36- 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.
CITY OF GOLDEN VALLEY
LODGING TAX FUND
REVENUE DETAIL
Actual 2021
Actual 2022
Adopted 2023
Estimated 2023
Concept 2024
Adopted 2024
Concept 2025
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
$8,475
102.2%
$16,641
110.5%
$9,700 99.0%
$10,000 99.0%
$9,700 99.0%
$10,000 99.0%
$10,000 99.0%
Interest Earnings
(183)
-2.2 %
(1,586)
-10.5 %
100 1.0 %
100 1.0 %
100 1.0 %
100 1.0 %
100 1.0
TOTALS $8,292 100.0% $15,055 100.0% $9,800 100.0% $10,100 100.0% $9,800 100.0% $10,100 100.0% $10,100 100.0%
CITY OF GOLDEN VALLEY
2023 - 2024 OPERATING BUDGET
DIVISION: Lodging Tax (2060) PROGRAM: Lodging Tax Collected (2050)
OBJECT DESCRIPTION
2021 2022 2023
ACTUAL ACTUAL ADOPTED
2023
ESTIMATED
2024
CONCEPT
2024
ADOPTED
2025
CONCEPT
Supplies and Services
6340 Professional Services
$0 $0 $75,000
$46,300
$0
$0
$0
7110 Transfers to General Fund
- - -
-
TOTAL Supplies and Services
0 0 75,000
46,300
0
0
0
TOTALS
$0 $0 $75,000
$46,300
$0
$0
$0
CITY OF GOLDEN VALLEY
LODGING TAX
FUND BALANCE ANALYSIS
Fund Balance @ 01/01/23 $186
Estimated Revenue - 2023 $10,100
Estimated Expenses - 2023 0
Excess of Revenue Over (Under) Expenses 10,100
Estimated Fund Balance @ 12/31/23 $10,286
ADOPTED Revenue - 2024 10,100
ADOPTED Expenses - 2024 0
Excess of Revenue Over (Under) Expenses 10,100
Projected Fund Balance @ 12/31/24 $20,386
Concept Revenue - 2025 10,100
Concept Expenses - 2025 0
Excess of Revenue Over (Under) Expenses 10,100
Projected Fund Balance @ 12/31 /25 $30,486