2020 City of Shakopee Budget

130

2020 Annual Budget

Lodging Tax

Fund:

Description of Services:

A statutorily allowed 3 percent lodging tax is imposed by the City Council. Once collected, 95 percent is submitted to the Shakopee Chamber and Visitors Bureau (CVB) and 5 percent is retained to defer administrative expenses. This fund accounts for the tax revenue and the expenditures to both the CVB and the city's General Fund for the administration portion of the lodging tax proceeds.

Budget:

Original Budget

Revised Budget

Actual

Actual

Budget

Expenditures by Category Supplies and Services

2017

2018

2019

2019

2020

- -

378,950 378,950

- -

390,000 390,000

415,000 415,000

Totals

$

$

$

$

$

Dedicated Revenues

$

-

$

378,950

$

-

$

390,000

$

415,000

Expenditures by Category and Dedicated Revenue

- 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000

Supplies and Services Dedicated Revenues

Actual 2017

Actual 2018

Budget 2019

Budget 2020

Key Measures:

5

6

9

10

Actual

Actual

Projected

Projected

2017

2018

2019

2020

Number of Hotels

12

12

13

14

Budget Impact:

A new hotel was added during fourth quarter of 2019. Additionally, during 2020 another new hotel will be added to the lodging tax collection. In 2018, lodging tax receipts and corresponding payments to the Shakopee Convention & Visitors Bureau were moved out of the General Fund and into a separate special revenue fund in 2018.