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Olean committee moves to create bed-tax capital fund for tourism and economic development
Summary
Councilors discussed creating a capital fund to earmark newly collected bed tax for marketing, tourism development and community projects; members asked staff for a timeframe and asked that future allocations be tied to economic development goals.
Committee members reviewed initial collections from the newly implemented bed tax, noting a partial quarter collection of about $10,007.32 so far from two hotels and two short-term rentals. The committee discussed creating a dedicated capital fund so bed-tax receipts could be earmarked for marketing, tourism and community development projects rather than flowing to general revenues.
Members described the fund’s intended purpose as reinvesting in hotels and local marketing to bring visitors and spending into Olean. Committee members suggested that some money could also be used for items discussed during the budget process, and asked staff to provide periodic reports showing receipts and recommended allocations. There was a request to identify the accounting line for parking revenue separately (referred to in the meeting as account 17401) to avoid confusion between bed-tax and parking revenue projections.
No final appropriation was approved at the meeting; members directed staff to draft a capital-project proposal and return with a recommended structure, suggested percentages for marketing and economic development, and a schedule for the next report.
