July 2021 Hotel Occupancy Tax and American Rescue Plan Act Update — original pdf

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Hotel Occupancy Tax and American Rescue Plan Act Update Sylnovia Holt Rabb, Deputy Director Economic Development Department July 21, 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 Hotel Occupancy Tax – Collection through June Tfr to Cultural Arts Fund Approved Budget 7,790,403 Amended Budget 7,790,403 June w/Encumb Year-to-date w/Encumb 15,217 3,018,638 4,296,896 3,493,507 Year-End Estimate Year-End Variance Fav(Unfav) Year-End % Variance Fav(Unfav) 44.8% 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 American Rescue Plan Act Spending Framework – Creative Sector - $13 million investment Services and Ac(cid:415)vi(cid:415)es Approved Funding Creative Non-Profit Emergency Relief (Arts/Music) Arts Ecosystem Music Ecosystem TOTAL INVESTMENT REQUIRED Services and Ac(cid:415)vi(cid:415)es General Workforce Development(cid:3031) Aus(cid:415)n Civilian Conserva(cid:415)on Corps Aus(cid:415)n Civilian Conserva(cid:415)on Corps (Homeless and/or Crea(cid:415)ve Sector Focus) TOTAL INVESTMENT REQUIRED $21.0M $2.0M $6.0M $4.0M $12.0M Approved Funding $15.0M $5.0M $1.0M 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