The City received $991,834 in Transient Occupancy Tax (TOT) for the month of January 2014, which is a 23.8% growth over the previous January. This unusually strong growth is likely driven by the continued great weather conditions. There was also an additional weekend day in this month relative to last year. January’s growth builds on the relatively modest 3.3% growth from January 2013.
Through the first seven months, over $9.8 million in TOT has been collected year-to-date which represents a 13.1% growth rate compared to last year. TOT continues to exceed the budgeted growth estimate of 10.4%. The current budget for TOT is $16,202,000.
The Transient Occupancy Tax table can be viewed here:
http://Services.SantaBarbaraCA.gov/Files/Finance/Transient_Occupancy_Tax_January_2014.pdf