January 2022 Hotel Occupancy Tax Update — original pdf

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Hotel Occupancy Tax Update Laura Odegaard Cultural Investment Program Manager Economic Development Department January 31, 2022 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 – December 2021 Hotel Occupancy Tax Fund Month Ended December 31, 2021 Approved Budget Amended Budget December w/Encumb Year-to-date w/Encumb Year-End Estimate Year-End Variance Fav(Unfav) Year-End % Variance Fav(Unfav) BEGINNING BALANCE 0 0 0 0 Tfr to Cultural Arts Fund 6,660,189 6,660,189 314,150 2,374,916 6,660,189 0 0 N/A 0.0% Total HOT Dec YTD is $24,868,025 • 36% of Budget of $69,773,408 • $16M above prior year YTD of $8,867,163 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 HOT Cultural Arts Fund – December 2021 Year End Estimate: $6,660,189 For Comparison: 36% so far 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 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 4