CORNWALL – Even while giving out grants to a dozen tourism projects in 2021, the Tourism Development Corporation of Cornwall (TDCC) saw its surplus grow by 28 per cent, closing in on a half million dollars.
According to its financial statements, the TDCC saw revenue of nearly $219,000 – far above what it forecast for revenue from the percentage of the 4 per cent bed tax collected at city hotels and motels in the pandemic year.
The corporation receives half of the bed tax for the tourism development fund while the other half goes to the city’s economic development department.
It also gave out less than expected – just over $97,000 to projects – instead of the $138,000 budgeted. That’s because some, like the World Junior A Hockey Challenge, were cancelled due to the pandemic.
Outside of the sponsorship grants, corporate overhead was nearly $16,000, made up of honorariums ($9,000), professional fees ($4,930), advertising ($48), insurance ($1,717) and bank charges ($27).
The financial statements released at last week’s AGM (June 21), show the TDCC now has an accumulated surplus of just over $477,000.
The larger than expected surplus will likely come in handy for the corporation’s long term “anchor tourism” project, which hasn’t been announced.
The municipal accommodation tax started in 2018.