Title
Consider re-allocation of Local Hospitality Tax.
Strategic Goal: Short and long term economic development.
Body
The City has $398,145 in unspent revenues from the Hospitality Tax Fund from fiscal Year 2009/2010. Hospitality Tax revenues are annually appropriated and have a two year spend down requirement. At the end of two years, these unspent appropriations lapse and the City Council has the authority to reallocate these as the Council deems appropriate. At this time, staff recommends that $50,000 be allocate to the BMX Ramp Improvement Project with the balance of $348,195 being allocated to the Undesignated Account in the Hospitality Tax Fund. City Council is able to reallocate these funds for future needs that arise.