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AI# 12671
Regular City Council Meeting
6.3.
07/23/2024:
Information
Agenda Item
Budget Ordinance Amendment 2nd Reading - Finance:
Consider Budget Ordinance No. 2024-O0102, Amendment 42, amending the FY 2023-24 Budget for municipal purposes respecting the Operating Budget for Market Lubbock Inc.-Visit Lubbock and Sports Authority; providing for filing; and providing for a savings clause.
Item Summary
On July 9, 2024, the City Council approved the first reading of the ordinance.
I. Amend the FY 2023-24 MLI – Visit Lubbock and Sports Authority Operating Budget as shown in Exhibit A.
Budget Amendment 42 includes a revision to the operating budget for Market Lubbock, Inc. (MLI) - Visit Lubbock and Lubbock Sports Authority. This essential procedure is conducted each year. This is in an effort to ensure the effective allocation of resources and to support the growth and development of the City. Individual reasoning for operating budget revisions are included in Exhibit A.
Fiscal Impact
Funding for Visit Lubbock and Lubbock Sports Authority comes from hotel occupancy tax based on the annual allocation percent for each.
Every year these entities receive only budgeted hotel/motel tax revenue. Revenue received over these budgeted amounts are revised annually as part of a budget amendment, and are known as true-up funds. The budget is changing, to account for this additional revenue as well as changes to expenses.
Staff/Board Recommending
Cheryl Brock, Interim Chief Financial Officer
Attachments
Budget Amendment 42
BA 42 - Exhibit A
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