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City finance staff report a $659,229 negative hotel-tax carryforward in the CVB budget
Assistant City Manager Laura Storrs told the board that FY2019/20 available funds at September 30, 2020 were $521,360 and the carryforward from the City hotel tax was $659,229, and that the FY2020/21 budget of $1,284,780 included a $1,050,000 debt service payment and the $659,229 negative carryforward. She said an RFP was going out for a third-party hotel tax administrator. The board also approved asking the City for $810,000 in relief funding for operations.[1]
What the sources say
- ✓ Verified
Laura Storrs, Assistant City Manager: Storrs reported that "the FY 2019/20 actual results for available funds as of 9/30/2020 was $521,360. The carryforward from the city HOT was $659,229," and that "the budget for next fiscal year is $1,284,780 which includes $1,050,000 of debt service payment and $659,229 negative carryforward from the previous fiscal year." The minutes do not say which debt the $1,050,000 payment serves. [1]
- Available funds fy2020
- $521,360
- Negative carryforward
- $659,229
- Budget fy2021
- $1,284,780
- Debt service
- $1,050,000
- ✓ Verified
Smith said that "due to our lack of history, we do not qualify for federal relief," that a letter requesting relief funding had gone to the City Council, and that "a request has been made for $810,000 for our operating fund," with a second request planned for arts grants and gateway signage totaling $1.8 to $2 million. The board approved the request unanimously. [1]
- Relief request
- $810,000
- ✓ Verified
In February 2022 the CVB's finance director explained that the budget "works off the projected amount of HOT one year, the second year is based on the collected amount, and the third year is what we actually receive after the annual audit is completed." In November 2022 she projected $1.4 million in reserves for 2023/24 pending the final audit, which Smith said would let the bureau "operate from an actual budget instead of a projected budget." [2][3]
