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HomeMy WebLinkAbout09/21/2021 03.A. Lodging Tax Advisory Committee Report • i rr 11 i i�O enc u nrry 1 BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 3.A. For Meeting of: September 21, 2021 ITEM TITLE: Lodging Tax Advisory Committee Report SUBMITTED BY: Mayor Patricia Byers, Chair, LTAC Committee Jennifer Ferrer Santa Ines, Director of Finance and Budget SUMMARY EXPLANATION: Lodging Tax Advisory Committee Recommendations for the 2022 Lodging Tax Allocation ITEM BUDGETED: Yes STRATEGIC PRIORITY: Economic Development APPROVED FOR SUBMITTAL BY THE CITY MANAGER RECOMMENDATION: To approve the LTAC Recommendations as outlined. ATTACHMENTS: Description Upload Date Type Ii LTAC Recommendations Corer Memo 2 Lodging Tax Advisory Committee September 7, 2021 City of Yakima City Council 129 North 2nd Street, Yakima, Washington 98901 Dear City Council, The Lodging Tax Advisory Committee (LTAC) met on August 26th to review applications for the 2022 Budget Lodging Tax. The committee received several applications during the publicly- noticed application period from March 15t through July 15t The committee recommendation utilizes a 2022 Lodging Tax Revenue forecast of $1,482,000, based on actuals through July 2021 and on hotel interactions with event and meeting planners. The committee sought to prioritize, both city-owned facilities while seeking to reinvest lodging tax to maximize overnight hotel stays to the greatest extent possible. The committee's budgetary recommendation is as follows: Revenue forecast 1,482,000 Less, existing city obligations Convention Center debt (347,211) Convention Center capital exp (69,114) Convention Center operations (654,575) Visitor Center Operations (76,500) Sports Commission Operations (87,500) Capitol Theatre Operations (160,000) SunDome (87,100) (1,482,000,00) Surplus (deficit) 0 Respectfully, atric a Byers Chair, Lodging Tax Advisory Committee