Page 336 - Southlake FY20 Budget

Special Revenue Funds

Hotel Occupancy Tax Fund

The Hotel Occupancy Tax is authorized under the Texas Tax Code, Chapter 351. The City of Southlake adopted
Ordinance No. 769 in February 2000, levying a 7% tax on room receipts. The tax on rooms at the Hilton Hotel in
SPECIAL REVENUE FUND
Town Square is providing the revenues to the City in this category. The first expenditures from this fund were made in
Hotel Occupancy
FY 2008. Use of these funds is restricted. Expenses must be authorized uses under the Texas Tax Code, Chapter 351.
2020 Proposed and 2019 Revised Budget
09:18 PM
08/11/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Taxes $1,357,106 $1,374,411 $1,374,411 $0 0.0% $1,385,283 $10,872 0.8%
Interest 10,193 2,500 21,000 18,500 740.0% 20,000 17,500 700.0%
Total Revenues $1,367,299 $1,376,911 $1,395,411 $18,500 1.3% $1,405,283 $28,372 2.1%

EXPENDITURES
Personnel $140,963 $238,015 $238,015 $0 0.0% $201,185 (36,830) -15.5%
Operations 512,083 830,389 673,196 (157,193) -18.9% 627,189 (203,200) -24.5%
Capital 0 0 0 0 0.0% 0 (0) -100.0%
Total Expenditures $653,046 $1,068,404 $911,211 ($157,193) -14.7% $828,374 ($240,030) -22.5%

Net Revenues $714,253 $308,507 $484,200 $175,693 $576,909 $268,402

Transfer to other funds ($456,195) ($461,614) ($465,129) ($467,004)
Total Other Sources/(Uses) ($456,195) ($461,614) ($465,129) ($467,004)

Beginning Fund Balance $1,337,121 $1,595,179 $1,595,179 $1,614,250
Ending Fund Balance $1,595,179 $1,442,072 $1,614,250 $1,724,155

FY 2020 Highlights:

• For FY 2020, total revenues are estimated at $1,405,283. The operating budget currently includes funding for the
Marketing and Tourism Manager, a Sales and Services Coordinator, a portion of the cost of the Economic Development/
Tourism Director, and administrative support staff costs directly attributable to tourism.

• Total planned expenditures for this fund for FY 2020 are $828,374 and includes funding for marketing and advertising,
Tourism Master Plan implementation, and wayfinding signs.

• The budget proposes an indirect transfer to the General Fund is projected at $56,211. The budget also proposes a
transfer of $210,792 to the Public Art Fund. Lastly, a transfer of $200,000 to the Capital Improvements Program for
pre-development funds for Southlake Visitor Information and Amenity Center implementation, as recommended
in the Southlake 2030 Economic Development and Tourism Master Plan.

• The ending fund balance is projected at $1,724,155.

www.CityofSouthlake.com 335