Revenue

 

Grants                                                $100,000

Tax Credits                                             20,000

Fundraising                                         500,000

Cash on Hand                                        56,000

 

Total Revenue                                 $676,000

 

Operating Expenses

 

Utilities                                                $        200

Contract Services                                  12,500

 

Total Operating Expenses              $  12,700

 

Construction Expenses

 

Phase 1A-Asbestos Abatement    $  50,000

Phase 1B-Structure and Roof           600,000

 

Total Construction Expenses          $650,000

 

Total Expenses                                   $662,700

 

Budget Deficet/Surplus                  $   13,300

 

              2018 Budget

 

Operating Budget After Renovation

PANHANDLE INN FOUNDATION

OPERATING BUDGET AFTER RENOVATION

 

Revenue

 

City Hall                                                  19,730

Space 1                                                     8,000

Space 2                                                   10,960

Venue                                                     12,000

Annual Fundraiser                              10,000

2nd Floor Apartments                       36,000

2nd Floor Guest Rooms                     54,441

 

Total Revenue                                  $151,131

 

 

 

Operating Expenses

 

Utilities/Maintenance                     19,730

Util/Maint Guest Rms.                      5,590

Insurance                                            12,000

Professional                                         3,500

Incidentals                                            5,000

Supplies/Postage/Dues                   5,000

Management                                    57,000

 

Total Expenses                             $107,820

 

Budget Surplus                               $43,331

 

 

 

 

Revenue Assumptions

  • $27,535- Paid by City of Panhandle. 1,899SF @ $14.5/SF/YR. 

  • $14,443-994SF @14.5/SF/YR

  • $15,892-1,096SF @ $14.5/SF/YR

  • $12,000-Projected $1,000/MO/YR

  • $10,000-Annual fundraising depends on securing an endowment as well as excess revenues.  The Inn will continue fundraising events and donation campaigns to raise a $1 Million Endowment Fund

  • $36,000-3 upstairs lease units @ $1,000/MO/YR. Tenants pay own utilities.

  • $80,534-5 upstairs guest rooms (Explanation of figures will follow.)

  •  

Operating Expenses Assumptions

  • $40,000- utilities and maintenance for 20,000 SF @ $2/SF/YR.  

  • $57,000- Median expected annual pay for a typical Meeting/Event planner (salary.com).  The Inn is prepared to hire a manager to oversee maintenance, apartment rental agreements, commercial office space leasing, scheduling of special events and booking of venues.

 

 

Explanation of 2nd floor guest room revenue:

  • Panhandle currently has one motel for overnight stay-Budget Inn located on HWY 60

  • Budget Inn’s 2012 annual receipts (before windmill worker boom) $120,803.77

  • Budget Inn-18 guest rooms @ $35/night

  • Panhandle Inn- 5 guest rooms @ at least $70/night

  • $80,534=$120,803.77 divided by 3, (5 rooms is approx.1/3 of 18), multiplied by 2. (Inn’s guest rooms will cost at least twice as much as Budget’s.)

  • The Panhandle Inn will have high appeal to the heritage tourism market.

 

Explanation of Venue:

  • Information on venues in Panhandle, Amarillo and surrounding areas was collected.

  • Venues at the Panhandle Inn will compare to Amarillo Botanical Gardens. I.e.( P.I.-Ballroom, Lobby, Garden Area.  A.B. G.-Auditorium, Gallery, Lawn.)

  • The Inn’s venues will serve as a great reception area for weddings hosted at the Square House Museum’s Conway Church, local churches, area churches and the Carson County gazebo.

  • Currently Panhandle has one venue which allows the serving of alcoholic beverages-Panhandle Country Club.  The club is dated and small. The Sq. House makes exceptions with board approval.

  • The Inn can accommodate weddings in the ballroom or garden area. Bed and breakfast rooms may be used as Bride’s room and Groom’s room for dressing and for overnight guests.  This is a very special amenity.

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