At a recent meeting, the Park Board set the value of the Hotel Occupancy Tax (HOT) penny at $2,040,000 for the fiscal year 2018-2019. This amount represents a 2% increase over the previous year. The Park Board expects hotel revenues to increase slightly because of higher average daily rates and several new hotels are set to open in the coming months. The penny, a concept used for Park Board budgeting purposes, represents the amount the Park Board expects to collect from each 1% of Galveston HOT, which is a 9% tax collected on overnight stays at island hotels, vacation rentals and other accommodations venues. For more information, please click here.