 2015 2016 2017 2018 2019
Fiscal Year
Occupancy Percent
Segment Amount Percent
Hotel 3,910,726 67%
Motels 300,685 5%
28 Day Motel 912,087 16%
RV Parks 462,103 8%
Vacation Rentals 179,589 3%
Timeshares 34,719 1%
Homeowner Rentals 14,191 0%
5,814,100
Fiscal Year
Total Taxable
Room Revenue
FY 2014-15 272,041,067$
FY 2015-16 317,014,070$
FY 2016-17 347,426,006$
FY 2017-18 389,144,926$
FY 2018-19 401,157,233$
Page 10
FINANCIALS
In order for the RSCVA to manage the finances smoothly, it divides the activities into several different
funds.
The General Fund accounts for revenues and expenditures that provide for the basic operations of
the RSCVA. The Debt Service Fund tracks revenues and expenditures related to repayment of long
term debt. The Capital Projects Fund allocates the expenditures toward construction or major capital
expenses. A Proprietary Fund is
used to account for and allocate internal costs to the various
departments of the RSCVA for workers compensation and insurance. Governmental funds focus on the
current inflows and outflows of resources. The three separate funds that make up the governmental
funds are the General Fund, Debt Service Fund, and Capital Projects Fund. The financial information
herein is for the RSCVA’s Governmental Funds.
GOVERNMENTAL FUNDS - REVENUES
The increase in revenues can
be attributed to an overall
improvement in the economic
conditions of the region,
resulting in the average cash
rate increase (Average Cash
Rate – page 9), and limited
occupancy rate decrease
(Occupancy Rate – page 9). In
addition, in Fiscal Year 2016
there was the implementation
of the Tourism Surcharge.
TOURISM SURCHARGE
Pursuant to legislative action, in 2015, a
new nightly surcharge (Tourism Surcharge)
was added to all hotels (gaming and non-
gaming) within a 20-mile radius of
downtown Reno at $2.00 per night and
$1.00 per night on the hotels in the existing
Downtown District holding non-restricted
gaming licenses.
This is in addition to a $2 Capital Projects
Surcharge in the Downtown District for
hotels with an unlimited gaming license that
is remitted to the City of Reno.
$32.1
$41.7
$44.1
$49.3
$50.4
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2015 2016 2017 2018 2019
$ In Millions
Fiscal Year
Governmental Funds
Revenues
$30.6
$34.4
$35.7
$5.0
$5.4
$5.2
$-
$10.0
$20.0
$30.0
$40.0
$50.0
2017 2018
2019
$ In Millions
Fiscal Year
Room License Tax
Room Tax Tourism Surcharge
$39.8
$35.6
$40.9
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STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
At the close of the current fiscal year, the Authority’s governmental funds reported combined ending
fund balances of $27,254,953, an increase of an increase of $47,283 compared to the prior year. The
unassigned fund balance for the General Fund was $3,992,778 or 11% of total General Fund
expenditures.
Debt
Capital
Total
General Service
Projects
Governmental
Fund
Fund
Fund
Funds
REVENUES
Taxes
Room license taxes
$
40,884,774
$
-
$
-
$
40,884,774
Miscellaneous
Facilities revenue
7,907,188 -
-
7,907,188
Convention and visitors service revenue
360,125 -
-
360,125
Golf course operations 1,340 -
-
1,340
Interest on investments 235,112 167,338 29,372 431,822
Other
859,007 -
-
859,007
TOTAL REVENUES
50,247,546
167,338
29,372
50,444,256
EXPENDITURES
Current
General government
3,648,825
-
-
3,648,825
Community support 32,275,168 - - 32,275,168
Debt Service
Principal - 5,435,000 - 5,435,000
Interest - 4,161,794 - 4,161,794
Other bond costs - 3,513,876 - 3,513,876
Capital outlay - - 2,480,818 2,480,818
TOTAL EXPENDITURES 35,923,993 13,110,670 2,480,818 51,515,481
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 14,323,553 (12,943,332) (2,451,446) (1,071,225)
OTHER FINANCING SOURCES (USES)
Transfers from other funds - 11,240,002 3,877,000 15,117,002
Transfers to other funds (15,117,002) - - (15,117,002)
Sale of capital assets 984,673 - - 984,673
Issuance of refunding bonds - 68,897,000 - 68,897,000
Payment to refunded debt escrow agent - (68,763,165) - (68,763,165)
TOTAL OTHER FINANCING SOURCES (USES) (14,132,329) 11,373,837 3,877,000 1,118,508
NET CHANGE IN FUND BALANCES 191,224 (1,569,495) 1,425,554 47,283
FUND BALANCES, JULY 1 11,770,668 12,726,101 2,710,901 27,207,670
FUND BALANCES, JUNE 30
$
11,961,892
$
11,156,606
$
4,136,455
$
27,254,953
FOR THE YEAR ENDED JUNE 30, 2019
Page 12
GENERAL FUND EXPENDITURES
The Total Expenditures from the General Fund in Fiscal Year 2018-19 was $35,923,993, an increase
$1,508,550, primarily a result implementation of the Strategic Plan and changes in the Food and
Beverage contract.
