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AI# 12842  Regular City Council Meeting 6.6. 09/10/2024:

Information

Agenda Item

Resolution - Finance: Consider a resolution amending the allocation of the Hotel Occupancy Tax Revenues for FY 2024-25 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 2024-25 is $9.7 million, an increase of $300,000.  Budgeted expenditures have also increased $300,000 from the prior year. The FY 2024-25 Operating Budget includes changes to the FY 2023-24 allocation as follows: • Civic Center Operations and Marketing allocation decreased $8,523. • The allocation to Civic Lubbock - Art Grants increased $17,763. • The allocation to the North Overton TIF - Conference Center debt increased $26,383. • Buddy and Maria Elena Holly Plaza debt service allocation increased $1,125. • Transfer to CIP - Civic Center allocation decreased $35,365. • A new allocation is included this year for Visitor Support at $298,617.  This visitor support covers staffing for the maintenance of the tournament ball fields, as well as promotions of the Buddy Holly Center and the Silent Wings Museum. The allocation distribution is found below: Convention & Tourism Bureau  $ 3,697,485 Civic Center Operations/Marketing 2,600,487 Visiting Participatory & Spectator Sports Marketing 1,205,294 North Overton TIF Conference Center Debt Service 472,951 Civic Lubbock, Inc. 574,356 Buddy & Maria Elena Holly Plaza Debt Service 90,500 Transfer to Civic Center Capital 380,345 Transfer to HOT Capital 379,965 Visitor Support 298,617 Total         $ 9,700,000

Fiscal Impact

Revenue and expenditures are projected to increase 3.2 percent, or $300,000 for FY 2024-25. Total projected revenue and expenditures for FY 2024-25 are $9.7 million.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments HM Resolution

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