FY 2017-18 FINAL ADOPTED BUDGET

HOTEL/MOTEL OCCUPANCY TAX FUND

PROGRAMS

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 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 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

3,451,832

15,775,220

12,277,080

4,375,602

Full Time Equivalent Positions

0.03

0.03

0.03

0.03

BUDGET SUMMARY

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 Projected

Actual

Expenditures:

Personnel Costs

5,745

5,798

6,016

6,158

Maintenance & Operations

3,446,087

15,769,422

12,271,064

4,369,444

Capital Outlay

0

0

0

0

Total

3,451,832

15,775,220

12,277,080

4,375,602

Total FTE Positions

0.030

0.030

0.030

0.030

Revenues:

Hotel/Motel Occupancy Tax

3,902,617

4,143,220

4,226,080

4,310,602

Transfers

0

0

0

0

Other

1,072,995

11,632,000

8,051,000

65,000

Fund Balance

5,800

0

0

0

0

0

0

0

Total

4,981,412

15,775,220

12,277,080

4,375,602

BUDGET HIGHLIGHTS  This fund provides debt service payments for existing debt at the Coliseum. FY 17-18 occupancy tax revenues are budgeted to increase $82,860, or 2.0%.  The FY 16-17 Budget included an $11.6 million transfer to the Coliseum Improvements Fund related to the construction of the Greensboro Swarm Fieldhouse and other improvements. A similar $8.0 million transfer is included in FY 17-18.  A small portion of one Finance Department FTE position is allocated to this fund.

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