Hotel Occupancy Tax Fund Projections — original pdf
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Hotel Occupancy Tax – Forecast Sylnovia Holt Rabb, Deputy Director Economic Development Department April 19, 2021 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 1 Cultural Arts Fund – FY21 Approved Budget 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 Cultural Arts Fund – Update with FY20 Actuals Cultural Arts Fund 2018-19 2019-20 2020-21 2020-21 2021-22 Actual Actual Estimated Amended Proposed 3,215,422 2,923,145 (695,565) (1,081,241) (4,034,625) 70,152 0 70,152 42,770 9,514 52,284 6,000 0 6,000 30,000 0 30,000 6,000 0 6,000 12,639,480 12,639,480 9,003,228 9,003,228 3,895,202 3,895,202 7,790,403 5,453,282 7,790,403 5,453,282 12,709,631 9,055,512 3,895,202 7,820,403 5,459,282 13,001,908 12,674,222 13,001,908 12,674,222 7,234,262 7,234,262 7,234,262 1,080,000 7,234,262 1,080,000 Revenue Interest Other Revenue Total Revenue Transfers In Other Funds Total Transfers In Total Available Funds Program Requirements Cultural Arts and Contracts Total Program Requirements Total Requirements 13,001,908 12,674,222 7,234,262 7,234,262 1,080,000 Excess (Deficiency) of Total Available Funds Over Total Requirements (292,277) (3,618,710) 586,141 586,141 30,000 Ending Balance 2,923,145 (695,565) (4,034,625) 586,141 344,657 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 Economic Development Department Hotel Occupancy Tax Programs $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- Cultural Arts Fund 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 Proposed COVID-19 Spending Framework-2021 – March 23rd American Rescue Plan FY 2021 ARP FY 2022 ARP Total Cultural Arts Fund $3.9 M $3.9 M $7.8 M Historic Preservation Fund $5.0 M $5.0 M $10.0 M Live Music Fund $1.1 M $1.1 M $2.2 M Austin Convention Center Fund $6.4 M $21.9 M $28.3 M Total $16.4 M $31.9 M $48.3 M 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 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 6