Page 20 - Proposed Operating Budget FY24

CITY OF HURST
FY 2023 ‐ 2024 ADOPTED BUDGET
HOTEL / MOTEL TAX FUND
REVENUES AND EXPENDITURES

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.

ESTIMATED FUND BALANCE OCTOBER 1, 2023 $2,116,350
REVENUES
Hotel/Motel Taxes $880,000
Development Incentives (225,000)
TOTAL REVENUES $655,000
TOTAL FUNDS AVAILABLE $2,771,350
EXPENDITURES
Administration
I Fly Project $5,000

Administration
HEB Chamber Ads $5,000

Parks
HCC Fountain $24,500

Arts, Culture, and Recreation
Community Programs & Events $55,000
Art in Public Places 77,000 $132,000

Debt Service
Conference Facility $362,800

TOTAL EXPENDITURES $529,300

ESTIMATED FUND BALANCE AT SEPTEMBER 30, 2024 $2,242,050

DEBT SERVICE RESERVE $721,000

UNDESIGNATED FUND BALANCE AT SEPTEMBER 30, 2024 $1,521,050