The City of Santa Barbara received $5,126,847 in sales tax revenue for the quarter ended Dec. 31, 2012, marking the second payment received in the fiscal year that ends June 30, 2013. Sales taxes for the second quarter grew 4 percent in relation to the same quarter of 2011.
The 4 percent growth, while consistent with historical averages, is the lowest growth realized in the last six quarters, which averaged 8.6 percent. However, it is not unusual for growth rates to moderate after an extended period of strong growth.
With two quarters in, overall sales tax revenues are up 4.6 percent from the same period last year, and are in line with overall projections of 4.5 percent for the entire fiscal year.
Click here for more information on sales tax results.
Transient Occupancy Tax Revenues for February
The city received $832,604 in transient occupancy tax (TOT) for February, which represents only a 0.2 percent growth over the previous February. This is the lowest growth rate so far this fiscal year.
Through the first eight months, more than $9.5 million in TOT has been collected and appears to be on track with the budgeted growth estimate of 6.1 percent. The current budget for TOT is $14,489,200.
Click here for more information on transient occupancy tax results.
— Bob Samario is the finance director for the City of Santa Barbara.