Independent auditor: Rolla Chamber motel-tax fund ended 2024 with surplus and five-year lease asset for visitor center

Amanda Wiggins, a certified public accountant who performed the Rolla Chamber of Commerce audit, told the council the motel-tax fund’s financial statements showed a year-end asset balance of about $725,000 and net assets of $503,881 for Dec. 31, 2024.

Wiggins said roughly half of the fund’s assets were cash, with accounts receivable, fixed assets and a lease asset for the visitor center. She explained the chamber renewed a five-year contract with the city for use of the visitor center property that extends through December 2029. Wiggins said nearly 93% of motel-tax-fund revenue in 2024 — about $434,636 of $465,190 total — came from motel-tax collections and that the fund’s net assets increased $12,985 from the prior year.

On expenses, Wiggins said program expenses (tourism promotion) accounted for about 83% of total expenses and administrative expenses about 17%. She reported total liabilities of $221,636, which included payables, accrued sick leave, a small loan the chamber is repaying and the book liability for the multi-year lease payments to the city.

Wiggins told council the audit “went very smoothly” and that she had no concerns to bring to the council’s attention; she said confirmations and outside corroboration were easy to obtain and chamber documentation was prompt.

Why it matters: motel-tax funds are restricted for visitor promotion; council members review audit results as part of local oversight of tourism funding and use of public collections. The chamber’s multi-year lease with the city and the concentration of revenues in motel taxes are key budget items for future planning.

Discussion vs. decision: the auditor presented findings and answered questions. No formal council action was recorded on the audit during the meeting.