Adopted Budget Projected Budget 2016-2017

HOTEL/MOTEL OCCUPANCY TAX FUND

PROGRAMS

2014-15

2015-16 Budget

2016-17 Adopted

2017-18 Projected

Actual

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 its proceeds to retire debt service on improvements to the Coliseum Complex. The City also funds certain marketing expenses up to $200,000 annually.

Appropriation

4,489,567

8,256,024

15,775,220

4,274,080

Full Time Equivalent Positions

0.00

0.03

0.03

0.03

BUDGET SUMMARY

2014-15

2015-16 Budget

2016-17 Adopted

2017-18 Projected

Actual

Expenditures:

Personnel Costs

5,511

5,492

5,798

5,929

Maintenance & Operations

4,484,056

8,250,532

15,769,422

4,268,151

Capital Outlay

0

0

0

0

Total

4,489,567

8,256,024

15,775,220

4,274,080

Total FTE Positions

0.030

0.030

0.030

0.030

Revenues:

Hotel/Motel Occupancy Tax

3,865,324

3,812,020

4,143,220

4,226,080

Transfers

920,720

0

0

0

Other

9,258

4,444,004

11,632,000

48,000

Fund Balance

847,083

0

0

0

Total

5,642,384

8,256,024

15,775,220

4,274,080

BUDGET HIGHLIGHTS  This fund provides debt service payments for existing debt at the Coliseum. FY 16-17 occupancy tax revenues are budgeted to increase $331,200, or 8.7%.  The FY 16-17 Adopted Budget includes an $11.6 million transfer to the Coliseum Improvements Fund for the construction of the Greensboro Swarm Fieldhouse and other improvements.  A small portion of one Finance Department FTE position is allocated to this fund.

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