DATE: October 9, 2019
TO: Budget and Finance Committee
FROM: Kristine Brock, Assistant City Administrator/CFO
Mike Lowe, Comptroller
Lawrence Sullivan, Licensing & Revenue Manager
SUBJECT:
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Report on Hotel/Motel Tax Collections
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning collections of hotel/motel taxes.
Background
Revenues collected from Hotel/Motel taxes are recorded to a Special Revenue Fund and used for purposes related to promoting tourism within the City. Examples of previous appropriations from the Hotel/Motel Fund are purchases of Eastern Flank and Harlinsdale Parks and support of the Williamson County Convention and Visitors Bureau. The City does not fund general operating expenses from the Hotel/Motel Fund.
Financial Impact
Hotel/Motel taxes collected within the City have increased from $1.5 million in FY 2009 to just under $4.1 million in FY 2019 as the number of rooms has grown from 1,816 to 3,044. In addition, the City receives taxes collected from short term rentals. In FY 2019, 105 rental locations paid taxes totaling $92,872.
Recommendation
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Report only