Page 53 - NRH FY20 Approved Budget

BUDGET OVERVIEW

Promotional Fund

FY 18/19 Adopted FY 18/19 Revised FY 19/20 Adopted

Revenue $285,500 $290,000 $290,000
Expenditures $285,500 $290,000 $290,000
Balance $0 $0 $0

FY 2018/2019 Revised Budget

The Promotional Fund accounts for the operations and expenditures for which hotel/motel
occupancy taxes are used. Occupancy tax revenues are used primarily to attract tourists and
new businesses to the City. There is a $4,500 or 1.6% increase in revenues over the FY
2018/2019 Adopted Budget. This increase is directly related to an increase in the interest
income received. The expenditures increased from the 2018/2019 Adopted Budget by $4,500
to reflect an additional contribution to reserves.

FY 2019/2020 Adopted Budget

Promotional Fund revenue is projected to increase by $4,500 or 1.6% over the FY 2018/2019
Adopted Budget. This increase is directly related to an increase in the projection for interest
income. Expenditures are projected to be flat with the 2018/2019 Adopted Budget. Programs
funded out of the promotional fund include the Sounds of Spring Concert Series, Art in Public
Spaces, a Laser Light and Music Event, and Economic Development initiatives.

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