Hotel Occupancy Tax Fund

Fiscal Year 2022 – 2023 Budget

This fund accounts for all hotel occupancy taxes collected. Council amended the Town’s Code of Ordinances May 5, 2020 to include short-term rentals to pay a hotel occupancy tax. The Town’s hotel occupancy tax rate is 7%. The five-year budget includes the first hotel to come online in the spring of 2023.

HOTEL OCCUPANCY TAX FUND SUMMARY

Actual Amended Budget Estimated Budget Adopted Budget Planning Years

2020 - 2021 2021 - 2022 2021 - 2022 2022 - 2023 2023 - 2024 2024 - 2025 2025 - 2026 2026 - 2027

BEGINNING FUND BALANCE $21,841 $21,841 $9,321 $124,998 $331,352 $537,706 $744,060

REVENUES

Hotel Tax Interest Earnings

TOTAL REVENUES $21,841 $15,000 $17,910 140,677 231,354 231,354 231,354 231,354

TOTAL FUNDS AVAILABLE $21,841 $36,841 $39,751 $149,998 $356,352 $562,706 $769,060 $975,414

$21,794 $15,000 $17,860 $140,677 $231,354 $231,354 $231,354 $231,354 47 - 50 - - - - -

EXPENDITURES

Marketing Professional Services Transfer Out

TOTAL EXPENDITURES $- $25,000 $30,430 $25,000 $25,000 $25,000 $25,000 $25,000

ENDING FUND BALANCE $21,841 $11,841 $9,321 $124,998 $331,352 $537,706 $744,060 $950,414

$- $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 - - 5,430 - - - - -