Title
Motion to approve Greensboro/Guilford County Tourism Development Authority 2014-2015 Fiscal Year Budget
Body
Department: Legislative
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Betsey Richardson, City Clerk Ext. 2397
Contact 2 and Phone: Diana Schreiber, Deputy City Clerk Ext. 2397
PURPOSE:
To approve the Greensboro/Guilford County Tourism Development Authority 2014-15 Fiscal Year Budget in the amount of $774,595. This is an annual authorization by the City Council.
BACKGROUND:
The budget of the Greensboro/Guilford County Tourism Development Authority is funded from a combination of the County-wide Hotel/Motel Room Occupancy Tax, the Greensboro Hotel/Motel Room Occupancy Tax and other revenue. The budget requires approval by the Authority, the County and the City. The total proposed FY 2014-2015 Budget of the Authority is $4,068,429, of which $774,595 represents projected revenue from the Greensboro Hotel/Motel Room Occupancy Tax. That amount represents 20% of the City's Hotel/Motel Tax Levy which is allocated to the Authority to fund travel and tourism activities and is the portion of the Authority's Budget that is subject to approval by City Council.
BUDGET IMPACT:
As authorized by statute, the City's Hotel/Motel Room Occupancy Tax Levy is allocated between the City and the Authority, with the City receiving 80% of the tax proceeds and the Authority receiving 20% of the tax proceeds.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that the City Council approve the Greensboro/Guilford County Tourism Development Authority 2014-2015 Fiscal Year Budget in the amount of $774,595.