Title
Consider an allocation of $151,535 in 2008/09 Hospitality Tax Fund revenues to undesignated account in Hospitality Tax Fund.
Body
The City has $151,535 in unspent revenues from the Hospitality Tax Fund for the fiscal period 2008/09. Hospitality Tax revenues are annually appropriated and have a two-year spend down requirement. At the end of two years - these appropriations lapse and the City Council has the authority to reallocate these as the Council deems appropriate. At this time staff has no recommendation regarding the allocation of these funds. As a result, staff recommends that these funds be allocated to the Undesignated Account in the Hospitality Tax Fund. City Council would be able to reallocate these funds for future needs that may arise.