Tourist Development Tax Collections – July 2022

Orange County, Fla. – Orange County Comptroller Phil Diamond announced today that Tourist Development Tax (TDT) collections received by Orange County for the July 2022 TDT collection month were $28,465,700. That is a 15.2% increase over July 2021.

Month-over-month, July collections were lower than June collections by $3.9 million. However, they were higher than July 2020 collections by $23.3 million. In fact, July 2022 collections were the highest July collections on record. The chart below shows monthly TDT collections for the current fiscal year and the previous two fiscal years.

Monthly TDT Collections as of July 2022 (Source: Phil Diamond, CPA – Orange County Comptroller)

On an annual basis, fiscal year-to-date collections totaled $288.4 million through July. Notably, this is already the highest annual collections ever-even with two months still remaining in the fiscal year. This beats the previous high of $284 million for fiscal year 2018-19. July’s TDT performance was boosted by solid hotel demand at 2% above 2019 and a strong ADR at $143.95 vs. $114.79 in July 2019 (Source: Visit Orlando). On the TDT reserve side, there was a $5.4 million increase in the Renewal and Replacement Reserve in July.

Collection/Reserve Levels – $300/300:  On August 9th, the recommendation was presented to the Board of County Commissioners not to make any new major funding commitments until annual TDT collections reached $300 million, and $300 million of reserves were established and maintained. Below is the status of collections and total reserves as of July 31, 2022:

Status of Collections and Total Reserves as of July 31, 2022

The August TDT collections report will be released in early October.
 

Tourist Development Tax – Cash Reserve Summary as of July 31, 2022

1. Debt service reserves are restricted for debt service only and equal the maximum annual debt service payment.
2. The County has committed to maintaining a reserve for property replacement equal to 4% of the Convention Center’s gross physical plant and equipment-excluding construction in progress. This Renewal and Replacement Reserve component is currently fully funded at $63,153,901.

TOURIST DEVELOPMENT TAX COLLECTIONS
ORANGE COUNTY, FLORIDA
FISCAL YEAR 2022 (10/1/21-9/30/22)

(1) On January 25, 2022, the Board of County Commissioners increased the FY 2022 budget by $50,000,000 and then increased it again by another $50,000,000 on June 21, 2022, bringing the total revenue budget to $275,000,000. The budget is presented on a straight-line basis.