CAPITAL ASSETS
The RSCVA’s capital assets for its governmental activities as of June 30, 2019, amount to $55,277,397
(net of accumulated depreciation). These capital assets include water rights, construction in progress,
buildings, improvements and furniture and equipment. Current year projects included restroom
remodels, LED lighting in the Halls, roof repairs, technology upgrades, painting and carpeting at the
Reno-Sparks Convention Center and roof repairs, lighting, and building repairs at the Reno-Sparks
Livestock Events Center. The Capital Projects Fund has an assigned fund balance of $4,136,455 at year
end. The ending fund balance is assigned to ongoing approved projects and fluctuates based upon
project status.
2019
EXPENDITURES
General government
Salaries and wages $ 1,426,972
Employee benefits 839,328
Services and supplies 1,271,193
Capital outlay 111,332
Total general government 3,648,825
Community support
Facility operation
Salaries and wages 6,250
Employee benefits 1,596
Services and supplies 12,383,771
12,391,617
Golf course operations
Employee benefits 2,104
Services and supplies 384,749
386,853
Convention and tourism promotion
Salaries and wages 3,070,252
Employee benefits 1,690,161
Services and supplies 13,049,507
17,809,920
Community grants and miscellaneous 1,686,778
Total community support 32,275,168
TOTAL EXPENDITURES $ 35,923,993
FOR THE YEAR ENDED JUNE 30, 2019
Page 13
Reno-Sparks Convention & Visitors Authority’s Capital Assets
Governmental
Activities
Water Rights
$ 3,445,200
Construction in Progress
515,798
Buildings and Improvements
45,442,306
Improvements
3,434,632
Furniture and Equipment
2,439,461
Total
$ 55,277,397
The Authority’s Capital Improvement Plan provides a comprehensive plan to design, construct,
maintain, and repair Authority assets and facilities. The size, age and diverse facilities of the Authority
require significant consideration to determine the best investments to make. The plan also serves as a
financial tool to set aside funds for the wide variety of capital projects as well as a planning tool to
ensure capital projects are consistent with the Authority’s Strategic Plan. The Plan identified changes
and additions, consulted with professionals in the various specialties, and developed a revised Capital
Project Plan. The needs of the projects were based on established criteria:
• The ability of the project to meet health, safety and legal concerns and mandates;
• The value of the project to prolong the life of the asset or avoid/minimize future repair costs;
• The benefit the project will provide the Authority in support of the goals articulated in the
Strategic Plan; and
• The potential for the project to generate revenue, savings or increase productivity.
LONG TERM DEBT
During Fiscal Year 2018-19, the Authority made payments of $5,435,000 in principal and
$4,161,794 in interest on its outstanding debt. The 2011 Refunding Bonds had a principal amount of
$1,665,000 defeased. In June 2019, bonds were issued in the amount of $68,897,000 (the 2019A Series
Refunding and 2019B Series Refunding). The bonds were issued for the purposes of refunding a portion
of the 2011 Series Refunding Bonds, with interest rates between 3.09% and 3.27%. The chart below
summarizes the Authority’s outstanding bonds. Additional information regarding the Authority’s debt
structure is presented in Note D in the Notes to Financial Statements.
The Authority’s total debt decreased by $4,373, 535 during the fiscal year, due to principal payments
on existing debt exceeding the accretion on capital appreciation bonds, defeasance of $1,665,000 of
principal and the refunding of bonds.
Reno-Sparks Convention & Visitors Authority’s Outstanding General Obligation Debt
Debt Series
Original Issue
Amount
Amount
Outstanding as of
June 30, 2019
RSCC Expansion Bonds (Capital Appreciation)
$ 19,384,075
$ 10,522,095
2011 Series Refunding
88,680,000
19,270,000
2019A Series Refunding
20,000,000
20,000,000
2019B Series Refunding
48,897,000
48,897,000
Total
$ 176,961,075
$ 98,689,095
