Sarasota County Tourist Development Tax History of Floridas

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 Notes: Initial 2% Levy - effective November 1, 1988 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 *50% Beach M aintenance – revenue allocated to County and M unicipalities based on population; Municipalities allocation used for Beach Renourishment **25% Sports Stadium – annual revenue in excess of Debt and Cap. X contribution to Capital Projects/Events

TDT 5% Levy Revenue History TDT 5% Levy in effect since May 1, 2011 Revenue FY 2012: $14, 076, 593 Revenue FY 2013: $14, 960, 055 (+6%) Revenue FY 2014: $17, 050, 460 (+14%)

TDT FY 2016 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 1, 793, 000 9. 8% Sports Stadium 1, 254, 645 6. 9% Aquatic Nature Center 1, 793, 000 9. 8% Capital Projects/Events 1, 255, 555 6. 9% 270, 000 1. 5% $18, 200, 000 100. 0% Administration Total

TDT FY 2016 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% $24, 774, 878 100. 0% Total excludes Reserves and Transfer between TDT Funds

TDT Capital Projects/Events Expenditure Recap • FY 12/13 YMCA Selby Aquatic Center: $350, 000 • FY 15 Knight Trail CIP Project: $500, 000 • FY 15 Knight Trail Range Safety Baffles: $570, 000 • FY 15/16 BMX CIP Project: $1, 004, 397 81

FY 2016 Budget TDT Capital Projects/Events Estimate Beginning Fund Balance $371, 704 FY 2016 Revenue: Tourist Development Tax $717, 200 TDT Stadium excess Interest 538, 355 4, 600 FY 2016 Expenditures: BMX loan repayment $832, 000 Estimate Ending Fund Balance $799, 859

FY 2016 – FY 2020 Projected Budget TDT Capital Projects/Events Fiscal Year Revenue Expenditure Fund Balance FY 2016 $1, 260, 155 $832, 000 $799, 859 FY 2017 $1, 315, 697 $1, 430, 099 * $685, 457 FY 2018 $1, 389, 947 $0 $2, 075, 404 FY 2019 $1, 490, 404 $0 $3, 565, 808 FY 2020 $1, 592, 769 $0 $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 Q 1 FY '13/'14 (Oct. - Dec. ) Q 2 FY '13/'14 (Jan. - Mar. ) Q 3 FY '13/'14 (Apr. - Jun. ) Q 4 FY '13/'14 (Jul. - Sep. ) Fiscal '13/'14 $2, 209 $818 $128 $3, 152 $1, 167 $158 $2, 013 $719 $112 $1, 760 $652 $112 $2, 284 $839 $128 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 % Yes 73. 8 70. 6 72. 9 68. 9 71. 6 Have Accessed the Website: www. Visit. Sarasota. org % Yes 36. 0 40. 4 29. 3 37. 4 35. 8 Activities Enjoyed in Area (Open Ended Multiple Dining Out Beach Relaxing Walking on the Beach Shopping Pool Swimming Reading Visiting with Friends/Relatives Sightseeing Culture/Heritage Wildlife/Environment Attractions Bars/Nightlife Shelling Golfing 89. 0 82. 2 70. 8 63. 8 57. 2 43. 0 33. 6 30. 1 26. 0 35. 2 27. 7 22. 7 16. 2 18. 6 21. 3 7. 8 81. 9 83. 7 67. 4 73. 1 67. 9 44. 1 34. 1 45. 3 35. 4 46. 5 38. 9 21. 7 24. 2 22. 8 20. 1 13. 1 96. 2 85. 6 73. 5 70. 4 64. 9 64. 4 53. 0 42. 4 32. 7 46. 6 26. 4 22. 8 19. 8 22. 5 23. 9 n/a 85. 4 84. 7 70. 8 63. 2 59. 8 54. 4 54. 8 43. 0 26. 7 36. 8 22. 2 24. 9 17. 0 17. 1 26. 9 6. 7 88. 1 84. 1 70. 6 67. 6 62. 5 51. 5 43. 9 40. 2 30. 2 41. 3 28. 8 23. 0 19. 3 20. 3 23. 1 9. 2 Sarasota Area Base Party Budget Total Person/Trip Person/Day