FINAL ADOPTED BUDGET FY2022-23

HOTEL/MOTEL OCCUPANCY TAX FUND 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.

Actual

Budget 2021-22

Adopted 2022-23

Projected

2020-21

2023-24

Expenditures by Program Hotel/Motel Occupancy Tax

5,179,400

4,121,070

4,690,810

5,347,089

Total

5,179,400

4,121,070

4,690,810

5,347,089

Actual

Budget 2021-22

Adopted 2022-23

Projected

2020-21

2023-24

Full-time Equivalents by Program Hotel/Motel Occupancy Tax

0.03

0.03

0.03

0.03

Total

0.03

0.03

0.03

0.03

Actual 2020-21

Budget 2021-22

Adopted 2022-23

Projected

2023-24

Expenditures by Type Personnel Costs

6,579

4,910

6,724

6,647

5,172,821 5,179,400

Maintenance & Operations

4,116,160 4,121,070

4,684,086 4,690,810

5,340,442 5,347,089

Total

Revenues by Type Intergovernmental Revenue

4,875,000

2,926,349

3,279,375

5,025,000

304,400

Other Revenues

775,322

331,700

322,089

-

Appropriated Fund Balance

2,424,481 6,126,152

1,079,735 4,690,810

-

Total

5,179,400

5,347,089

Budget Highlights: The FY 22-23 Adopted Budget is increasing by $488,590, or 10.4%.  This fund provides debt service payments for existing debt and ongoing maintenance at the Coliseum.  A small portion of one (1) FTE from the Finance Department is allocated to this fund.

Adopted 2022-23 Budget

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