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2010-08-03 HOT Committee Minutes 1 2 MINUTES 3 4 Hotel Occupancy Tax Committee Meeting 5 August 3, 2010 6 7 After determining that a quorum was present, the Hotel Occupancy Tax Committee (HOT) 8 convened into an Open Meeting on Tuesday, August 3, 2010, at 10:10 a.m. in the Finance 9 Conference Room, City of Denton City Hall, 215 E. McKinney Street, Denton, Texas. 10 11 PRESENT: Council Members Pete Kamp, Chris Watts and Dalton Gregory 12 13 EX-OFFICIO MEMBERS: 14 Jon Fortune, Assistant City Manager 15 Bryan Langley, Director of Finance 16 Antonio Puente, Jr., Treasury Manager 17 Randee Klingele, Treasury Services Specialist 18 19 AGENDA ITEM 1: CONSIDER APPROVAL OF HOTEL OCCUPANCY TAX 20 COMMITTEE MINUTES FROM JUNE 15, 2010. 21 22 Minutes were approved as written by Councilmember Chris Watts and seconded by 23 Councilmember Dalton Gregory. 24 25 AGENDA ITEM 2: HOLD A DISCUSSION AND APPOINT A COMMITTEE 26 CHAIRPERSON 27 28 Councilmember Gregory nominated Pete Kamp as chair and seconded by Councilmember Watts. 29 Pete Kamp unanimously voted as the chair of the Hotel Occupancy Tax Committee. 30 31 AGENDA ITEM 3: RECEIVE A REPORT, HOLD A DISCUSSION AND PROVIDE 32 RECOMMENDATIONS REGARDING HOTEL REVENUE AND EXPENDITURES FOR 33 PROGRAM YEARS 2010 AND 2011. 34 35 estimate 36 has increased approximately $56,000 since the last meeting in June. This new estimate is based 37 upon received revenue to date and 38 for the remaining months of this fiscal year. The committee was presented with two options 39 regarding current year and next program year expenditures. 40 41 Option one, recommended by staff, maintains the 18% reduction in expenditures in the current 42 year while allowing for a 14.5% increase over current estimates in the next program year (2011). 43 The inconsistency of hotel receipts this fiscal year necessitates conservative projections. In 44 addition, changes to the allocations for the current year may be may be difficult for recipient 45 organizations. 46 47 ts to be reduced by 14% instead of the advised 18%. 48 The additional estimated revenue would be extrapolated among all current year recipients. With 49 this option, recipients for next program year (2011) would receive a 5.5% over their current 50 udgets. 51 52 Councilmember Watts expressed his past desire to adjust the reduction percentage, but agreed 53 that the estimated revenue is not any better than when the committee met in June. The committee 54 discussed that recipients may be concerned by seeing the increase in revenue while they maintain 55 the 18% reduction, but both the committee and staff agreed that the slight increase in estimated 56 revenue is better kept in fund balance so that if receipts did not improve the current year 57 expenditures would not be affected. 58 59 Committee Chair Kamp motioned to accept option one as printed in the Fiscal Year 2010/2011 60 proposed budget which maintains the 18% reductions for PY2010 and providing a 14.5% 61 by Councilmember 62 Gregory and seconded by Councilmember Watts. 63 64 AGENDA ITEM 4: NEW BUSINESS 65 66 Councilmember Watts requested an informal staff report regarding a large conference being held 67 at the University of North Texas this week. Watts would like a snapshot of the conference impact 68 to the tourist and convention fund. 69 70 Meeting adjourned 10:22 .A.M.