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10 Things You Need to Know About City’s $800K HOT Tax Accrual
1. City’s Coffers Swell: By the end of September, the city is set to accumulate a significant $800,000 in interest on the hotel occupancy tax (HOT) deposit, previously earning no returns with the Park Board of Trustees.
2. Revenue Expansion Efforts: The city council has been on a mission to broaden its revenue streams and strengthen the general fund, leading to a collision course with the Park Board and its financial holdings in 2022.
3. New Contract Agreement: To address the HOT collections and their allocation, the city council and the Park Board reached a new contract agreement in March, outlining the specifics of depositing hotel occupancy taxes collected by the Park Board into the city’s coffers.
4. Record-Breaking HOT Collections: The Park Board, responsible for island tourism oversight, collected a staggering 15 percent tax from hotel and rental stays last year, amassing a record-breaking $29.6 million from around 8.1 million tourists.
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Vel ei falli cetero repudiare, quando splendide ea usu, adversarium dissentiunt ne mel. His ei illud volumus. Vel et veniam atomor
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Vel ei falli cetero repudiare, quando splendide ea usu, adversarium dissentiunt ne mel. His ei illud volumus. Vel et veniam atomor
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