Santa Barbara Sees Healthy Spike in City Revenues
August’s Bed Taxes and Fiscal Year 2022’s Sales Taxes Both Come in Higher than Anticipated
While not quite the Treasure of the Sierra Madre, the healthy spike in city revenues — bed taxes and sales taxes combined — have many in City Hall salivating on where the unexpected revenues might best be spent. Bed taxes collected in the month of August ($3.59 million) came in nearly 20 percent higher than budgeted, and sales tax revenues for the fiscal year 2022 ($28.5 million) are 22.7 higher than anticipated. The higher-than-expected bed taxes reflect the enduring strength of tourist demand for hotel beds and the high rates currently being charged. The real action at the City Council is now shifting to the Finance Committee, which is in charge of allocating the unexpected inflow.
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