Page 338 - Hurst FY20 Approved Budget

HOTEL/MOTEL TAX FUND

The Hotel/Motel Tax Fund collects as revenue a 7% hotel occupancy tax that is remitted quarterly from
hotels within the city limits. Projects for this fund are recommended by the Parks and Recreation Board
and approved by the City Council on an annual basis and are restricted to projects relating to the
promotion of tourism and community development. The City currently has five hotels in operation. The
largest hotel, Hyatt Place, opened December 1998. The Hampton Inn opened in 2004. The Holiday Inn
Express opened in the summer of 2008. A Hilton Garden Inn was constructed adjacent to the Hurst
Conference Center and opened in summer 2018. Construction is underway for Candlewood Suites and
should be complete somtime in late 2019.

CITY OF HURST
2019-2020 APPROVED BUDGET
HOTEL/MOTEL TAX FUND
REVENUE AND EXPENDITURES

FUND BALANCE OCTOBER 1, 2019 $1,735,025
REVENUES
Estimated Receipts 2019-2020 $865,000
Development incentives (196,352)
TOTAL REVENUES $668,648
TOTAL FUNDS AVAILABLE $2,403,673
EXPENDITURES

Visitors / Tourism $160,000
Administration
I Fly Project $10,000
Administration
HCC Hotel $25,000
Administration
HEB Chamber Ads $5,000
CS-Administration
Heritage Village Presents $12,000
Recreation
Arts Council Community Arts Program $5,000
Arts Council Events Registry 2,500
TAAF State Tournaments 10,000 $17,500

Library
Masterworks Music - Evening Series 18,000
Masterworks Music - Noontime Series 9,000 $27,000
Debt Service
Conference Facility $364,100
TOTAL EXPENDITURES $620,600

FUND BALANCE AT SEPTEMBER 30, 2020 $1,783,073
Reserve for Community Sustainability $200,000
DEBT SERVICE RESERVE $730,000
UNDESIGNATED FUND BALANCE AT SEPTEMBER 30, 2020 $853,073

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