SARASOTA, Fla. — Tourism is a big money maker for the Tampa Bay region and it is not a surprise that Sarasota County has been growing in that area.
The county is boasting a new record for how much revenue it's received in the last year from people booking rooms. Local leaders say it has put more funds than expected toward much-needed things in the community.
"This is a very good thing for our county," Chief Deputy Tax Collector for Sarasota County, Sherri Smith, said. "We were very excited when the end of fiscal year '22 rolled around."
The county hit a record high of more than $40 million ($40,273,993.36) in bed tax revenue for the last fiscal year between October 2021 and September 2022. County officials said that figure amounts to around $9 million or a 30% boost. They said the county has more than 3 million visitors who paid for lodging while on vacation or on work trips in the county.
The bed tax or tourism development tax is collected on short-term rentals of six months or less. Recently, the Sarasota County Commission raised that rate from 5% to 6% which started Oct. 1. This means that if the travel trends stay consistent or even trend upward, it would mean more money for the county's wallet.
"That could be someone coming from Germany," Director of Parks, Recreation & Natural Resources Nicole Rissler said. "It could be someone coming from New York that comes and stays in one of the short-term rentals."
"They are staying in Airbnb, they're staying in a rental hotel, they're staying in a motel, they're staying in some kind of accommodation," Smith said.
Along with rental payments and bed tax, tourists also spend on goods and food and pay sales tax, which all in turn help with sustaining local businesses and jobs.
The Tourist Development Council works with Visit Sarasota on recommending how to use the funds to the Board of the County Commission.
"For sporting events, for cultural events, for anything to again, bring tourists to our area and for our residents to enjoy the year-round," Smith said.
This also funds portions of bonds, debt payments and contracts for some parks like Nathan Benderson Park.
It means residents don't need to fund the maintenance of such huge assets including the county's 16 beaches.
"Almost a quarter of our TDT goes to beach maintenance and that is an investment in what we know draws people here," Rissler said.
"It could be someone from Tampa that comes and stays, it could be someone here and they decided to do a 'staycation' on Siesta or Lido, they would also be paying into that," she said.
"I think one of the great benefits is that our amenities that are funded through tourist development tax aren't just enjoyed by visitors, they're enjoyed by our citizens that live here," Rissler added.
While growth in rentals was seen throughout the area, locations in the city and Siesta Key remained high, according to officials.
Local leaders say they continue to find ways for the community to co-exist with tourism so locals can also enjoy world-class amenities right in their back yards as well as look forward to growing revenue.