Sarasota County Tourist Development Tax

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Presentation transcript:

Sarasota County Tourist Development Tax

History of Florida’s Local Option Tourist Development Tax Florida’s lodging industry realized destination promotion was needed to sustain the state’s largest industry. Hoteliers petitioned the Florida legislature to enact a means of taxing hotel customers to better promote themselves as a destination. 1977 the Local Option Tourist Development Tax (TDT) became state law. 1979 Sarasota County voters rejected enactment of TDT. 1988 Sarasota County voters finally approved enactment of TDT.

TDT Penny Chart Initial 2% Levy - effective November 1, 1988 Notes: First additional 1% Levy - effective April 1, 1997 Second additional 1% Levy - effective May 1, 2007 Additional 1/2% Levy - effective May 1, 2010 Second additional 1/2% Levy - effective May 1, 2011 Notes: *50% Beach Maintenance – revenue allocated to County and Municipalities based on population; Municipalities allocation used for Beach Renourishment **25% Sports Stadium – annual revenue in excess of Debt and CapX contribution to Capital Projects/Events

TDT 5% Levy Revenue History TDT 5% Levy in effect since May 1, 2011 Revenue FY2012: $14,076,593 Revenue FY2013: $14,960,055 (+6%) Revenue FY2014: $17,050,460 (+14%)

TDT FY2016 Revenue Budget Beach Maintenance - County $3,371,812 18.5% Beach Maintenance - City Sarasota 576,987 3.2% Beach Maintenance - City Venice 232,373 1.3% Beach Maintenance - Town LBK 122,028 .7% Beach Renourishment 1,793,000 9.8% Promotion 5,737,600 31.5% Cultural Arts Sports Stadium 1,254,645 6.9% Aquatic Nature Center Capital Projects/Events 1,255,555 Administration 270,000 1.5% Total $18,200,000 100.0%

TDT FY2016 Expenditure Budget Beach Maintenance - County $3,949,052 15.9% Beach Maintenance - City Sarasota 3,452,835 13.9% Beach Maint/Renourish - Town LBK 439,549 1.8% Beach Renourishment 4,100,000 16.6% Promotion 6,319,300 25.5% Cultural Arts 2,032,800 8.2% Sports Stadium/R&I 1,419,974 5.7% Aquatic Nature Center 1,959,368 7.9% Capital Projects/Events 832,000 3.4% Administration 270,000 1.1% Total $24,774,878 100.0% excludes Reserves and Transfer between TDT Funds

TDT Capital Projects/Events Expenditure Recap FY12/13 YMCA Selby Aquatic Center: $350,000 FY15 Knight Trail CIP Project: $500,000 FY15 Knight Trail Range Safety Baffles: $570,000 • FY15/16 BMX CIP Project: $1,004,397

FY2016 Budget TDT Capital Projects/Events Estimate Beginning Fund Balance $371,704 FY2016 Revenue: Tourist Development Tax $717,200 TDT Stadium excess 538,355 Interest 4,600 FY2016 Expenditures: BMX loan repayment $832,000 Estimate Ending Fund Balance $799,859

FY2016 – FY2020 Projected Budget TDT Capital Projects/Events Fiscal Year Revenue Expenditure Fund Balance FY2016 $1,260,155 $832,000 $799,859 FY2017 $1,315,697 $1,430,099 * $685,457 FY2018 $1,389,947 $0 $2,075,404 FY2019 $1,490,404 $3,565,808 FY2020 $1,592,769 $5,158,577 * Expenditure for 2017 WRC guarantee. Total guarantee is $2,781,160. TDT Promotion Fund - $1,351,061 TDT Capital Projects/Events - $1,430,099

Fiscal Year '13/'14 Visitor Profile: Visit Sarasota County Q1 FY '13/'14 (Oct. - Dec.) Q2 FY '13/'14 (Jan. - Mar.) Q3 FY '13/'14 (Apr. - Jun.) Q4 FY '13/'14 (Jul. - Sep.) Fiscal '13/'14 Sarasota Area Base Party Budget Total $2,209 $3,152 $2,013 $1,760 $2,284 Per Person/Trip $818 $1,167 $719 $652 $839 Per Person/Day $128 $158 $112 Use Internet to Get Travel Information for Trip % Yes 86.8 87.7 87.2 83.4 86.3 Book Travel Reservations For Trip Online 73.8 70.6 72.9 68.9 71.6 Have Accessed the Website: www.VisitSarasota.org 36.0 40.4 29.3 37.4 35.8 Activities Enjoyed in Area (Open Ended Multiple Dining Out 89.0 81.9 96.2 85.4 88.1 Beach 82.2 83.7 85.6 84.7 84.1 Relaxing 70.8 67.4 73.5 Walking on the Beach 63.8 73.1 70.4 63.2 67.6 Shopping 57.2 67.9 64.9 59.8 62.5 Pool 43.0 44.1 64.4 54.4 51.5 Swimming 33.6 34.1 53.0 54.8 43.9 Reading 30.1 45.3 42.4 40.2 Visiting with Friends/Relatives 26.0 35.4 32.7 26.7 30.2 Sightseeing 35.2 46.5 46.6 36.8 41.3 Culture/Heritage 27.7 38.9 26.4 22.2 28.8 Wildlife/Environment 22.7 21.7 22.8 24.9 23.0 Attractions 16.2 24.2 19.8 17.0 19.3 Bars/Nightlife 18.6 22.5 17.1 20.3 Shelling 21.3 20.1 23.9 26.9 23.1 Golfing 7.8 13.1 n/a 6.7 9.2