Page 192 - Fort Worth City Budget 2019

Special Revenue Fund

Culture and Tourism 2% CY Tax

FUND SUMMARY

FY2017 FY2018 FY2018 FY2019 Change from Adopted
Final Adopted Adjusted Adopted Amount %
Other Tax 5,986,037 6,454,276 6,454,276 6,764,802 310,526 4.81%
Revenue $ 5,986,037 $ 6,454,276 $ 6,454,276 $ 6,764,802 $ 310,526 4.81%

Transfer Out & Other 5,444,905 6,454,276 6,454,276 6,764,802 310,526 4.81%
Expenses $ 5,444,905 $ 6,454,276 $ 6,454,276 $ 6,764,802 $ 310,526 4.81%

FUND PURPOSE AND GOALS

Culture & Tourism promotes increased economic activity through visitor spending generated by events held at
the Fort Worth Convention Center and Will Rogers Memorial Center.

On November 18, 1997, the City Council increased the Hotel Occupancy Tax Rate to 9% of which 2% tax collected
is to be used only for the construction of an expansion of an existing convention center facility or pledging
payment of revenue or revenue refunding bonds issued in accordance with state law for the construction of the
expansion.

This fund was created in FY2016 to segregate the 2% portion of the Hotel Occupancy Tax dedicated to the debt of
facilites and expansion, plus improvements associated with the Fort Worth Convention Center and the Will Rogers
Memorial Center from the other revenue sources of the Culture & Tourism Fund, to more accurately track the
uses of the different revenue sources and restrictions.

MAJOR ACCOMPLISHMENTS

This fund is restricted to paying debt associated with facility improvements and cash funding capital
improvements.

FY2019 DISCUSSION

There are no significant changes in service level represented in the FY2019 Adopted Budget.

HORIZON ISSUES

The Fund is challenged by the reserve requirement; however it will not impede satisfying the debt requirements.

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