The City’s second quarter financial report was presented to the City Council Monday by City Budget Office staff. Revenues and expenditures across most of the City’s five major operating funds (General, Water and Sewer, Solid Waste Services, Golf and Hotel/Motel Tax) are performing within budget parameters for fiscal year 2020-21. Revenues are above second quarter projections for the General Fund, but the City took a conservative approach to all revenue projections as part of the 2020-21 budget development process in response to the COVID-19 pandemic.
The presentation also included additional insight on the Hotel/Motel Tax Fund, which is funded by revenue from hotel/motel occupancy taxes and Eisemann Center events. Current trends point to a modest boost in hotel/motel tax revenue from leisure travel in the area during the summer months, with a multi-year recovery for business travel expected through 2023. Eisemann Center rental events have increased from three total usage days from April-September 2020 to 67 total usage days from October 2020-March 2021. A multi-year recovery strategy is still anticipated for the Fund.
Click here for more details and to view Monday’s presentation.