Santa Barbara Tax Revenue Decreased Due to COVID-19
Source: City of Santa Barbara
Sales Tax Results for the City of Santa Barbara - Quarter Ended September 30, 2020
The City of Santa Barbara received $5.9 million in sales tax revenue during the quarter ended September 30, 2020, which is 7% below the same quarter last year. This decline is largely because of the reduced economic activity due to the COVID-19 pandemic and related response, which has affected nearly all economic sectors in the economy.
As the second largest General Fund revenue, the sales tax budget for fiscal year 2021 is $22.2 million. Staff are currently projecting sales tax revenue to end the fiscal year at approximately $20.5 million, approximately 7% less than the budget. These quarter-end results are consistent with the current sales tax projection. Sales tax results for the December quarter will be available in February 2020.
For additional information on recent sales tax results, click here.
Transient Occupancy Tax Results for the City of Santa Barbara – Month Ended October 31, 2020
The City of Santa Barbara collected $1.5 million in transient occupancy taxes (TOT) for October 2020. The COVID-19 pandemic and the related response continues to affect the local travel industry. TOT revenues in October 2020 were 17.5% below October last year; however, TOT revenues have been steadily increasing since April of 2020.
The City has collected $5.8 million through four months of the City’s fiscal year, which runs from July 1 through June 30. The City’s adopted TOT budget is $17.2 million. Staff are currently projecting TOT revenue to end the fiscal year at approximately $16.7 million, approximately 3% less than the budget. These month-end results are consistent with the current TOT projection.
The Transient Occupancy Tax table can be viewed here.