An extra half a million dollars in nothing to sneeze at . . . and its the best 1st quarter, EVER! Seriously.
From: Brasser, Dean
Sent: Wednesday, May 11, 2011 3:58 PM
To: ALL ALDERS; Archer, Deb; Bohrod, Daniel; Bower, Diane; Fruit, Tim; Gawenda, Dave; McDermott, Patti; McManners, Gregg; Mendoza, Mario; Miley, Sally; Monks, Anne; Nesvacil, Nancy; Simon, Debra; Skaleski, Pat; Soglin, Paul; Weitzel, Mark; York, Elizabeth; Zeinemann, Bill
Subject: First Quarter 2011 Room Tax RevenueFirst quarter 2011 Room Tax collections of $1,708,342 were $197,000, or 13% above the same quarter of last year. Using our standard projection methodology, we now predict that 2011 year-end Room Tax revenue will fall within the range of $8,300,000 to $9,400,000, with a most likely result of about $8,660,000, or roughly $500,000 above the $8,152,000 budgeted for this year.
Please see the attached report for more detailed quarterly collection data and current year projections.
Dean Brasser
If you open the doc, make sure to click on the 2011 tab.
The bummer part of this room tax news is that this money is mostly restricted (see page 3+. It mostly goes to Monona Terrace and the Convention and Visitors Bureau and other things like Overture. At some point in the future the money will be done paying off the Monona Terrace and we will be able to use the money for our city expenses, unless the business community is successful in requiring that money to go to the Convention and Visitors Bureau through actions at the state. We sure could use that money and sooner rather than later in our operating budget. Perhaps when the money is done being restricted, we could use it to reduce poverty in Madison?
