Page 102 - CityofKennedaleFY25AdoptedBudget
P. 102
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 13%
for FY25) 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 FY23 Actual FY24 Budget FY24 Projected FY25 Budget
30-4084-00-00 OCCUPANCY TAX 30,698 23,000 17,786 18,000
30-4085-00-00 SPECIAL EVENT REVENUE 6,275 - 3,950 -
30-4401-00-00 INVESTMENT INCOME 1,776 2,000 2,888 2,900
TOTAL REVENUES $ 38,749 $ 25,000 $ 24,624 $ 20,900
Account Description FY23 Actual FY24 Budget FY24 Projected FY25 Budget
30-5561-01-00 RECREATION 13,258 12,000 11,000 15,000
30-5562-01-00 TOURISM -
TOTAL EXPENDITURES $ 13,258 $ 12,000 $ 11,000 $ 15,000
NET CHANGE IN FUND BALANCE $ 25,491 $ 13,000 $ 13,624 $ 5,900
BEGINNING FUND BALANCE — OCT 1 $ 41,927 $ 67,418 $ 67,418 $ 81,042
ENDING FUND BALANCE — SEPT 30 $ 67,418 $ 80,418 $ 81,042 $ 86,942
CITYOFKENNEDALE.COM/BUDGET 102
