Page 358 - Southlake FY22 Budget

SPECIAL rEVEnUE FUnDS EXPEnDITUrES

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 is providing the revenues
SPECIAL REVENUE FUND
to the City in this category. The first expenditures from this fund were made in FY 2008. Use of these funds is
Hotel Occupancy
restricted. Expenses must be authorized uses under the Texas Tax Code, Chapter 351.
2022 Proposed and 2021 Revised Budget 10:02 AM
07/22/21

$ Increase/ $ Increase/
2020 2021 2021 (Decrease) % Increase/ 2022 (Decrease) % Increase/
Adopted
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Taxes $742,620 $390,320 $813,700 $423,380 108.5% $963,855 $573,535 146.9%
Interest 19,293 12,000 4,000 (8,000) -66.7% 4,400 (7,600) -63.3%
Total Revenues $761,913 $402,320 $817,700 $415,380 103.2% $968,255 $565,935 140.7%

EXPENDITURES
Personnel $194,613 $219,723 $219,223 ($500) -0.2% $230,811 11,088 5.0%
Operations 446,491 627,189 627,689 500 0.1% 629,939 2,750 0.4%
Capital 0 0 0 0 0.0% 30,000 30,000 299999900.0%
Total Expenditures $641,104 $846,912 $846,912 $0 0.0% $890,750 $43,838 5.2%

Net Revenues $120,809 ($444,592) ($29,212) $415,380 $77,505 $522,097

Transfer to other funds ($26,089) (16,093) ($32,709) (183,968)
Total Other
Sources/(Uses) ($26,089) ($16,093) ($32,709) ($183,968)

Beginning Fund Balance $1,739,615 $1,834,335 $1,834,335 $1,772,414
Ending Fund Balance $1,834,335 $1,373,650 $1,772,414 $1,665,951

fy 2022 highlighTs:

• For FY 2022, total revenues are estimated at $968,255.

• Total planned expenditures for this fund for FY 2022 are $890,750 and includes funding for marketing, advertising,
and Tourism Master Plan implementation. The operating budget also includes funding for the personnel costs directly
attributable to tourism.

•

• The budget proposes an indirect transfer to the General Fund of $38,730 and a transfer of $145,238 to the Public
Art Fund for implementation of the Public Art Master Plan. No transfers to the Capital Improvements Program are
adopted for FY 2022.

• The ending fund balance is projected at $1,665,951.

BUDGET BOOK | FY 2022 City of Southlake 357
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