SB Sees Continued Growth in Key Tax Revenues
updated: Jun 27, 2014, 4:57 PM
Source: City of Santa Barbara
Sales Tax Results for the Third Quarter
Santa Barbara received $4.86 million in sales tax revenue for the quarter ended March 31, 2014, which is 4.6% higher than the same quarter last year. Since sales tax revenues are received only quarterly from the State, and one quarter in arrears, the City receives its third quarter results at the end of June. The City's growth rate is slightly higher than the regional and statewide growth rates.
The City has received over $15.56 million in sales tax for the first three quarters of this fiscal year with a 5% growth rate over the same period last year. Although the City still has one more quarter of revenues to be received, the City appears to be on track to meet its budgeted sales tax revenues of $20.72 million.
Transient Occupancy Tax Revenues for the Month of May 2014
The City received $1.5 million in Transient Occupancy Tax (TOT) for the month of May 2014, a 13.4% increase over May 2013. The month of May had one extra weekend date compared to May 2013.
Through the first eleven months of the fiscal year ending June 30, 2014, the City has collected over $15.1 million in TOT revenues, 15.3% ahead of last year through the same period. With one more month of collections remaining, revenues appear on track to exceed the adopted growth rate of 10.4% and exceed the adopted TOT revenue budget of $16,202,000.
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