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Santa Barbara’s TOT Revenue Up 23% in January

By Rick Longpre on Mar 17, 2014 at 02:31 PM in Santa Barabara Commercial Real Estate, Macro Economic News, Santa Barbara Local News

The City of Santa Barbara received $991,834 in transient occupancy tax (TOT) for the month of January, which is a 23.8 percent growth over the previous January.

This unusually strong growth is likely driven by the continued great weather conditions. There was also an additional weekend day in this month relative to last year.

January’s growth builds on the relatively modest 3.3 percent growth from January 2013.

Through the first seven months, more than $9.8 million in TOT has been collected year-to-date, which represents a 13.1 percent growth rate compared to last year. TOT continues to exceed the budgeted growth estimate of 10.4 percent. The current budget for TOT is $16,202,000.

The transient occupancy tax table can be viewed by clicking here.

By Genie Wilson for the City of Santa Barbara | Published in NOOZHAWK on 02.21.2014 5:37 p.m.

— Genie Wilson is the treasury manager for the City of Santa Barbara.