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Item # 1.
Council Meeting
Meeting Date:
10/27/2020
Department:
City Manager
Pillars:
Gold Standard in Financial Health
AGENDA CAPTION:
Present and Discuss the
Hotel Fund's Financial Sustainability
.
BACKGROUND:
Hotel Fund revenue has been negatively impacted by the economic effects of COVID-19. In the first of two Work Session discussions, Staff will present an overview of the Hotel Fund, the Hotel Occupancy Tax, and a projection of the Hotel Fund's financial sustainability over the next five years.
Staff will also present details on the individual programs (events and activities) budgeted in the Hotel Fund. Each program will be presented with a description, financial information, and a Staff developed rating. Staff will then seek Council direction regarding the development of program recommendations intended to maintain the financial sustainability of the Hotel Fund. Staff will take this direction, develop specific recommendations, and bring the recommendations back to Council for discussion at a future Work Session.
RECOMMENDATION:
Staff requests direction from Council.
Attachments
Presentation - Hotel Fund Financial Sustainability Discussion
Municipal Hotel Occupancy Taxes - Texas Hotel and Lodging Association
The Hotel Tax - Texas Municipal League
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