City of Santa Barbara details sales and Transient Occupancy taxes above budget through May
SANTA BARBARA, Calif. – The City of Santa Barbara released the results of its tax revenues for the third quarter of Fiscal Year 2023. The report shows above budgeted revenues from both sales taxes and the Transient Occupancy Tax.
The City reported $6.6 million in sales tax revenues for the third quarter of this fiscal year ending on Mar. 31. That reported quarterly revenue amount is 2.5% above sales tax revenues from the same quarter last year and 11.1% above budget.
Sales tax revenues this fiscal year currently total $21.5 million of a budgeted $26.6 million.
The Transient Occupancy Tax (TOT) is levied on guests at hotels, inns, motels, or other commercial lodging establishments for stays of less than 30 days.
The City's TOT rate is 12%, of which, 10% goes to the City's General Fund and the remaining 2% goes to the Creeks/Clean Water Fund.
The City of Santa Barbara collected $2.7 million in Transient Occupancy Taxes for the month of May. Revenues are about 9% above the monthly budget.
For the year to date, TOT revenues are currently 10% over budget with the the City collecting a total of $28 million through the month of May, the eleventh month of the City's fiscal year.
