Page 214 - City of Fort Worth Budget Book

Special Revenue Fund Culture and Tourism 2% CY Tax

FY2025 DISCUSSION AND SIGNIFICANT CHANGES
The adopted FY2024 budget of $9.5 million for the Culture and Tourism 2% Hotel Tax (HOT 2%) was based on
collaborative projection efforts between the Fort Worth Convention and Visitors Bureau-Visit Fort Worth (VFW)
and the Public Events Department (PED). Tax collections continue to remain steady throughout the year for
anticipated total collections to be on budget. Based on FY2024 performance and revised forecasting by Public
Events Department staff and financial consultants, the recommended budget for FY2025 increased by 6%.

The FY2025 Recommended expenditure budget includes a $4 million contribution to FWCC Phase I debt service,
and $976K for the Fort Worth Convention Center (FWCC) Legacy debt service. $3.7 million transfer for
improvements and capital expenditures at the FWCC which includes freight elevator modernization and chiller
replacement.
The Recommended Budget:

• Increases by $1,500,000 in Capital Interfund transfer out for funding capital needs.
• Increases by $597,759 for tax collection revenue.

• Decreases by ($8,299) to $4,036,075 and is proposed entirely for debt obligations on Culture & Tourism
Debt covering 58% of the total $6,940,072 payment.
• Decreases by ($843,906) for contribution to fund balance.

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