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Sales Tax Results for the City of Santa Barbara – Quarter Ended December 31, 2023
The City of Santa Barbara received $7.2 million in sales tax revenue during the quarter ended December 31, 2023, which is the second quarter of the City’s fiscal year.
Year to date, total sales tax revenues are coming in about 8.4% below budget. This result reflects softening economic activity amid a persistently high-inflation environment. For fiscal year 2024, the City’s sales tax revenue budget is $30.6 million.
The Sales Tax table can be viewed on the attachment.
Transient Occupancy Tax Results for the City of Santa Barbara – Month Ended January 31, 2024
The City of Santa Barbara collected $1.5 million in Transient Occupancy Taxes (TOT) for January 2024, the seventh month in the City’s fiscal year. Year to date, the City has collected $19.1 million in overall TOT, of which approximately $17.7 million came from hotels and $1.4 million from short-term rentals. Year to date, total TOT revenues are coming in 4.2% below budget.
The Transient Occupancy Tax (TOT) is a Tax on “Transient” guests staying in any hotel, inn, motel, or other commercial lodging establishment for a period of less than 30 days.
The City’s adopted TOT budget for all funds is $33 million, of which $27.5 million is budgeted in the General Fund.
The Transient Occupancy Tax table can be viewed on the attachment (page 2). The City’s TOT tax rate is 12%, of which 10% goes to the City’s General Fund and the remaining 2% goes to the Creeks/Clean Water Fund.
