HomeMy WebLinkAbout09/06/2022 05.A. Lodging Tax Advisory Committee Report j•-•
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 5.A.
For Meeting of: September 6, 2022
ITEM TITLE: Lodging Tax Advisory Committee Report
SUBMITTED BY: Patricia Byers, Chair, LTAC Committee
Jennifer Ferrer-Santa Ines, Director of Finance and Budget
SUMMARY EXPLANATION:
Lodging Tax Advisory Committee Recommendations for the 2023 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
8/26/2022 Corer Memo
2
Lodging Tax Advisory Committee
August 26, 2022
City of Yakima City Council
129 North 2nd Street
Yakima, Washington 98901
Dear Council,
The Lodging Tax Advisory Committee (LTAC) met on August 25th to review applications for
Lodging Tax. The committee received several applications during the publicly-noticed
application period from May 2nd through July 1st.
The committee recommendations utilized a 2023 Lodging Tax Revenue forecast of $1,650,000
based on actuals through July 2022. The debt service for the Yakima Valley Convention and
Event Center expansion was considered a fixed allocation at $350,000 for 2023 with a goal to
increase it to $420,00 in 2024 and $490,000 in 2025; 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:
Revenue forecast $ 1,650,000
Less:
Convention Center Debt (2023 est) $ (350,000)
Convention Center-Capital $ (292,500)
Convention Ctr-Ope rations $ (625,258)
Visitor Center Operations $ (72,900)
Sports Commission Operations $ (87,500)
Capitol Theatre Operations, ; $ (156,200)
Sundome $ (65,642)
Surplus(Deficit) $ -
Respectfully,
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Patricia Byers
Chair, Lodging Tax Advisory Committee