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Quarterly financial report: TOT up about $600,000; expenditures rising but tracking to budget
Summary
Staff reported transient occupancy tax (TOT) receipts of $5.4 million for the first three months of FY23, roughly $600,000 above last year, and noted several expenditure increases; the committee accepted the quarterly report 3-0-2.
City finance staff presented the quarterly financial report for the period ending Sept. 30, 2022, telling the Financial Review Committee that the first three months of fiscal year 2023 show a notable uptick in transient occupancy tax (TOT) revenue and higher expenditures in several categories.
Staff reported TOT receipts of $5,400,000, about $600,000 more than the same period last fiscal…
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