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Senate committee reviews hotel-occupancy tax scenarios as MVA seeks additional funds
Summary
On Aug. 12 the Senate Fiscal Affairs Committee heard finance officials and Marianas Visitors Authority projections showing shortfalls under multiple revenue scenarios for the hotel-occupancy tax and discussed whether to alter earmarks or provide additional general-fund support to meet MVA's $10 million request.
The Senate Fiscal Affairs Committee on Aug. 12 heard updated projections showing potential shortfalls for next year’s hotel-occupancy tax and considered how earmarks and alternative revenue scenarios would affect the Marianas Visitors Authority’s budget request.
Secretary of Finance Bennett told the committee the administration used MVA’s updated forecasts in its calculations and that “scenario 2 would be the most realistic projection” for hotel-occupancy tax revenue, adding that adopting that scenario would create a $533,000 shortfall relative to the administration’s current revenue projection. “We rely on MVA’s data for our projection,” Bennett said during the meeting.
The committee was discussing House Concurrent Resolution 24-2, which references the statutory earmarks from the gross hotel-occupancy tax. Committee members and finance staff reviewed three scenarios provided by MVA (presented to the committee as…
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