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DRAFT, DISCUSSION ONLY
<br />Lodging Tax Six Year Financial Plan
<br />Revenue
<br />Approved Applications
<br />Year 2019
<br />Lodging Tax Collection
<br />Expenses
<br />Marketing, Sales, Major Sponsorships
<br />Contracted DMO Services $
<br />Major Sponsorships $
<br />Small Event Development and Support $
<br />Digital Development and Website
<br />Destination Development
<br />Wayfinding Plan Development and Installation $
<br />Southcenter Art Investements $
<br />Tukwila Pond $
<br />World Cup Planning and Activiation $
<br />Adminstration/Operations
<br />Salary $
<br />Benefits $
<br />City Overhead Charge $
<br />Adminstration Expenses $
<br />Total Expenditures: $
<br />Starting Year Balance:
<br />Ending Fund Balance:
<br />775000
<br />202,500
<br />144,000
<br />12,500
<br />40,000
<br />100,000
<br />55,457
<br />17,1147
<br />18,741
<br />35,000
<br />626,045 1
<br />Forecasted
<br />Actuals
<br />2019 2020 2021 2022 2023
<br />2024 Totals
<br />$ 819,095 $ 800,000 $ 840,000 $ 882,000 $ 926,100 $ 972,405 $5,239,600
<br />$ 202,500
<br />$
<br />202,500
<br />$
<br />202,500
<br />$
<br />202,500
<br />$
<br />202,500
<br />$
<br />202,500
<br />$1,215,000
<br />$ 150,000
<br />$
<br />150,000
<br />$
<br />150,000
<br />$
<br />150,000
<br />$
<br />150,000
<br />$
<br />150,000
<br />$ 900,000
<br />$ 10,000
<br />$
<br />15,000
<br />$
<br />15,000
<br />$
<br />15,000
<br />$
<br />15,000
<br />$
<br />15,000
<br />$ 85,000
<br />$ -
<br />$
<br />65,000
<br />$
<br />50,000
<br />$
<br />50,000
<br />$
<br />50,000
<br />$
<br />50,000
<br />$ 265,000
<br />$
<br />- $
<br />100,000 $
<br />150,000
<br />$
<br />100,000
<br />$
<br />100,000
<br />$
<br />100,000
<br />$
<br />550,000
<br />$
<br />600 $
<br />39,400 $
<br />75,000
<br />$
<br />75,000
<br />$
<br />75,000
<br />$
<br />75,000
<br />$
<br />340,000
<br />$
<br />- $
<br />125,000 $
<br />200,000
<br />$
<br />200,000
<br />$
<br />200,000
<br />$
<br />200,000
<br />$
<br />925,000
<br />$
<br />- $
<br />- $
<br />40,000
<br />$
<br />40,000
<br />$
<br />50,000
<br />$
<br />50,000
<br />$
<br />180,000
<br />$ 58,040
<br />$
<br />56,586
<br />$
<br />58,284
<br />$
<br />60,032
<br />$
<br />61,833
<br />$
<br />63,688
<br />$
<br />358,463
<br />$ 18,124
<br />$
<br />18,411
<br />$
<br />18,963
<br />$
<br />19,532
<br />$
<br />20,118
<br />$
<br />20,722
<br />$
<br />115,870
<br />$ 18,741
<br />$
<br />19,416
<br />$
<br />19,998
<br />$
<br />20,598
<br />$
<br />21,216
<br />$
<br />21,853
<br />$
<br />121,823
<br />$ 21,385
<br />$
<br />30,000
<br />$
<br />30,000
<br />$
<br />30,000
<br />$
<br />30,000
<br />$
<br />30,000
<br />$
<br />171,385
<br />$ 479,390 $ 821,313 $ 1,009,745 $ 962,663 $ 975,668 $ 978,763 $5,227,541
<br />$1,617,625 $ 1,957,330 $ 1,936,017 $ 1,766,272 $ 1,685,609 $ 1,636,041
<br />$1,957,330 $ 1,936,017 $ 1,766,272 $ 1,685,609 $ 1,636,041 $ 1,629,684
<br />Notes
<br />Revenue for 2019 and 2020 is from the adopted budget.
<br />Revenue Increase (2021-2024) 0.05
<br />Salary is assumed to rise 3% per year. 0.03
<br />Benefits are assuemd to rise 3% per year. 0.03
<br />Indirect Cost Allocation is assumed to increase 3% per year. 0.03
<br />This document does not bind the City to provide funds nor does it authorize any funding. All use of lodging tax funds must be approved by LTAC and the City Council through an application process.
<br />Overhead charge is charged to all special accounts and recoups the cost of the general fund to support the lodging tax fund. This include facilities, IT services, legal, and accounting.
<br />Cells in yellow were updated following April, 2019 meeting.
<br />Updated:
<br />2/24/2020
<br />B1 M
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