Page 96 - KennedaleFY24AdoptedBudget
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OVERVIEW: HOTEL OCCUPANCY TAX FUND
Revenue for this Fund (30) comes primary from taxes related to overnight stays within the City.
This is calculated as 7% of gross rents and remitted directly to the City each quarter. Presently,
this tax comes exclusively from short-term rentals. A small portion of revenue (budgeted at 9%
for FY24) comes from a proportionate amount of investment income. Per the State
Comptroller, revenue may only be used to promote tourism and the convention and hotel
industries.
FUND 30 HOTEL OCCUPANCY TAX FUND
Account Description FY22 Actual FY23 Budget FY23 Est Actuals FY24 Budget
30-4084-00-00 OCCUPANCY TAX 12,100 9,000 22,372 23,000
30-4085-00-00 SPECIAL EVENT REVENUE - - 3,575 -
30-4401-00-00 INVESTMENT INCOME 265 120 1,850 2,000
TOTAL REVENUES $ 12,365 $ 9,120 $ 27,797 $ 25,000
Account Description FY22 Actual FY23 Budget FY23 Est Actuals FY24 Budget
30-5561-01-00 RECREATION - 10,000 10,660 12,000
30-5562-01-00 TOURISM - 10,000 -
TOTAL EXPENDITURES $ - $ 20,000 $ 10,660 $ 12,000
NET CHANGE IN FUND BALANCE $ 12,365 $ (10,880) $ 17,137 $ 13,000
BEGINNING FUND BALANCE — OCT 1 $ 29,562 $ 41,927 $ 41,927 $ 59,065
ENDING FUND BALANCE — SEPT 30 $ 41,927 $ 31,047 $ 59,065 $ 72,065
CITYOFKENNEDALE.COM/BUDGET 93
