Item 3b - Hotel Occupancy Tax Update — original pdf

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Hotel Occupancy Tax Update Laura Odegaard, Program Manager III Cultural Arts Division Economic Development Department May 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 – April 2022 Hotel Occupancy Tax Fund Month Ended April 30, 2022 Tfr to Cultural Arts Fund Approved Budget 6,660,189 Amended Budget 6,660,189 April w /Encumb Year-to-date w /Encumb 2,403,445 7,844,462 Year-End Estimate 10,239,763 Year-End Variance Fav(Unfav) (3,579,574) Year-End % Variance Fav(Unfav) (53.7%) • HOT YTD = $82,139,194 • HOT April collection of $25.1M • • YTD is 18% above budget of $69,773,408 77% of CYE of $107,273,710. Prior year YTD through Apr 2021 was $30,324,615 • • Cultural Arts April: $2,403,445 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 – FY22 Year End Estimate: $6,660,189 Current HOT Cultural Arts Fund in the bank: $7,844,462 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