2018-2019 Adopted Budget

HOTEL/MOTEL OCCUPANCY TAX FUND

PROGRAMS

2016-17

2017-18

2018-19

2019-20

Actual

Budget

Adopted

Projected

Hotel/Motel Occupancy Tax The City of Greensboro levies a 3% Room Occupancy Tax on all hotel/motel rooms within the city limits. The proceeds of the levy are distributed 80% to the City and 20% to the Greensboro Convention and Visitors Bureau. The City currently uses these proceeds to retire debt service on improvements to the Coliseum Complex. The City also funds certain marketing expenses up to $200,000 annually.

Appropriation

12,710,438

12,277,080

9,335,805

5,251,828

Full Time Equivalent Positions

0.030

0.030

0.030

0.030

BUDGET SUMMARY

2016-17

2017-18

2018-19

2019-20

Actual

Budget

Adopted

Projected

Expenditures:

Personnel Costs

5,972

6,016

6,177

6,246

Maintenance & Operations

12,704,466

12,271,064

9,329,628

5,245,582

Capital Outlay

0

0

0

0

Total

12,710,438

12,277,080

9,335,805

5,251,828

Total FTE Positions

0.030

0.030

0.030

0.030

Revenues:

Hotel/Motel Occupancy Tax

4,075,209

4,226,080

4,239,840

4,324,640

Transfers

0

0

0

0

Other

10,295,377

8,051,000

5,095,965

108,435

Fund Balance

4,800

0

0

818,753

Total

14,375,386

12,277,080

9,335,805

5,251,828

BUDGET HIGHLIGHTS  This fund provides debt service payments for existing debt at the Coliseum.  The FY 18-19 Hotel/Motel Occupancy Tax fund is decreasing by $2,941,275, or 24.0%  The FY 17-18 Budget included an $8.0 million transfer to the Coliseum Improvements Fund related to the construction of the Greensboro Swarm Fieldhouse and other improvements. A similar $5.0 million transfer is included in FY 18-19.  A small portion of one Finance Department FTE position is allocated to this fund.

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