Page 125 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 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. A new Candlewood Suites was completed in 2020.

EST. FUND BALANCE OCTOBER 1, 2021 $1,517,345
REVENUES
Estimated Receipts 2021-2022 $775,000
Development Incentives (235,700)
TOTAL REVENUES $539,300
TOTAL FUNDS AVAILABLE $2,056,645
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 $363,200

TOTAL EXPENDITURES $467,700

EST. FUND BALANCE AT SEPTEMBER 30, 2022 $1,588,945

Reserve for Community Sustainability $50,000

DEBT SERVICE RESERVE $723,400

UNDESIGNATED FUND BALANCE AT SEPTEMBER 30, 2022 $815,545

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