Virginia News Source (VNS) comparative analysis of City of Virginia Beach tourism reports utilizing
Department of Tourism and ODU Tourism reports.

Oceanfront generated revenues and expenditures for the year 2000

City & ODU
Numbers

Virginia
News Source

Overstated
$ Difference

Percent
Difference

Lodging

$16.1 Million

$11.1 Million

+$5.0 Million

-31.1%

Meals

$11.9 Million

$4.8 Million

+$7.1 Million

-60.0%

Retail

$6.5 Million

$4.0 Million

+$2.5 Million

-38.5%

Total Sales

$34.5 Million

$19.9 Million

+$14.6 Million

-42.3%

Property Tax

$9.3 Million

$3.9 Million

+$5.4 Million

-58.1%

Other

$6.7 Million

$2.8 Million

+$3.9 Million

-58.2%

Direct City Revenue

$50.5 Million

$26.6 Million

+$23.9 Million

-47.3%

Direct City Expenditures

$34.3 Million

$34.3 Million

Correct Amount

No Difference

Net

$16.2 Million

(-$7.7 Million)

Negative Return

Negative Return

Average Rate of Return

$16.2/34.3 = 47.2%

-$7.7/34.3 =(-22.4%)

NOTE: The net of tax revenue minus expenditures is divided by those expenditures to calculate the average rate of return. Conclusion,ODU reported the average rate of return for 2000 was 47.%.


Oceanfront generated revenues and expenditures for the year 2003

City & ODU
Numbers

Virginia News Source

Overstated
$ Difference

Percen
Difference

Lodging

$23.8 Million

$13.6 Million

+$10.2 Million

-31.1%

Meals

$14.0 Million

$5.6 Million

+$8.4 Million

-60.0%

Retail

$6.8 Million

$4.0 Million

+$2.8 Million

-38.5%

Total Sales

$44.6 Million

$23.2 Million

+$21.4 Million

-42.3%

Property Tax

$11.6 Million

$5.0 Million

+$6.6 Million

-58.1%

Other            

$7.5 Million

$3.2 Million

+$4.3 Million

-58.2%

Direct City Revenue

$63.7 Million

$31.4 Million

+$32.3Million

-47.3%

Direct City Expenditures

$39.8 Million

$39.8 Million

Correct Amount

No Difference

Net

$23.9 Million

(-$8.4 Million)

Negative Return

Negative Return

Average Rate of Return

$23.9/39.8= 60.1%

-$8.4/39.8=(-21.1%)