HomeMy WebLinkAbout09/19/2023 05.A. Lodging Tax Advisory Committee Report 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 5.A.
For Meeting of: September 19, 2023
ITEM TITLE: Lodging Tax Advisory Committee Report
SUBMITTED BY: *Patricia Byers, Chair, LTAC Committee
Finance Staff
SUMMARY EXPLANATION:
Lodging Tax Advisory Committee Recommendations for the 2024 Lodging Tax Allocation.
ITEM BUDGETED: NA
STRATEGIC PRIORITY: Economic Development
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Approve LTAC Recommendations as outlined.
ATTACHMENTS:
Description Upload Date Type
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Lodging Tax Advisory Committee
September 6, 2023
City of Yakima City Council
129 North 2nd Street,
Yakima, Washington 98901
Dear Council,
The Lodging Tax Advisory Committee (LTAC) met on September 5th to review applications for
Lodging Tax. The committee received several applications during the publicly-noticed
application period from May 12th through July 3rd
The committee recommendations utilized a 2024 Lodging Tax Revenue forecast of $1,675,000,
based on actuals through July 2023. The debt service for the contemplated convention center
expansion was considered a fixed allocation; all others were adjusted that, in the judgment of
the committee, maximized the resulting tourism benefit to the City of Yakima.
The committee's budgetary recommendation is as follows:
LTAC Revenue Projections $ 1,675,000
Debt Service $ 420,000
Subtotal $ 1,255,000
Recipients-Historic and Existing
Convention Ctr-Capital $ 280,000
Convention Ctr-Operations $ 625,000
Visitor Center Operations $ 50,000
Sports Commission Operations $ 90,000
Capitol Theatre Operations $ 150,000
Sundome $ 60,000
Respectfully,
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Patricia Byers
Chair, Lodging Tax Advisory Committee