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The South San Francisco Conference Center will earn a surplus of $341,00 for the 2024-25 fiscal year.
Despite development slowdowns and a relatively slow recovery for the life science sector over the last couple years, South San Francisco Conference Center activity remains strong, projecting a surplus for the 2025-26 fiscal year.
For the 2024-25 fiscal year, which just ended June 30, the conference center is now expecting more revenue than originally estimated.
“During this past fiscal year, our team has not only managed to meet the budget … but we exceeded it,” said Jim McGuire, executive director and CEO of the South San Francisco Conference Center. “Our budgeted net income for fiscal year 2024-25 was forecasted to have a surplus of $88,000. However, we will end up over $341,00 in the positive.”
The conference center, located on Airport Boulevard, derives most of its revenue from renting out its facilities for events, as well as the conference center tax, which is a $2.50 per night per hotel room tax, separate from the transient occupancy tax. Total revenue for the current fiscal year is expected to be about $5.5 million, 35% of which comes from the tax.
“This past fiscal year, the conference center hosted 123 events, which were 80% repeat business and 20% new businesses that brought in over 28,000 attendees and over 2,300 trackable hotel rooms to hotel partners, which is 38% better than last year,” McGuire said during a council meeting June 25. “Although the number of events we hosted is slightly less than last year, this year's events were larger, multi-day events.”
About 40% of the events hosted by the conference center were corporate related, many of those coming from life science companies, which maintains a large presence in the city.
While the center’s fiscal position remains strong, McGuire added that leaders still want to remain cautiously optimistic.
“Winds have shifted in the meeting business,” he said. “Planners have become less optimistic than they were three months ago. Over 60% of planners report their meetings have been impacted by the change in the current administration, and the changing economic outlook is cited most frequently as the cause.”
Still, the county has been able to weather some of the overall decrease in travel — and subsequently tax revenue — more so than other areas, he added. Travel-related spending in California in 2024 had a 2% increase over the previous year, and San Mateo County’s hotel occupancy, about 66%, was higher than California’s or the nation’s, which were 62% and 56%, respectively.
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Thomas Morgan said:
steve.claesson said:
Joining ICE and violating citizens constitutional rights in order to stay out of legal trouble is terrible advise.
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