Lake Geneva considers money transfer from tourist fund to help repay the debt of the Riviera | Local news

Lake Geneva considers money transfer from tourist fund to help repay the debt of the Riviera |  Local news

{{featured_button_text}}

Your membership makes our reporting possible.

Highlights

  • Part of the reason for additional revenues in the fund is because the city council approved to increase the city’s room tax rate from 5% to 8% in March.

  • The fund is projected to have about $900,500 in revenues by the end of 2022, but that amount also could be higher. 

Hall said transferring money from the tourism fund to the debt service fund would have to be approved by members of the tourism commission.

“We may be low in our projections, but we’re kind of conservative,” Hall said. “So that may change as we go through the month of October. We might have a better estimate, but the tourism fund is going to collect a lot more room tax next year.”

“I didn’t put it in this budget, because I have to discuss it with the tourism commission,” Hall said. “But I think it’s kind of a smart move, because we know taxes are going to increase. But if we do this, it will not increase as much as we originally thought.” 

Brian Waspi, president of the tourism commission, said the tourism commission would have to approve any money that is transferred from the tourism fund.

“The tourism commission will need to vote on any grants or transfer of funds to municipal development-related projects including the Riviera, as we have done in previous years,” Waspi said. “No decisions have been made.”