HomeMy WebLinkAboutIR 7948 IN ORMAL REPORT TO CITY COUNCIL MEMBERS No. 7948
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To the Mayor and Members of the City Council
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Y Y September 12, 1995
'873 Subject: JOINT STUDY OF TARRANT COUNTY CONVENTION CENTER
AND WILT, ROGERS MEMORIAL CENTER
Included in the changes made to the City Manager's Proposed Budget by the City Council
is the addition of funding for the inclusion of the Will Rogers Memorial Center in the
current Coopers and Lybrand study and funding for advertising for Will Rogers facilities.
Due to increases in hotel/motel occupancy tax (bed tax) collections, these additional
expenses can be included in the Convention and Visitors Bureau's budget.
The Culture and Tourism Fund has recently experienced a considerable increase in
revenues from bed taxes. The revenues for fiscal year 1994-95 exceed the budgeted
amount by approximately $405,000 and according to terms of the contract the City has
with the Convention and Visitors Bureau (CVB) 90% ($364,500) of these surplus funds
will be given to the CVB.
In addition to the increased revenues received in this fiscal year, the revenues for bed
taxes for fiscal year 1996 were adjusted upward to $3,700,000. This increase in budgeted
revenues will increase the CVB budget by $339,500 above the current year Adopted
� Budget. The increase in budgeted revenues for fiscal year 1996 along with the
overcollection in bed tax revenues in the current year will result in the CVB receiving an
additional $704,000. With the addition of these funds the CVB can adequately absorb all
costs relating to the Joint Study of TCCC/WRMC ($95,000) and advertising for Will
Rogers facilities ($17,000).
To implement the funding of the study of TCCC/WRMC and advertising for Will Rogers
through the use of bed tax revenues does not require any additional City Council actions.
Unless otherv;i.se directed, the City staff will inform the CVB that the two items in
question should be included in the CVB's 1995-96 budget plan.
Bob Terrell
City Manager
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS