Page 117 - CityofKennedaleFY26AdoptedBudget

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 18%
for FY26) 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 FY24 Actual FY25 Budget FY25 Projected FY26 Budget
30-4084-00-00 OCCUPANCY TAX 26,133 18,000 19,190 19,000
30-4085-00-00 SPECIAL EVENT REVENUE 11,375 - 6,857 5,500
30-4401-00-00 INVESTMENT INCOME 3,302 2,900 5,532 5,250
TOTAL REVENUES $ 40,810 $ 20,900 $ 31,579 $ 29,750

Account Description FY24 Actual FY25 Budget FY25 Projected FY26 Budget
30-5561-06-01 RECREATION 17,304 15,000 25,406 20,000
30-5562-06-01 TOURISM -
TOTAL EXPENDITURES $ 17,304 $ 15,000 $ 25,406 $ 20,000

NET CHANGE IN FUND BALANCE $ 23,506 $ 5,900 $ 6,173 $ 9,750

BEGINNING FUND BALANCE — OCT 1 $ 67,148 $ 90,654 $ 90,654 $ 96,827
ENDING FUND BALANCE — SEPT 30 $ 90,654 $ 96,554 $ 96,827 $ 106,577

CITYOFKENNEDALE.COM/FINANCE 116