Item 9 - 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 August 15, 2022 C I T Y O F A U S T I N EC ON OMI C D EVEL OP M EN T 1 Hotel Occupancy Tax – July 2022 HOT collection for the 1st month of the last quarter in the fiscal year has been the highest in years! HOT YTD = $119,396,709 • Total HOT June Collection of $29,832,776 • Year to date is 71% above budget of $69,773,408 • 11% OVER Current Year Estimate of $102,273,710 Prior Year to Date through July 2021 was $51,300,439 Cultural Arts July 2022 = $2,848,992 • July 2021 Cultural Arts Fund = $1,883,020 C I T Y O F A U S T I N EC ON OMI C D EVEL OP M EN T 2 Hotel Occupancy Tax FundMonth Ended July 31, 2022 Year-EndYear-EndApprovedAmendedJulyYear-to-dateYear-EndVariance% VarianceBudgetBudgetw/Encumbw/EncumbEstimateFav(Unfav)Fav(Unfav) Tfr to Cultural Arts Fund6,660,1896,660,1892,848,99211,402,55510,239,763(3,579,574)(53.7%)HOT Cultural Arts Fund – FY22 Original Approved Budget for FY22 was: $6,660,189 Current HOT Cultural Arts Fund in the bank: $11,402,555 C I T Y O F A U S T I N EC ON OMI C D EVEL OP M EN T 3 Questions? C I T Y O F A U S T I N EC ON OMI C D EVEL OP M EN T 4