35 - 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 future branding program estimated to start in 2024.
CITY OF GOLDEN VALLEY
LODGING TAX FUND
REVENUE DETAIL
Actual 2020
Actual 2021
Adopted 2022
Estimated 2022
Concept
2023
Adopted 2023
Concept 2024
Revenue
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Lodging Tax Collected
Interest Earnings
$1,759
533
76.7%
23.3%
$8,475
(183)
102.2%
-2.2%
$7,500
100
98.7%
1.3%
$9,700
100
99.0%
1.0%
$9,700
100
99.0%
1.0%
$9,700
100
99.0%
1.0%
$9,700
100
99.0%
1.0%
TOTALS
$2,292
100.0 %
$8,292
100.0 %
$7,600
100.0 %
591800
100.0%
$9,800
100.0 %
59A00
100.0 %
$9,800
100.01
CITY OF GOLDEN VALLEY
2023 - 2024 OPERATING BUDGET
DIVISION: Lodging Tax (2050) PROGRAM: Lodging Tax Collected (2050)
OBJECT DESCRIPTION
2020 2021 2022
ACTUAL ACTUAL ADOPTED
2022
ESTIMATED
2023
CONCEPT
2023
ADOPTED
2024
CONCEPT
Supplies and Services
6340 Professional Services
$0 $0 $0
$0
$75,000
$0
$50,000
7110 Transfers to General Fund
- - -
-
TOTAL Supplies and Services
0 0 0
0
75,000
0
50,000
TOTALS
$0 $0 $0
$0
$75,000
$0
$50,000
CITY OF GOLDEN VALLEY
LODGING TAX
FUND BALANCE ANALYSIS
Fund Balance @ 01 /01 /22
Estimated Revenue - 2022 $9,700
Estimated Expenses - 2022 0
Excess of Revenue Over (Under) Expenses
Estimated Fund Balance @ 12/31/22
ADOPTED Revenue - 2023 9,700
ADOPTED Expenses - 2023
Excess of Revenue Over (Under) Expenses
Projected Fund Balance @ 12/31/23
Concept Revenue - 2024 9,700
Concept Expenses - 2024 50,000
$29,986
9,700
$39,686
9,700
$49,386
Excess of Revenue Over (Under) Expenses (40,300)
Projected Fund Balance @ 12/31/24 $9,086