Posting Language
Title
Approve an ordinance amending the Fiscal Year 2022-2023 Economic Development Department Operating Budget Special Revenue Historic Preservation Fund (Ordinance No. 20220817-004) to increase appropriations in the amount of $2,120,446 for historic restoration and preservation purposes. Related to Item #6
De
Lead Department:
Economic Development.
Fiscal Note:
Funding in the amount of $2,120,446 is available from the Economic Development Department Operating Budget Special Revenue Historic Preservation Fund. A fiscal note is attached.
Prior Council Action:
October 4, 2018 - Council approved, as amended, Resolution No. 20181004-033 directing the City Manager to allocate the Historic Preservation Fund Fiscal Year 2019 budget in the following manner: 70 percent for City of Austin historic facilities and sites in accordance with Texas Tax Code Section 351.101(a)(5); 15 percent to potential future historic acquisitions or major preservation projects that would be frequented by tourists and convention delegates; and 15 percent to the Heritage Preservation Grant Program on a 10-0 vote.
August 17, 2022 - Council conducted a public hearing and approved Ordinance No. 20220817-004 adopting the City of Austin Budget for Fiscal Year 2022-2023, beginning on October 1, 2022, and ending on September 30, 2023.
For More Information:
Sylnovia Holt-Rabb, Director, Economic Development Department, 512-974-3131.
Additional Backup Information:
The action will appropriate an additional $2,120,446 for a total of $20,771,677 in available resources.
The primary source of revenue for the Historic Preservation Fund is Hotel Occupancy Tax (HOT) collected by the City, specifically 1.05 cents of the nine cents per dollar charged in HOT on the consideration paid for a hotel room, which funding is used to promote arts, culture, and heritage-based tourism and events. In addition, the Historic Preservation Fund receives 15 percent of an additional two cents from HOT colle...
Click here for full text