Final Adopted Budget FY23-24

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 2021-22

Budget 2022-23

Adopted 2023-24

Projected

2024-25

Expenditures by Program Hotel/Motel Occupancy Tax

6,034,405

4,131,869

5,179,400

6,114,095

Total

6,034,405

4,131,869

5,179,400

6,114,095

Actual 2021-22

Budget 2022-23

Adopted 2023-24

Projected

2024-25

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 2021-22

Budget 2022-23

Adopted 2023-24

Projected

2024-25

Expenditures by Type Personnel Costs

7,209

3,799

6,579

7,430

6,027,196 6,034,405

Maintenance & Operations

4,128,070 4,131,869

5,172,821 5,179,400

6,106,665 6,114,095

Total

Revenues by Type Intergovernmental Revenue

5,610,000

4,578,901

4,875,000

5,722,200

424,405

Other Revenues

128,194

304,400

391,895

-

Appropriated Fund Balance

1,085,013 5,792,108

-

-

Total

6,034,405

5,179,400

6,114,095

Budget Highlights: The FY 23-24 Adopted Budget is increasing by $855,005, or 16.5%.  This fund provides debt services 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.  Anticipated revenues are expected to increase to levels experienced prior to the pandemic.

Adopted 2023-24 Budget

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