CITA reports healthy finances

The Cayman Islands Tourism Association’s treasurer’s report shows that the organisation is back in the black for 2006-2007, with a wonderful financial recovery over the past two years.

In 2005 – 2006 the association had seen a net loss of $102,494, but this year there was a net profit of $40,765, the AGM of the CITA was told last Thursday at a private meeting held at the Hyatt Beach Suites.

‘This shows the tremendous dedication and hard work that CITA members have given to their association over the past year,’ outgoing Treasurer Nancy Easterbrook commented.

Gross income was a total of $360,745 with membership income accounting for $69,346 (19 per cent), Key to Cayman, published by Cayman Free Press, raised $50,570 (14 per cent) and special events contributed $227,364 in income (63 per cent). These events included the Cayman Islands Tourism Exchange, International Film Festival, DEMA, Stingray Tourism Awards, Taste of Cayman, Golf Tournament, Easter raffle, Chilli Cook-off and Wet Fest.

Other income including Caribbean Hotel Association, interest and miscellaneous categories produced $13,063 (4 per cent).

By far, the Taste of Cayman event contributed the single largest revenue to the association – $130,377 (36 per cent).

Special thanks went to Key to Cayman and Cayman Free Press for ongoing support of CITA by way of commissions from all CITA members’ advertisements given back to the association.

Total expenses for the year were $319,980.

The CITA has $208,446 in cash of which $33,606 is allocated to the Lighthouse School for a new bus for those with special needs, and $93,890 is dedicated to the USS Kittiwake project, leaving approximately $80,000 in operating capital, with membership renewals just coming in.

Annual operating costs are approximately $130,000.

‘With continued strong membership, the Taste of Cayman and the unrelenting support of the membership, we are once again poised to be a viable and strong voice in the tourism community,’ said Mrs. Easterbrook.

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