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Business

Santa Barbara Sees Continued Growth in Key Tax Revenues

The City of Santa Barbara received $5,489,331 in sales tax revenue for the quarter ended Dec. 31, 2013, marking the second payment received in the fiscal year that ends June 30.

Sales taxes for the second quarter grew 7.1 percent in relation to the same quarter of 2012.

With two quarters of payments received, overall sales tax revenues are up 5.2 percent from the same period last year, and are slightly above the 4.8 percent growth rate needed to meet budget for the entire fiscal year.

Click here for additional information on sales tax results.

Transient Occupancy Tax Revenues for February

The city received $1,051,136 in transient occupancy tax revenues for the month of February, which represents a 27 percent growth over the previous February.

This is the highest growth rate so far this fiscal year, and is largely due to the unseasonably warm and dry weather.

Through the first eight months, more than $10.9 million in TOT has been collected, which represents a growth rate of 14.4 percent for the year. This compares to the anticipated growth rate of 10.2 percent. The budget for this fiscal year is $16.2 million.

Click here for additional information on transient occupancy tax results.

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

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