"This is the seventh consecutive month where monthly collections received were the highest amount collected of record for that month," Haynie says. Based on the first three-month total collection of $27.59 million for October, November and December, the county could wind up with total tax revenue for the year of $110.35 million, the second highest amount since the tax was first levied in 1979. The highest was the $114.8 million collected in 2004.
But as the tourist tax revenue kitty grows, other Orange County groups are now lobbying for a share of the collections. Florida regulations restrict the use of the tax money to financing tourism promotions, the arts and sports. County lawmakers, however, now are asking for a share of the tax proceeds to be used for economic development, local tourism consultants following the industry tell GlobeSt.com.
The monthly tax revenue compilations by the comptroller's office are watched closely by commercial real estate developers, lenders and planners who consider the numbers a barometer of the hospitality industry's health. A new study by the Travel Industry Association of America ranks the Orlando area No. 4 on its top 25 convention destinations. Chicago is first; Las Vegas, second; and Washington, DC is third.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.