Sales Tax Revenue Slightly Less Than Last Year
By the City of Santa Barbara
Sales Tax Results for the City of Santa Barbara – Quarter Ended December 31, 2022
The City of Santa Barbara received $7.35 million in sales tax revenue during the quarter ended December 31, 2022, which is 0.7% below the same quarter last year and 5.4% above budget. This result reflects a flattening in economic activity, following the post-pandemic pent-up demand from the previous year, and higher inflation.
The City has collected $14.9 million through the December quarter, which is the second quarter of the City’s fiscal year. For fiscal year 2023, the City’s sales tax revenue budget is $26.6 million.
The Sales Tax table can be viewed on the attachment.
Transient Occupancy Tax Results for the City of Santa Barbara – Month Ended February 28, 2023
The City of Santa Barbara collected $1.65 million in Transient Occupancy Taxes (TOT) for February 2023. Although TOT revenues in February 2023 were about 3.2% below the monthly budget, year to date they remain at a healthy level of approximately 15% over budget.
The City has collected $20.6 million through February, the eighth month in the City’s fiscal year. The City’s adopted TOT budget for all funds is $28.3 million, of which $23.6 million is budgeted in the General Fund.
The Transient Occupancy Tax table can be viewed on the attachment. 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.
Mar 23, 2023 08:43 AM
Not too surprising. Not much to buy, nor many stores.