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Visit Laredo reviews year-end finances; staff outlines hotel-occupancy-tax funding and short-term-rental collection work
Summary
Staff told the advisory committee Visit Laredo operations are funded by hotel-occupancy tax, reviewed monthly financials, noted a possible $200,000 May variance pending reporting reconciliation, and said staff is coordinating with the city tax department to begin collecting tax from short-term rentals when feasible.
Visit Laredo staff reviewed monthly financials and reminded the advisory committee that nearly all the bureau’s operations are funded by the hotel-occupancy tax.
"We are the only department in the city that's fully funded by the tax that the visitors paid to the hotels," a staff member said, explaining that salaries, office operations and many programs rely on those collections.
Staff reported they…
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