Mass. Tourism Fund Balances
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| The Massachusetts Tourism Fund, authorized in section 35J of Chapter 10 of the MGL, is funded with 35 percent of the State's annual revenues received from the hotel occupancy tax authorized in section 3 of Chapter 64G. In fiscal year 2008, Tourism Fund revenues are estimated to total $44 million. The Fund's use is prescribed in Chapter 10, which includes a formula that assigns various funding levels for tourism-related promotional programs and activities, including the Massachusetts Office of Travel and Tourism, regional tourism promotion agencies, the Massachusetts Office of International Trade and Investment, and the Cultural Facilities Fund. While funding for the purposes prescribed in the section are being made in this budget, the specific requirements of the fund have been suspended through an outside section for the last several years. | |||
| FY07 | FY08 | FY09 | |
|---|---|---|---|
| Beginning Fund Balances | 8.3 | 2.6 | 4.5 |
| Taxes | 38.9 | 44.0 | 43.1 |
| Consolidated Transfers | (0.3) | (0.3) | (0.3) |
| Total Revenues | 38.6 | 43.7 | 42.8 |
| Total Available | 46.9 | 46.3 | 47.3 |
| Housing & Economic Development | 44.2 | 41.8 | 29.1 |
| Total Expenditures | 44.2 | 41.8 | 29.1 |
| Transfers to Other Funds | 0.0 | 0.0 | 17.0 |
| Ending Fund Balances | 2.7 | 4.5 | 1.2 |
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