37 - 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 2021, the funds will be used for a branding program and carry forward to 2022. COVID-19
has impacted the lodging tax.
CITY OF GOLDEN VALLEY
2021 - 2022 OPERATING BUDGET
DIVISION: Lodging Tax (2050) PROGRAM: Lodging Tax Collected (2050)
OBJECT DESCRIPTION
2018 2019 2020
ACTUAL ACTUAL ADOPTED
2020
ESTIMATED
2021
CONCEPT
2021
ADOPTED
2022
CONCEPT
Supplies and Services
6340 Professional Services
$0 $0 $0
$0
$50,000
$25,000
$25,000
7110 Transfers to General Fund
- _
_
TOTAL Supplies and Services
0 0 0
0
50,000
25,000
25,000
TOTALS
$0 $0 $0
$0
$50,000
$25,000
$25,000
CITY OF GOLDEN VALLEY
LODGING TAX FUND
Actual 2018
Actual 2019
Adopted 2020
Estimated 2020
Concept 2021
Adopted 2021
Concept 2022
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
$10,647 98.1 %
$9,256 94.3 %
$10,000 100.0 %
$3,300 94.3 %
$10,000 100.0 %
$8,000 100.0 %
$10,000 100.0
Interest Earnings
202 1.9 %
557 5.7 %
0 0.0 %
200 5.7 %
0 0.0 %
0 0.0 %
0 0.0
TOTALS $10,849 100.0 % $9,813 100.0 % $10,000 100.0 % $3,500 100.0 % $10,000 100.0 % $8,000 100.0 % $10,000 100.0
CITY OF GOLDEN VALLEY
LODGING TAX
FUND BALANCE ANALYSIS
Fund Balance @ 01/01/20 $29,636
Estimated Revenue - 2020 $3,500
Estimated Expenses - 2020 0
Excess of Revenue Over (Under) Expenses 3,500
Estimated Fund Balance @ 12/31/20 $33,136
Adopted Revenue - 2021 8,000
Adopted Expenses - 2021 25,000
Excess of Revenue Over (Under) Expenses (17,000)
Projected Fund Balance @ 12/31/21 $16,136
Concept Revenue - 2022 10,000
Concept Expenses - 2022 25,000
Excess of Revenue Over (Under) Expenses (15,000)
Projected Fund Balance @ 12/31 /22 $1,136