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Special Revenue Fund
FY2023 DISCUSSION AND SIGNIFICANT CHANGES
The addition of new hotels in the PFZ also creates a significant driver for anticipated increases in the Fund’s growth
as the State does not retain any portion of taxes generated from those establishments opened after 2013. FY2022
revenue is projected to exceed the adopted budget by 62%, providing an estimated $4.3M contribution to the
fund balance. For FY2023, $6.5M is proposed for debt obligations on Dickies Arena covering 44% of the total $15M
payment with an additional estimated contribution to fund balance of $1.6M.
The performance will continue to be monitored and new hotels in the zone will be captured as they come on
board. Four hotels were added to the zone in the calendar year 2021 with two new properties opening up in
FY2023.
The Adopted Budget:
· Increases by $4.36 million due to the increases in the debt obligation schedule.
· Decreases by $600,000 due to state payments having been paid off.
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