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Tuesday, October 10, 2017

Oakland Raiders Las Vegas NFL UNLV Stadium Hotel Tax Revenue Falling Short?

Oakland Raiders Las Vegas NFL UNLV Stadium Hotel Tax Revenue Falling Short? - Video

Oakland Raiders Las Vegas NFL UNLV Stadium Hotel Tax Revenue Falling Short? The Oakland Raiders three-game-losing streak isn't the only problem the organization faces as of now. Another one involves the monthly stadium hotel tax revenue gathered from the imposition of a .088 percent tax on hotel rooms in venues within much of the 25-mile stadium district. For the first four months of the life of what's called the “stadium hotel tax” Clark County and the Las Vegas Stadium Authority, as well as it's biggest political fan County Commission Chairman Steve Sisolak, were eager to report the monthly data, and for good reason: it was always over projections. But even with that, there was an underlying problem: the money collected was, on the average, 10.2 percent less than the month before. The numbers looked like this: Monthly Stadium Tax Revenue – Real versus Budget – with difference, Real – Budget. As you can see by looking at the last numbers column, the difference decreased until it was just $155,645 by June. Then, a funny thing happened: Clark County, and Steve Sisolak, stopped reporting on the numbers for July, August, and September. Why is this important? Because the idea was that the stadium hotel tax was to collect a total amount of money greater than $50 million total for 12 months, or the designated mark to be able to pay for the annual staidium bond debt service plus provide its annual surplus, or what's called the “waterfall”. By June, the stadium hotel tax collected $16,797,274, over the budgeted total of $14,800,000 by $1,997,274. The average budget level per month is $3,700,000, with $3,444,088 as the budget estimate for stadium tax revenue for June, and the actual number at $3,597,933 – that small difference of just $153,845. Here's the problem: we don't know the actual or budgeted stadium tax revenue numbers for July, August, and September. But we do know the actual number has dropped each month – how low did it go in July, August, and September? If each month of real revenue for July, August, and September was below the $3.4 million mark for June for the budget, then there's a problem. Part of that $16,797,274 is $1 million that was to be collected for use by the Las Vegas Stadium Authority from the last fiscal year, leaving $15,797,274 – or $997,274 as a surplus. If the real revenue for July, August, and September is so low, taking yet another $1 million out for the Las Vegas Stadium Authority for the upcoming fiscal year would cut into the surplus of $997,274, leaving a deficit of $2,726. Of that, the Las Vegas Stadium Authority borrowed $500,000 from Clark County, so paying that back would equal $497,274 extra and deepen the deficit – and that's cut into is that which is used for the stadium subsidy itself. This was not supposed to be the situation: the idea was that a revenue surplus from the stadium hotel tax revenue was supposed to be so great that the overall annual revenue mark of $50 million, which includes the bond debt service estimated at about $44 million annually, would be a piece of cake to reach. But the available numbers, the monthly stadium tax revenue decrease, and Clark County's reluctance to share the data for July, August, and September, indicate a problem that spells one solution: for the Las Vegas Stadium Authority to ask for money from the Clark County General Fund to avoid bond money shortfalls. It's an election season. What will Clark County's voters think about spending more public money on an NFL stadium project they weren't asked to pay for in the first place? Stay tuned. PLEASE INVEST IN ZENNIE62MEDIA VIA PAYPALHERE: http://ift.tt/2u7j8De


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