HomeMy WebLinkAbout5.3a 2022 Q4 Lodging Tax Collection
TO: Board of Directors, Cottage Grove Convention and Visitors Bureau
FROM: Jaime Mann, Assistant to the City Administrator
DATE: February 24, 2023
RE: 2022 Q4 Lodging Tax Collection
Discussion
2022 Q4 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. The City of Cottage Grove
has collected all the 4th quarter lodging tax and received the following amounts:
Table 1 4th Quarter Lodging Tax Collections for the City of Cottage Grove
In total the lodging tax collections for the 4th quarter of 2022 was $17,908 which is $1,321 above
revenue projections for the 4th quarter. With having final Q4 numbers, the CVB is 8.0% over our
budgeted revenue projections 4th quarter and 18.8% over our total budget projection for 2022.
Recommendation:
Receive Q4 lodging tax collection information.
Q1 Q2 Q3 Q4 Total
Lodging Tax Revenue 13,290$ 19,608$ 23,620$ 17,908$ 74,426$
Other Revenue 6,290$ -$ 10,000$ -$ 16,290$
2022 Total Revenue 19,580$ 19,608$ 33,620$ 17,908$ 90,716$
2022 Budgeted 16,587$ 16,587$ 26,587$ 16,587$ 76,348$