Fund Account Account Title Amount Justification
100 4150 Transient Occupancy Taxes 500,000 As of December 2023, the City collected $12.4 million in TOT. Second half's TOT will be significantly impacted by the Hotel Del's main wing renovation. Based on the year-to-date revenue and estimated reduction for Q3 and Q4, finance is projecting a total collection of $16.5 million for FY 2023-24, an increase of $500,000 over the initial budgeted.
100 43020 Investment Revenue 2,000,000 -Historically budgeted for investment revenues based on the preceding four fiscal quarters’ average yields, ranging from
0.75% - 2.83%.
-During FY2023-24, the yields continued its steady rise to the current yield of 4.0% as of January 2024.
-Year-to-date investment revenue of $1.5 million exceeds the adopted budget of $1.3 million.
-Recent investment allocation changes implemented projects to maintain higher than budgeted investment yield for the remainder of the fiscal year.
Total General Fund 2,500,000
620 45830 Golf Restaurant Rent 65,000 Increased traffic to restaurant and golf tournament add-ons TOTAL ALL MID-YEAR ADJUSTMENTS 2,565,000
Detailed Departmental Revenue Adjustments
Revenues All Funds
FY 2023-24
Attachment 4