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Board hears a half-year report of $1.1 million in hotel tax and $0.6 million in car rental tax
Storrs reported hotel occupancy tax receipts of $1.1 million and auto rental tax receipts of $0.6 million for the first six months of fiscal 2023/24, investment earnings of $151,297, and $366,000 transferred to the debt service fund. Asked about a dip in hotel tax receipts, board member Dipak Patel attributed it to the City providing an incentive to the Embassy Suites in downtown Amarillo; Convention and Visitors Bureau Executive Director Kashion Smith said rate integrity had been an issue and that growth in room inventory leads to lower room rates.[1][2]
What the sources say
- ✓ Verified
For the first quarter of fiscal 2023/24 Storrs reported hotel occupancy tax receipts of $633,912 and auto rental tax receipts of $322,747 (March 4, 2024). For the first six months she reported hotel occupancy tax receipts of $1.1 million, auto rental tax of $0.6 million, investment earnings of $151,297, total revenues of $1.9 million and expenditures of $0.7 million, with $366,000 transferred to the debt service fund (May 13, 2024). [2][1]
- Hot q1 fy2024
- $633,912
- Auto rental q1 fy2024
- $322,747
- ✓ Verified
Dipak Patel (board member); Kashion Smith (CVB Executive Director): The minutes record that "Mr. Dipak" (board member Dipak Patel, listed among the voting members present) "stated that the dip in hotel occupancy tax receipts are entirely due to the City providing an incentive to the Embassy Suites in downtown Amarillo," and that CVB Executive Director Kashion Smith "shared that rate integrity has been an issue," that "increases in room inventory leads to rate decreases, and we may see rates drop more." [1]
- ✓ Verified
The minutes do not describe the incentive referred to, give its amount, or show how it would affect the district's receipts, and no City statement on the cause of the dip was found. The statements are recorded here as made. [1]
