HomeMy WebLinkAbout09/17/2024 06.A. Lodging Tax Advisory Committee (LTAC) Report r:-
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.A.
For Meeting of: September 17, 2024
ITEM TITLE: Lodging Tax Advisory Committee (LTAC) Report
SUBMITTED BY: *Patricia Byers, Chair, LTAC Committee
Viren Mayani, Director of Finance and Budget
SUMMARY EXPLANATION:
The Lodging Tax Advisory Committee (LTAC) met on September 12th to deliberate on the 2025 Budget,
review Lodging Tax grant applications, and propose an allocation recommendation.
ITEM BUDGETED: No
STRATEGIC PRIORITY 24-25: A Resilient Yakima
RECOMMENDATION: Approve LTAC recommendations as outlined.
ATTACHMENTS:
LTAC Council 2025.pdf
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Lodging Tax Advisory Committee
September 12, 2024
City of Yakima City Council
129 North 2nd Street,
Yakima, Washington 98901
Dear Council,
The Lodging Tax Advisory Committee (LTAC) met on September 12th to review applications for
Lodging Tax. The committee received several applications during the publicly-noticed
application period from May 13th through July 12th.
The committee recommendations utilized a 2025 Lodging Tax Revenue forecast of $1,745,000,
based on actuals through August 2024. 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 $ 1,745,000
Debt Service $ 490,000
Subtotal $ 1,255,000
Recipients-Historic and Existing
Convention Ctr-Capital $ 280,000
Convention Ctr-Operations $ 625,500
Visitor Center Operations $ 50,000
Sports Commission Operations $ 90,000
Capitol Theatre Operations $ 150,00
Sundome $ 60,000
Total awarded funds $ 1,255,000
Revenue avail less award variance $ -
Respectfully,
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Patricia Byers
Chair, Lodging Tax Advisory Committee
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