Page 288 - Southlake FY23 Budget

SPECIAL REVENUE FUNDS

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 to the City in this category. The first expenditures from this fund were made in FY 2008. Use of these
SPECIAL REVENUE FUND
funds is restricted. Expenses must be authorized uses under the Texas Tax Code, Chapter 351.
Hotel Occupancy
2023 Proposed and 2022 Revised Budget

$ Increase/ $ Increase/
2021 2022 2022 (Decrease) % Increase/ 2023 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Taxes $919,120 $963,855 $1,600,300 $636,445 66.0% $1,705,300 $741,445 76.9%
Interest 1,930 4,400 1,500 (2,900) -65.9% 2,500 (1,900) -43.2%
Total Revenues $921,050 $968,255 $1,601,800 $633,545 65.4% $1,707,800 $739,545 76.4%

EXPENDITURES
Personnel $211,788 $230,811 $239,016 $8,205 3.6% $291,151 60,340 26.1%
Operations 421,467 629,939 629,939 0 0.0% 674,342 44,403 7.0%
Capital 0 30,000 30,000 0 0.0% 0 (30,000) -100.0%
Total Expenditures $633,255 $890,750 $898,955 $8,205 0.9% $965,493 $74,743 8.4%

Net Revenues $287,795 $77,505 $702,845 $625,340 $742,307 $664,802

Transfer to other funds ($32,708) (183,968) ($304,343) (824,482)
Total Other Sources/(Uses) ($32,708) ($183,968) ($304,343) ($824,482)

Beginning Fund Balance $1,834,335 $2,089,422 $2,089,422 $2,487,924
Ending Fund Balance $2,089,422 $1,982,959 $2,487,924 $2,405,749

fy 2023 highlightS:

• For FY 2023, total revenues are estimated at $1,707,800.

• Total planned expenditures for this fund for FY 2023 are $965,493 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 $68,312 and a transfer of $256,170 to the
Public Art Fund for implementation of the Public Art Master Plan, and a transfer of $500,000 to the Capital
Improvements Program (CIP) for the performing arts component of the Library and Multi-purpose Project.
• The ending fund balance is projected at $2,405,749.

BUDGET BOOK | FY 2023 City of Southlake 287
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