Transient Occupancy Tax Continues Growth in October

Santa Barbara lodging establishments collected and remitted $1.28 million in Transient Occupancy Tax during the month of October, which is 6.2% higher than October of last year.

The number of available rooms declined in the month of October due to the impact of major renovations of two major hotels which resulted in a reduction in TOT collections for the month. These long-term renovation projects are expected to impact TOT revenues for more than a year.

Over $6.9 million in TOT has been collected in the first four months of the fiscal year. Year-to-date collections are 10.8% ahead of last year and thus far are trending with the adopted growth rate of 10.2%. The fiscal year 2014 TOT budget is $16,202,000.

The Transient Occupancy Tax table can be viewed here:

http://Services.SantaBarbaraCA.gov/Files/Finance/Transient_Occupancy_Tax_October_2013.pdf