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<br /> '.. <br /> M f M 0 RAN DUM <br /> . <br /> October 11, 1985 <br /> TO: Mayor and City Council <br /> FROM: Mike Gleason, City Manager <br /> SUBJECT: ROOM TAX REVENUES <br /> In November 1984, the City Council approved a re-a110cation of room tax funds <br /> to transfer money from the five major arts organizations to the Hu1t Center <br /> over a fi ve-yea r peri od. The plan was recommended by the Hu1t Center Task <br /> Force. The plan worked by establishing a base in year one, with each suc- . <br /> ceeding year having 20 percent less allocated to the arts organizations and <br /> having the increment directed to the Hult Center. The a 11 oca ti on plan you <br /> adopted in 1984 is attached to this memo. <br /> The base of $68,000 represents 15 percent of net room tax revenues estimated <br /> in the 1984-85 budget (net revenues are determined after deducting admini- <br /> strative expenses and contribution to working capital). The fi ve arts <br /> organizations have asked that the base emanate from actual gross revenues <br /> collected in the 1984-85 year. . Using the latter approach, the allocation plan <br /> - would result in slightly more dollars being directed toward the major arts <br /> organi za ti ons. <br /> Last November you indicated you ~mnted to be very sensitive to the financial <br /> needs of the major arts organizations. It is for that reason that we are <br /> bringing back a slight amendment to the resolution which would direct addi- <br /> tional dollars to the arts cOMpanies. <br /> If you have any questions on this item, please contact Assistant City Manager <br /> Dave Whitlow (687-5010). <br /> MG: ky /0893 S <br /> e <br />