City Finishes Fiscal Year W/ Transient Tax Growth
updated: Jul 23, 2014, 8:00 PM
Source: City of Santa Barbara
City Finishes Fiscal Year With Healthy Transient Occupancy Tax Growth
The City of Santa Barbara collected approximately $1.67 million in Transient Occupancy Tax (TOT) revenues in June, a 7.9% increase over the same month last year. This increase is below the growth rates realized most of the year, which may be attributable to the fact that June 2014 had one fewer weekend day than June 2013.
June marks the final month in the City's fiscal year, which runs from July 1 through June 30. TOT revenues finished the year at $16.82 million, representing a growth rate of 14.6% for the year. These year-end results are in line with the City's revised TOT budget projections used to develop the TOT revenue estimates contained in the recently adopted fiscal year 2015 budget.
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