HomeMy WebLinkAboutResolution - 2002-R0141 - Resolution Approving Distribution Of Hotel Occupancy Tax Revenues - 04/25/2002Resolution No. 2002-RO141
April 25, 2002
Item No. 29
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock hereby approves the distribution
of hotel occupancy tax revenues in accordance with the schedule attached hereto as
Exhibit A and made a part hereof for all purposes.
Passed by the City Council this 25th day of April '2002.
W DY SITTON, AYOR
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Debra Forte, D puty City Manager
APPROVED AS TO FORM:
G. Vandl�er, First Assistant City Attorney
DDres/HOTdist.res
April 16, 2002
Resolution No. 2002-RO141
EXHIBIT A
The funds received from the hotel occupancy tax levied within the City of Lubbock shall
be distributed as follows:
Culture/Leisure facility Renovation & debt
18.58571%
Historic preservation & restoration Ft.
Worth & Denver Depot
Civic Center Marketing
8.18571%
Convention & Tourism Bureau
42.85714%
Lubbock Arts Alliance
5.71429%
Municipal Arts Administration
5.71429%
Visitor Information Center Depot
2.87143%
Inbound Tourist Travel airport
1.07143%
Visiting Participatory & Spectator Sports
11.42857%
Tourism reserve fund
3.57143%
A cap of 3% growth will be used for true -up payments for FY 2001-02. Funds in excess
shall be dedicated in a separate fund called Special Projects Fund. This change in
procedure will begin in FY 20001-02. The true -up process will be phased out over the
next two years.
For the 2001-02 budget, all distributions will be 100% of budget and only 3% above
budget. For the 2002-03 Budget, all distributions will be 100% of budget and only 1 1/2 %
above budget. By FY 2003-04, all distributions will be 100% of budget only. Any
Hotel/Motel revenue received above budget will not be distributed; all monies received
over budget will go to the Special Projects Fund.