Discussion and Approval of FY21 Lodgers Tax Budget
Due to the impact of COVID-19, the Lodgers Tax fund has suffered substantial losses and requires restructuring from a $1.5 million fund to 45% the estimated revenues at $675,000. This may be reduced again in the fall depending on industry trends, but these are the best estimates given current data.
The Governor of New Mexico's reopening plan does not include extending mass gatherings to over 100 people for our region until at least July some time, and will not increase until a vaccine or herd immunity is available. This budget reflects cutting all event funding for the foreseeable future.
The FY21 budget suspends the grants program until early 2021 were a new program will be released.