Page 294 - Hurst Budget FY21

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. Candlewood Suites was comleted in 2020.

CITY OF HURST
2020-2021 APPROVED BUDGET
HOTEL/MOTEL TAX FUND
REVENUE AND EXPENDITURES

FUND BALANCE OCTOBER 1, 2020 $1,479,529
REVENUES
Estimated Receipts 2020-2021 $725,000
Development Incentives (208,977)
TOTAL REVENUES $516,023
TOTAL FUNDS AVAILABLE $1,995,552
EXPENDITURES

Administration
Artisan Theatre $50,000

Administration
I Fly Project $10,000

Administration
HEB Chamber Ads $5,000

Parks
HCC Fountain $24,500

Recreation
Arts Council Community Arts Program $5,000
TAAF State Tournaments 10,000 $15,000

Debt Service
Conference Facility $361,900

TOTAL EXPENDITURES $466,400

FUND BALANCE AT SEPTEMBER 30, 2021 $1,529,152
Reserve for Community Sustainability $100,000
DEBT SERVICE RESERVE $723,800
UNDESIGNATED FUND BALANCE AT SEPTEMBER 30, 2021 $705,352

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