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			8.4.
Regular City Council Meeting
Meeting Date: 09/14/2021
Information
Agenda Item
Resolution - Finance: Consider a resolution amending the allocation of the Hotel Occupancy Tax Revenues for FY 2021-22 and distributing receipts, net of collection expenses, as authorized in Subsection 18.03.001(b)(2) of the Code of Ordinances of the City of Lubbock.
Item Summary
Hotel Occupancy Tax (HOT) receipts are distributed as authorized in Chapter 351 of the Texas Tax Code, as directed by the City Council.  The total revenue projected for FY 2021-22 is $6.8 million, an increase of $1.2 million from the prior year budget. The FY 2021-22 Operating Budget includes changes to the FY 2020-21 allocation as follows: • Civic Center Operations and Marketing allocation increased from 27.4 percent to 27.9 percent. • Buddy and Maria Elena Holly Plaza Debt Service allocation decreased from 1.6 percent to 1.3 percent. • The allocation, Transfer to TIF – Conference Center decreased from 8.9 percent to 4.9 percent. • The allocation, Transfer to CIP – Civic Center Exterior Improvements, will increase from 0.0 percent to 3.7 percent. Budgeted expenditures have increased $1.2 million from the prior year budget for FY 2021-22. The funds received from the hotel occupancy tax shall be distributed as follows: Convention and Tourism Bureau 42.38340% Civic Center Operations/Marketing 27.87369% Visiting and Participatory & Spectator Sports Marketing 13.81600% North Overton TIF Conference Center Debt Service 4.93054% Civic Lubbock, Inc. 5.92120% Buddy & Maria Elena Holly Plaza Debt Service 1.34559% Transfer to Civic Center CIP 3.72958% Total 100.0000%
Fiscal Impact
Included in Item Summary
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments Hotel Tax Resolution

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