Recommendations from the Wood County Industrial Commission Hotel Occupancy Tax (HOT) funds committee were approved to be sent on to the Commissioners Court for approval. Commissioners will go over the recommendations in an upcoming meeting.
“The committee met back in June on two different occasions and there were 30 applications total. When you compiled all the requests, it was $184,836. What we have budgeted is $80,000. The committee agreed on $75,000 to give us a cushion in case something new comes in,” WCIC Executive Director Kiki Bettis explained. The board unanimously approved to send the list to the commissioners and letters for the money granted will be sent out Oct. 1.
The board then discussed upcoming budgets.
“The WCIC has two budgets, one is the HOT funds, the Hotel Occupancy Tax, and the other one is general fund. The WCIC receives the HOT funds from the county, that’s any lodging establishment in the county. Those lodgings in the different cities, the money goes to those cities,” Bettis said. “The funding committee has to estimate revenues on how much we think we will get from the hotel-motel money. Last year we budgeted $90,000 in estimated revenue. At the end of July we are sitting at $84,943 so I think we will need $90,000 budget for revenues.”
The budget for the general fund comes from two sources. “The cities pay into the WCIC and it’s based on their population. The other source is unclaimed capital credits we get from the state. There is no rhyme or reason as to what we get from year to year. Anything we get we are grateful for,” Bettis noted. “Those are our sources for the general fund. Wood County gives $25,000 toward the executive director position and the cities pay the rest.”
Both the budgets for the HOT funds and the general fund were approved by the board. The total budget is $114,000 with the additional $24,000 for expenses for HOT funds and the total budgeted for the general fund is $173,603.