HOUSTON FIRST CORPORATION Financial Management and Accountability Report -- REVISED Report 7-2020 - For the Period Ending July 31, 2020 (58% of 2020) Dashboard YEAR TO DATE HOTEL OCCUPANCY TAX COLLECTIONS($1,000) 2020 BudgetFirst Quarter Two Quarters Three Quarters Full Year $ $ $ $ 2019 Actual 19,962 42,457 64,716 86,624 $ $ $ $ REVISED 1 21,426 38,960 43,960 51,460 $ $ $ 2020 Actual 21,426 39,796 42,689 Over(Under) Budget 0.0% 2.1% -2.9% Note 2 HOTEL STATISTICS (Year to Date) Hilton-Americas Houston Hotel Regional per Smith Travel Research (thru. June) Occupancy Average Daily Rate RevPAR Prior year Actual $ $ Current Year Original Budget 64.60% 105.48 68.11 Actual Over(Under) Budget 43.60% 87.31 38.06 $ $ -32.5% -17.2% -44.1% 3 3 3 MAJOR REVENUES (Year to Date) 2020 BudgetGRB Facility Rental GRB Food and Beverage Revenue Parking Revenue-Avenida Parking Revenue-Theater District $ $ $ $ 2019 Actual 3,607,455 16,569,934 5,319,261 5,068,507 $ $ $ $ REVISED 1 1,513,802 8,883,723 1,995,282 3,461,624 $ $ $ $ 2020 Actual 1,681,552 8,889,940 2,392,362 2,957,698 Over(Under) Budget 11.1% 0.1% 19.9% -14.6% $ $ $ $ $ $ 2020 Actual 10,722,349 1,743,463 1,824,020 1,232,491 1,815,336 5,539,724 Over(Under) Budget -3.1% -5.5% 7.7% -1.1% -6.6% 0.5% MAJOR EXPENDITURES (Year to Date) 2020 BudgetPersonnel Cost Security Contract Payments Bldg Maintenance Contract(TDI) Payments Parking Contract Payments Janitorial Contract Payments GRB Food and Beverage Expense $ $ $ $ $ $ 2019 Actual 14,846,885 2,408,246 2,910,229 1,821,997 3,636,741 9,580,680 $ $ $ $ $ $ REVISED 1 11,069,583 1,845,681 1,693,349 1,245,934 1,944,187 5,512,373 CAPITAL IMPROVEMENT SPENDING (Year to Date) 2020 Annual Budget-REVISED 1 $ 1,100,762 $ 630,754 $ 3,750,000 Convention District Venues Theater District Venues Hilton Americas-Houston $ $ $ 2020 YTD Actual 257,863 445,734 3,559,653 % Spent 23.4% 70.7% 94.9% NOTES 1 As it became clear that COVID 19 was a pandemic, HFC acted judiciously preparing a revised budget based on actuals thru April, and circumstances known in May. Revised budget approved by the Board in June. 2 Actuals include 1 month of the quarter. To date, actuals trending toward meeting revised budget in 3rd quarter. KEY Positive Variance Negative Variance Less Than 10% 3 Significant impact to hotel industry and travel due to COVID 19. Expecting impact to last through 2021. 4 Work from home and travel restrictions as a result of COVID 19 significantly impacted parking. 1 Negative Variance 10% or Greater Inconclusive or Unavailable Data 4 4