FOR RELEASE ON CONTACT: Cathy Glatt or Phil Diamond

May 6, 2024 at 9:00 A.M. (407) 836-5747

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 March

2024 TDT collection month were $40,550,000

March 2024 collections were higher than March 2023 collections by $1.6 million or 4%.

This is also the highest monthly collections ever. While this is very positive news, it is

important to note that seasonal variations, such as the timing of spring break and Easter

vacations can cause monthly comparisons to be somewhat misleading. Last year, Easter

fell in April. This year it fell in March. So, it will be important to monitor April collections.

Some other facts are…

• On a fiscal year to date basis, collections are down by $28,900.

• March 2024 collections were higher than February 2024 collections by $6.5 million.

The chart below shows the monthly year-over-year dollar amount change in TDT

collections since October 2021.

 Tourist Development Tax
Year-Over-Year Dollar Change
$25

$20

$15
Millions

$10

$5

$0

-$5

Source: Phil Diamond, CPA – Orange County Comptroller

On the TDT reserve side, Renewal & Replacement Reserves (“R&RR) increased by $5.4

million in March as shown in the attached “TDT Cash Reserve Summary”. The Other

Authorized Uses Reserves, which is a component of the R&RR, is currently at $76.1 million.

This reserve will help offset some of the future expenses associated with recently approved

projects and programs such as the Convention Center 5A expansion project, Camping World

Stadium renovations, additional Arts and Application Review Committee (ARC) funding, and

the UCF football stadium tower project.

We will release the April TDT collections report in early June.

- more –
 Tourist Development Tax - Cash Reserve Summary as of March 31, 2024

Reserve Accounts February 29, 2024 March 31, 2024 Change

Bond Reserve¹ $82,803,253 $82,053,342 ($749,911)

Renewal & Replacement
Reserve:

Property Plant &

Equipment² $ 63,529,928 $ 63,523,462 ($6,466)
Tourism Stabilization3 $153,666,820 $154,423,196 $756,376
Other Authorized Uses4 $71,510,312 $76,131,917 $ 4,621,605

Subtotal $288,707,060 $294,078,575 $ 5,371,515

Total $371,510,313 $376,131,917 $ 4,621,604

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
$63,523,462.

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 2024 (10/1/23-9/30/24)

Monthly Collections
Budget to Actual

FY 2024 FY 2024 Percentage

Budget(1) Actual Difference Difference

Hotel Collection $27,500,000 $40,550,000 $13,050,000 47.5% up

Month of March 2024

Actual to Actual

FY 2023 FY 2024 Percentage

Actual Actual Difference Difference

$38,988,300 $40,550,000 $1,561,700 4.0% up

Cumulative Collections
Budget to Actual

FY 2024 FY 2024 Percentage

Budget(1) Actual Difference Difference

Thru Hotel Collection $165,000,000 $194,209,700 $29,209,700 17.7% up

Month of March 2024

Actual to Actual

FY 2023 FY 2024 Percentage

Actual Actual Difference Difference

$194,238,600 $194,209,700 ($28,900) 0.01% down

The Board of County Commissioners approved a FY 2024 revenue budget of $330,000,000.

The budget is presented on a straight-line basis.
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