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    Orange County TDT Collections July 2023

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    Deanna Gugel
    Tourist Development Tax (TDT) collections in Orange County, Florida were down 5.2% in July 2023 compared to the previous year. This is the fourth consecutive month of year-over-year decreases. Collections were also lower than budget projections and lower than the previous month. Occupancy rates and average daily rates at area hotels were down from the previous year, contributing to the decline in TDT revenues.

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    Orange County TDT Collections July 2023

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    Deanna Gugel
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    Tourist Development Tax (TDT) collections in Orange County, Florida were down 5.2% in July 2023 compared to the previous year. This is the fourth consecutive month of year-over-year decreases. Collections were also lower than budget projections and lower than the previous month. Occupancy rates and average daily rates at area hotels were down from the previous year, contributing to the decline in TDT revenues.

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    Orange County TDT Collections 2023

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    Orange County Tdt Collections July 2023

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    Tourist Development Tax (TDT) collections in Orange County, Florida were down 5.2% in July 2023 compared to the previous year. This is the fourth consecutive month of year-over-year decreases. Collections were also lower than budget projections and lower than the previous month. Occupancy rates and average daily rates at area hotels were down from the previous year, contributing to the decline in TDT revenues.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    351 views4 pages

    Orange County TDT Collections July 2023

    Uploaded by

    Deanna Gugel
    Tourist Development Tax (TDT) collections in Orange County, Florida were down 5.2% in July 2023 compared to the previous year. This is the fourth consecutive month of year-over-year decreases. Collections were also lower than budget projections and lower than the previous month. Occupancy rates and average daily rates at area hotels were down from the previous year, contributing to the decline in TDT revenues.

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    of 4

    FOR RELEASE ON CONTACT: Cathy Glatt or Phil Diamond

    September 7, 2023 at 8:00 A.M. (407) 836-5986

    TOURIST DEVELOPMENT TAX COLLECTIONS


    ORANGE COUNTY, FLORIDA

    ORLANDO, FLORIDA – Orange County Comptroller Phil Diamond announced today that Tourist

    Development Tax (TDT) collections received by Orange County for the July 2023 TDT collection month

    were $27,171,100. That is a 5.2% decrease compared to July 2022. This is the fourth month in a row

    that saw a year-over-year decrease.

    Compared to last month, July collections were lower than June collections by $2.9 million. July

    collections were higher than July 2021 collections by $2.5 million. The chart below shows monthly TDT

    collections for the current fiscal year and the previous three fiscal years.

    Fiscal Year 2019-20


    Fiscal Year 2020-21
    Fiscal Year 2021-22
    Fiscal Year 2022-23
    45.0 July 2020-2023
    40.0
    35.0
    30.0
    25.0
    20.0
    15.0
    10.0
    5.0
    -

    Source: Phil Diamond, CPA – Orange County Comptroller


    Metro Orlando hotel performance in July 2023 was softer than the same month in the prior year.

    Occupancy at area hotels was 73.8%, down -4.0% year-over-year. The Average Daily Rate was

    $177.60, down from $185 in June and down slightly from the prior year’s July performance (-1%). For

    group business at the Orange County Convention Center, July saw an increase in the number of groups

    year-over-year with 19 events in July 2023 compared to 13 in July 2022. However group sizes were

    smaller than those in 2022. (Source: Visit Orlando).

    On the TDT reserve side, Renewal & Replacement Reserves increased by $6.9 million in July as shown

    in the attached “TDT Cash Reserve Summary”.

    We will release the August TDT collections report in early October.

    - more –
    Tourist Development Tax - Cash Reserve Summary as of July 31, 2023

    Reserve Accounts June 30, 2023 July 31, 2023 Change

    Bond Reserve¹ $81,943,430 $82,276,073 $332,643


    Renewal & Replacement
    Reserve:

    Property Plant &


    Equipment² $ 63,207,190 $ 63,208,282 $1,092

    Tourism Stabilization3 $154,849,380 $154,515,645 ($333,735)


    Other Authorized Uses4 $42,663,895 $49,917,692 $7,253,797

    Subtotal $260,720,465 $267,641,619 $6,921,154

    Total $342,663,895 $349,917,692 $7,253,797

    1. Debt service reserves are restricted for debt service only and equal the maximum annual debt
    service payment.

    2. 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 $63,208,282.

    3. Tourism Stabilization is a reserve, which when added to all other reserves (with the exception of
    the Other Authorized Uses reserve) 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.

    4. 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 $29,583,333 $27,171,100 ($2,412,233) -8.2% down


    Month of July 2023

    Actual to Actual

    FY 2022 FY 2023 Percentage


    Actual Actual Difference Difference

    $28,666,300 $27,171,100 ($1,495,200) -5.2% down


    Cumulative Collections
    Budget to Actual

    FY 2023 FY 2023 Percentage


    Budget(1) Actual Difference Difference

    Thru Hotel Collection $295,833,333 $311,940,800 $16,107,467 5.4% up


    Month of July 2023

    Actual to Actual

    FY 2022 FY 2023 Percentage


    Actual Actual Difference Difference

    $288,640,400 $311,940,800 $23,300,400 8.1% up

    (1) The Board of County Commissioners approved increasing the FY 2023 revenue budget by
    $25,000,000 on January 24th, and then increased it again by $55,000,000 on August 8th
    bringing the total revenue budget to $355,000,000. The budget is presented on a straight-
    line basis.
    ###

    More information can be found at www.occompt.com, Facebook @occompt, or Twitter @occompt.com

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