HomeMy WebLinkAbout2A - PresentationCity of Palm Springs
SMALL HOTEL TOURISM BUSINESS IMPROVEMENT
DISTRICT ANNUAL LEVY ASSESSMENT FOR FY24
JUNE 29, 2023
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City of Palm Springs
TBID Levy Assessment FY24
•Small Hotel Tourism Business Improvement District (TBID) formed in November
2016.
•The TBID is a special benefit assessment district that was established by the City
Council for the specific purpose of funding activities that promote tourism.
•The Levy requested is 1%, same as prior years. Approved by City Council annually.
•Approximately 81 small Hotels assess the 1% levy. Small Hotel is defined as 49
rooms or less.
•The City collects the tax, but the funds are managed by the Palm Springs Bureau
of Tourism (PSBOT). The City remits the tax monthly.
•The estimated collections for Fiscal Year 2023-24 are estimated to be $769,046.
TBID collections in Fiscal Year 2022-23 will be approximately $800,000.
•The City collects an administration fee of $3,750 per month, about $45,000
annually, for processing monthly returns and various required reporting.