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Tourist Development Tax Collections – October 2022
Orange County, Fla. – Orange County Comptroller Phil Diamond announced today that Tourist Development Tax (TDT) collections received by Orange County for the October 2022 TDT collection month were $31,414,600. That is a 46.6% increase over October 2021.
Month-over-month, October collections were higher than September collections by $7.0 million. They were also higher than October 2020 collections by $23.7 million. In fact, October 2022 collections were the highest October collections on record. The chart below shows monthly TDT collections for the current fiscal year and the previous three fiscal years.
Monthly TDT Collections as of October 2022 (Source: Phil Diamond, CPA – Orange County Comptroller)
The October occupancy rate was 78%-the highest October level since 2017. Coupled with a $155 Average Daily Rate, that led to another healthy month of TDT performance. (Source: Visit Orlando). On the TDT reserve side, the Renewal and Replacement Reserve increased by $2.6 million in October.
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 total reserves were established and maintained. Annual TDT collections exceeded $300 million for Fiscal Year 2021-22. Below is the status of those two milestones as of October 31, 2022:
Status of Collections and Total Reserves as of October 31, 2022
The November TDT collections report will be released in early January.
Tourist Development Tax – Cash Reserve Summary as of October 31, 2022
| Reserve Accounts | September 30, 2022 | October 31, 2022 | Change |
|
Bond Reserve¹ |
$80,640,520 |
$80,669,240 |
$28,720 |
| Renewal & Replacement Reserve: | |||
| Property Plant & Equipment² |
$63,176,104 |
$63,172,557 |
($3,547) |
| Other Authorized Uses | $124,798,270 | $127,376,302 | $2,578,032 |
| Subtotal | $187,974,374 | $190,548,859 | $2,574,485 |
| Total | $268,614,894 | $271,218,099 | $2,603,205 |
- Debt service reserves are restricted for debt service only and equal the maximum annual debt service payment.
- 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 $63,172,557.
TOURIST DEVELOPMENT TAX COLLECTIONS
ORANGE COUNTY, FLORIDA
FISCAL YEAR 2023 (10/1/22-9/30/23)
| Monthly Collections | ||||
| Budget to Actual | ||||
| FY 2023 | FY 2023 | Percentage | ||
| Budget(1) | Actual | Difference | Difference | |
| Hotel Collection | $22,916,667 | $31,414,600 | $8,497,933 | 37.1% up |
| Month of October 2022 | ||||
| Actual to Actual | ||||
| FY 2022 | FY 2023 | Percentage | ||
| Actual | Actual | Difference | Difference | |
| $21,433,800 | $31,414,600 | $9,980,800 | 46.6% up | |
| Cumulative Collections | ||||
| Budget to Actual | ||||
| FY 2023 | FY 2023 | Percentage | ||
| Budget(1) | Actual | Difference | Difference | |
| Thru Hotel Collection | $22,916,667 | $31,414,600 | $8,497,933 | 37.1% up |
| Month of October 2022 | ||||
| Actual to Actual | ||||
| FY 2022 | FY 2023 | Percentage | ||
| Actual | Actual | Difference | Difference | |
| $21,433,800 | $31,414,600 | $9,980,800 | 46.6% up | |
(1) The budget is presented on a straight-line basis.
About Orange County Government: Orange County Government strives to serve its residents and guests with integrity, honesty, fairness and professionalism. Located in Central Florida, Orange County includes 13 municipalities and is home to world-famous theme parks, one of the nation’s largest convention centers and a thriving life science research park. Seven elected members make up the Board of County Commissioners, including the Mayor, who is elected countywide. For more information, please visit www.OCFL.net or go to Orange County Government’s social media channels.