| | | | | | | | STAFF REPORT - CITY COUNCIL/SUCCESSOR AGENCY/PUBLIC FINANCE AUTHORITY
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| | | | | | | | | Subject: | Information regarding Revenue Projection for an Increase to the Transient Occupancy Tax | | Meeting Date: | April 25, 2019 | | From: | Marissa Trejo, City Manager | | Prepared by: | Jasmin Bains, Financial Services Director |
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| | | | | | | | I. RECOMMENDATION:
Staff has no recommendation. This item was requested as a future agenda item by Councilman Adkisson.
II. BACKGROUND:
The Transient Occupancy Tax for the City of Coalinga is 6%.
III. DISCUSSION:
Staff was requested to calculate the revenue increase if the Transient Occupancy Tax was increased to 12%. Based on a survey of Fresno County cities the average Transient Occupancy Tax is 9%.
IV. ALTERNATIVES:
V. FISCAL IMPACT:
The projected revenue if the tax is increased to 12% would be $44,695, which is an increase of $22,348. The cost of the election would be approximately $55,000 during a non election year and approximately $25,000 during an election year. | | |
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