27E Lodging Tax Special Revenue FundLodging Tax Special Revenue Fund
This fund is used to account for lodging taxes submitted by the two hotels in the City and the
disbursement of those funds. Ordinance No. 612 was passed in September 2016 and started
collection of funds in January, 2017. The fee was collected to help promote tourism to the City
of Golden Valley.
In 2022, the funds will be used for a branding program and carry forward to 2023. COVID-19
has impacted the lodging tax.
CITY OF GOLDEN VALLEY
2022 - 2023 OPERATING BUDGET
DIVISION: Lodging Tax (2050) PROGRAM: Lodging Tax Collected (2050)
OBJECT DESCRIPTION
2019 2020 2021
ACTUAL ACTUAL ADOPTED
2021
ESTIMATED
2022
CONCEPT
2022
ADOPTED
2023
CONCEPT
Supplies and Services
6340 Professional Services
$0 $0 $25,000
$0
$25,000
$0
$75,000
7110 Transfers to General Fund
- -
-
-
-
-
TOTAL Supplies and Services
0 0 25,000
0
25,000
0
75,000
TOTALS
$0 $0 $25,000
$0
$25,000
$0
$75,000
CITY OF GOLDEN VALLEY
LODGING TAX FUND
REVENUE DETAIL
Actual 2019
Actual 2020
Adopted 2021
Estimated 2021
Concept 2022
Adopted 2022
Concept 2023
Percent
Percent
Percent
Percent
Percent
Percent
Percent
Revenue
Amount of Total
Amount of Total
Amount of Total
Amount of Total
Amount of Total
Amount of Total
Amount of Total
Lodging Tax Collected
$9,256 94.3 %
$0 0.0 %
$8,000 100.0 %
$3,320 94.3 %
$10,000 98.0 %
$7,500 98.7 %
$9,700 99.0
Interest Earnings
557 5.7 %
533 100.0 %
0 0.0 %
200 5.7 %
200 2.0 %
100 1.3 %
100 1.0
TOTALS $9,813 100.0 % $533 100.0 % $8,000 100.0 % $3,520 100.0 % $10,200 100.0 % $7,600 100.0 % $9,800 100.0
CITY OF GOLDEN VALLEY
LODGING TAX
FUND BALANCE ANALYSIS
Fund Balance @ 01/01/21
Estimated Revenue - 2021 $3,520
Estimated Expenses - 2021 0
Excess of Revenue Over (Under) Expenses
Estimated Fund Balance @ 12/31/21
Adopted Revenue - 2022 7,600
Adopted Expenses - 2022 0
Excess of Revenue Over (Under) Expenses
Projected Fund Balance @ 12/31/22
Concept Revenue - 2023 34,800
Concept Expenses - 2023 75,000
$30,169
3,520
$33,689
$41,289
Excess of Revenue Over (Under) Expenses (40,200)
Projected Fund Balance @ 12/31/23 $1,089