Requested Agenda Date:
8/6/2024
Requested Agenda Title:
Title
Budget Adjustment: Mayor’s Finance Requests to Increase Tax Revenues and Pass-Through Expenses by $750,000. Of Which, $250,000 Is Expected to Be from the Convention Center Hotel Incremental Property Tax and $500,000 Is Expected to Be from the Stay Another Day/Bounce Back Sales Tax Incentive
Body
Requested Agenda Item Description: This adjustment increases contractually and statutorily required pass through expenditure and revenue for both the incremental property tax incentive and the Stay Another Day/Bounce Back fund state sales tax incentive.
For the property tax incentive, the value and tax rate will be final at a later date, the additional $250,000 in the budget provides a buffer for any increase.
For the SAD/BB state sales tax incentive, the state will provide the actual amount of the incentive after year-end, the additional $500,000 in the budget also provides a buffer for any increase.
Requested Action: Discussion - Vote Needed
Presenter(s) (with titles): Hoa Nguyen, Council Budget and Policy Analyst
Time Needed: Less than 5 MINS
Is this Item Time-Sensitive and/or Requesting a Time-Certain? No
Requesting Staff Member: Darrin Casper, Deputy Mayor of Finance and Administration/CFO
Are Supporting Documents Needed for this Agenda Item Request? Yes