TITLE
Title
ALIGN ROOM & OCCUPANCY TAX BUDGET WITH PROJECTED RECEIPTS
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SPONSOR
Sponsor
Harley Will (Jordan Smith)
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BACKGROUND
Background
Guilford County's Occupancy Tax receipts through 10 months of fiscal year 2017-18 are up 4.71% over the same period in the prior year, FY 2016-17, for the county levy. If May and June receipts continue to exceed the prior year similarly, receipts will exceed the current $6,000,000 budget. Finance recommends increasing the budget by $200,000 to account for these additional receipts.
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BUDGET IMPACT
Budget Impact
Budget Ordinance Amendment
Room Occupancy & Tourism Development Tax Fund
$200,000 Increase in Occupancy Tax
$200,000 Increase in Room Occupancy & Tourism Development Tax Fund
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Approve an increase of $200,000 in Occupancy Tax revenues and increase the FY 2017-18 Room Occupancy & Tourism Development Tax budget by the same amount to align with projected receipts for the FY 2017-18 fiscal year.
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