Item 3.a.i - Hotel Occupancy Tax Presentation — original pdf

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CULTURAL ARTS PROGRAM FUNDING – HOTEL O CCUPAN CY TAX ECONOMIC DEVELOPMENT DEPARTMENT MAY 18, 2020 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 2 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 3 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 4 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 5 DRAFT DRAFT Cultural Arts Fund Beginning Balance 4,518,915 3,215,422 2,960,636 1,758,364 (1,564,286) Revenue Interest Total Revenue Transfers In Other Funds Convention Center Total Transfers In Total Available Funds Program Requirements 2017-18 2018-19 2019-20 2019-20 2020-21* Actual Actual Estimated Amended Proposed 56,500 56,500 70,152 70,152 38,500 38,500 25,000 25,000 25,000 25,000 11,231,717 12,639,480 8,245,008 11,880,629 9,304,634 0 0 0 3,144,447 0 11,231,717 12,639,480 8,245,008 15,025,076 9,304,634 11,288,217 12,709,631 8,283,508 15,050,076 9,329,634 Cultural Arts and Contracts 12,677,444 13,001,908 12,808,430 12,808,430 Total Program Requirements 12,677,444 13,001,908 12,808,430 12,808,430 6,835,302 6,835,302 Total Requirements 12,677,444 13,001,908 12,808,430 12,808,430 6,835,302 Excess (Deficiency) of Total Available Funds Over Total Requirem ents Adjustment to GAAP Ending Balance No te: Numbers may no t add due to ro unding. (1,389,227) (292,277) (4,524,922) 2,241,646 2,494,332 85,734 37,491 0 0 0 3,215,422 2,960,636 (1,564,286) 4,000,010 930,046 ** **PLEASE NOTE:  The Proposed FY21 ending balances reflects a 10% reserve.  EDD is working with the Budget Office to identify additional revenue for FY21 that will allow for level funding. C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 6 QUESTIONS? C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 7