Summary

The purpose of the State Accommodations Fund is to account for the receipt of the 2% State Accommodations sales tax from transient room rentals within the City limits and the restricted to tourism related expenditures in accordance with State Law.

Fund Revenues and Expenditures

Fiscal Year 2023 Budget Highlights

The FY 2020 State Accommodations budget included $150,000 for capital designated for the repairs to the Arsenal building windows and renovation of the bathroom under a grant funded project. The project was completed, but because of revenue shortfalls in the State Accommodations tax collections resulting from COVID-19, the $150,000 grant match was instead funded by the General Fund's committed fund balance for capital projects. Council's intent was to replenish the general fund's committed fund balance over the course of the next three (3) fiscal years. The FY 2021 and FY 2022 adopted budgets included $50,000 towards to replenishment of the committed fund balance for capital projects as originally intended in the FY 2020 adopted budget. The remaining balance of $50,000 is recommended in the fiscal year 2023 budget.