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Special Revenue Fund
FY2023 DISCUSSION AND SIGNIFICANT CHANGES
With the significant uncertainty of when or if pre-pandemic levels of tax generation might resume, revenue
estimates for FY2022 were very conservative and use of new tax revenue for the Public Events Department’s
capital improvement program continued to be suspended. By mid-year FY2022, HOT collections began showing
signs of recovery, with collections steadily reaching pre-pandemic levels and year-end projections exceeding the
FY2022 adopted budget by approximately 28%.
The Convention Center Legacy debt will be fully covered by revenue generated in FY2023, $2.7M is proposed for
debt obligations on Dickies Arena covering 18% of the total $15M payment, and approximately $3.3M is proposed
for capital improvements in FY2023 and an additional $851K is anticipated for contribution to the fund balance.
The Adopted Budget:
· Increases by $3.37 million in Capital Interfund Transfer Out for existing projects.
· Decreases by ($2.03) million due to the decreases in debt obligation schedule.
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