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Tourist Development Tax Collections – June 2023
Orange County, Fla. – Orange County Comptroller Phil Diamond announced today that Tourist Development Tax (TDT) collections received by Orange County for the June 2023 TDT collection month were $30,028,300. That is a 7.3% decrease compared to June 2022. This is the third month in a row that saw a year-over-year decrease.
Compared to last month, June collections were higher than May collections by $3.8 million. In addition, June collections were higher than June 2021 collections by $8.3 million. The chart below shows monthly TDT collections for the current fiscal year and the previous three fiscal years.
Monthly TDT Collections as of June 2023 (Source: Phil Diamond, CPA – Orange County Comptroller)
In June, occupancy at area hotels was 74%, down -4.3% year-over-year. The Average Daily Rate for June 2023 was $185, slightly down from May 2023 ($186) and in line with the prior year’s performance ($185). For group business, June saw the highest ever monthly citywide attendance recorded at the Orange County Convention Center, with the AAU Volleyball Championships accounting for the largest share with more than 200,000 attendees. Premiere Orlando and Infocomm International also contributed with strong attendance. (Source: Visit Orlando).
On the TDT reserve side, Renewal & Replacement Reserves increased by $7.2 million in June as shown in the “TDT Cash Reserve Summary”.
The July TDT collections report will be released in early September.
Tourist Development Tax – Cash Reserve Summary as of June 30, 2023
| Reserve Accounts | May 31, 2023 | June 30, 2023 | Change |
|
Bond Reserve¹ |
$82,442,148 |
$81,943,430 |
($498,718) |
| Renewal & Replacement Reserve: | |||
| Property Plant & Equipment² |
$63,204,569 |
$63,207,190 |
$2,621 |
| Tourism Stabilization³ | $154,353,283 | $154,849,380 | $496,097 |
| Other Authorized Uses⁴ | $35,946,674 | $42,663,895 | $6,717,221 |
| Subtotal | $253,504,526 | $260,720,465 | $7,215,939 |
| Total | $335,946,674 | $342,663,895 | $6,717,221 |
- Debt service reserves are restricted for debt service only and equal the maximum annual debt service payment.
- Property plant and equipment is the amount that the County has committed to maintaining as a reserve for property replacement. This amount is equal to 4% of the Convention Center’s gross physical plant and equipment cost-excluding construction in progress. This Renewal and Replacement Reserve component is currently fully funded at $63,207,190.
- Tourism Stabilization is a reserve, which when added to all other reserves equals $300 million dollars – Orange County’s recommended reserve level. This reserve protects against tourism market downturns that could impair the County’s ability to pay for its ongoing obligations.
- Other authorized uses are reserves, which when added to all other reserves exceeds $300 million dollars. This reserve can be used for any legally authorized expenses.
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 | $25,000,000 | $30,028,300 | $5,028,300 | 20.1% up |
| Month of June 2023 | ||||
| Actual to Actual | ||||
| FY 2022 | FY 2023 | Percentage | ||
| Actual | Actual | Difference | Difference | |
| $32,381,300 | $30,028,300 | ($2,353,300) | -7.3% down | |
| Cumulative Collections | ||||
| Budget to Actual | ||||
| FY 2023 | FY 2023 | Percentage | ||
| Budget(1) | Actual | Difference | Difference | |
| Thru Hotel Collection | $225,000,000 | $284,686,600 | $59,686,600 | 26.5% up |
| Month of June 2023 | ||||
| Actual to Actual | ||||
| FY 2022 | FY 2023 | Percentage | ||
| Actual | Actual | Difference | Difference | |
| $259,974,100 | $284,686,600 | $24,712,500 | 9.5% up | |
(1) On January 24, 2023, the Board of County Commissioners approved increasing the FY 2023 revenue by $25,000,000 or 9.1%. The budget is presented on a straight-line basis.
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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.