weather icon Clear

LVCVA approves 2013 budget

The Las Vegas Convention and Visitors Authority’s board of directors Thursday approved the organization’s fiscal year 2013 budget.

With a beginning balance of $20 million, total general fund revenues are budgeted at $255 million and expenditures at $265.7 million, for an ending balance of $10 million.

Hotel room taxes cover 82 percent of the authority’s budget. The other funding comes from facility use, show support services or fees generated by participating in industry events.

Total room tax collected for fiscal 2013 is estimated at $525 million from a room inventory of 162,000. Room tax revenue, estimated to be up 5 percent, is shared by the travel board, the Nevada Department of Transportation, the Clark County School District, Clark County and the Nevada Commission on Tourism.

In addition to the general fund, the LVCVA maintains a capital fund, a debt service fund and the other post-employment benefits fund.

For fiscal year 2013, the capital fund budget has a beginning balance of $3 million, a total revenue of $33 million, expenditures of $36 million and an ending balance of $0.3 million. The debt service fund starts 2013 with $44 million, but has equal total transfers in and out of $55 million, so it ends fiscal 2013 with $44 million.

As the post-employment benefits fund is new for fiscal 2013, its has no beginning balance, but an estimated transfer in of $3 million with no withdrawals.

Contact reporter Laura Carroll at lcarroll@reviewjournal.com or 702-380-4588.

City to build observation deck for Vegas gateway sign

The city of Las Vegas on Wednesday approved an agreement with the operators of the Strat to build a pedestrian view deck along a Las Vegas Boulevard sidewalk.