Transient Occupancy Tax Results for the City of Santa Barbara – Month Ended May 31, 2024
The City of Santa Barbara collected $2.9 Million in Transient Occupancy Taxes (TOT) for May 2024, the eleventh month in the City’s fiscal year.
Year to date, the City has collected $28.8 Million in overall TOT, of which approximately $26.4 Million came from hotels and $2.4 Million from short-term rentals. Year to date, total TOT revenues are coming in 3.1% 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 $33.0 Million, of which $27.5 Million is budgeted in the General Fund.
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Other cities actually have a vibrant downtown. And some cities are lowering or doing away with parking fees, not raising them. I believe we are creating a perfect scenario for a failed downtown.
Hang on to your wallets! We can guess where they will turn to make up the difference.