[BoulderCouncilHotline] Convention Visitor’s Bureau (CVB) Funding Question

[Doelling, Kady]

Dear Council,
A question arose this week regarding the taxes collected from 2018 and YTD 2019  that support the Convention Visitor’s Bureau (CVB), broken down by tax type. As a reminder, 20% of Accommodations Tax and 100% of Food Service Tax gets transferred to CVB on an annual basis. The 2019 payment is calculated based on projected 2018 revenue and then reconciled to actual revenue collected in 2018 during the 1st adjustment to base process (ATB). The following chart provides total taxes collected in 2018 and 2019 year to date (through March). These revenue sources can be found in the monthly revenue report<https://bouldercolorado.gov/tax-license/revenue-reports>.

Tax Category
2018/19 Tax Rate
CVB Rate

January -December 2018
CVB Portion for 2019

January -
March 2019
YTD CVB Portion for 2020
Accommodations Tax
7.50%
20%

$8,103,345
            $1,620,669

$1,389,741
               $277,948
Food Service Tax
0.15%
100%

$738,813
               $738,813

$165,209
               $165,209

TOTAL

$8,842,158
            $2,359,482

$1,554,950
               $443,157

It is important to note, the 2019 contract for CVB totals to $2,233,482, $126,000 less than the amount of revenues collected. The 2019 budget utilizes some of the revenue collected to pay for the city’s contracted Events Manager as directed by council. Staff is in development of the 2020 budget, which will base the CVB contribution on 2019 revenue projections. Please let me know if you have further questions.

Kady


Kady Doelling
Executive Budget Officer
[cid:image001.png at 01D2C99E.5DEC03D0]
O: 303-441-1848
C: 720-724-6409
doellingk at bouldercolorado.gov<mailto:doellingk at bouldercolorado.gov>

Finance Department
1136 Alpine | Boulder, CO 80304
www.bouldercolorado.gov<http://www.bouldercolorado.gov/>

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