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AI# 11911  Regular City Council Meeting 6.6. 09/12/2023:

Information

Agenda Item

Resolution - Finance: Consider a resolution amending the allocation of the Hotel Occupancy Tax Revenues for FY 2023-24 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 2023-24 is $9.4 million, an increase of $676.1 thousand.   The FY 2023-24 Operating Budget includes changes to the FY 2022-23 allocation as follows: • Civic Center Operations and Marketing allocation increased from $2.60 million to $2.61 million, an increase of $19,934. • Buddy and Maria Elena Holly Plaza debt service allocation increased from $88 thousand to $89.4 thousand, an increase of $1,375. • The allocation to the North Overton TIF - Conference Center increased from $358.8 thousand to $446.6 thousand, an increase of $87,744. • The allocation Transfer to CIP - Civic Center increased from $268.7 thousand to $415.7 thousand, an increase of $147,049. • The allocation to Civic Lubbock - Art Grants increased from $516.6 thousand to $556.6, an increase of $40,033. • A new allocation is included in this year for Tournament Ball Fields at $379,965 .Budgeted expenditures have increased $676.1 thousand from the prior year budget for FY 2023-24. Entity Amount Civic Center Operations/Marketing $   2,609,010 Convention and Tourism Bureau 3,697,485 Visiting Participatory and Spectator Sports Marketing 1,205,294 North Overton TIF Conference Center Debt Service 446,568 Buddy and Maria Elena Holly Plaza Debt Service 89,375 Civic Lubbock, Inc. 556,593 Transfer to HOT Capital Project - Ball Fields 379,965 Transfer to Civic Center CIP 415,710 Total $  9,400,000

Fiscal Impact

Included in Item Summary

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer

Attachments Hotel Occupancy Tax Resolution

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