HomeMy WebLinkAbout5.4a 2022 Q3 Lodging Tax Collection
TO: Board of Directors, Cottage Grove Convention and Visitors Bureau
FROM: Jaime Mann, Assistant to the City Administrator
DATE: November 22, 2022
RE: 2022 Q3 Lodging Tax Collection
Discussion
2022 Q3 Lodging Tax Collections
Due to a short history of lodging tax revenue collected and the variability of the industry for the
past two years, the 2022 budget used conservative monthly revenue estimates of $5,529 at a
60% occupancy rate in lodging tax collections for all months of 2022. Also included in the
budgeted revenue for Q3 is the grant that was awarded last year through Explore Minnesota.
The City of Cottage Grove has collected all the 3rd quarter lodging tax and received the following
amounts:
Table 1 3rd Quarter Lodging Tax Collections for the City of Cottage Grove
In total the lodging tax collections for the 3rd quarter of 2022 was $23,630. We also received the
payment on the grant that we were previously awarded through Explore Minnesota for $10,000.
The total revenue collections were $33,630 which is $7,033 above revenue projections for the
3rd quarter. With having Q3 numbers, the CVB is 26.5% over our budgeted revenue projections
so far in 2022. Year to date, we are up 11.3% from our 2022 revenue projections.
Q1 Q2 Q3 Q4 Total
Lodging Tax Revenue 13,290$ 19,608$ 23,620$ -$ 56,518$
Other Revenue -$ -$ 10,000$ -$ 10,000$
2022 Total Revenue 13,290$ 19,608$ 33,620$ -$ 66,518$
2022 Budgeted 16,587$ 16,587$ 26,587$ 16,587$ 76,348$