Orange traditionally has the flow tourism development tax most stable in Florida, but due to the impact on the economy caused by the Wuhan coronavirus pandemic, experts expect a 31% decline, what the loss means 90 million in revenue for the fiscal year.
This Tuesday the deputy administrator of administrative and financial services of Orange, Randy Singh told the County Commission that "county revenue from the tourism tax, sales tax and gasoline tax will be greatly affected this year«, so highlighted floridapolitics.com.
However, Singh asserted, "the orange county general fund and other budgets will be largely saved and see little to no change, due to more stable property tax revenue forecasts.”
As for Orange's tourism tax, which was initially set to bring in $290 million this year, it took a terrible hit this year due to the COVID-19 pandemic, and it will most likely sdecline in the next three years.
Singh projected a "very slow recovery, forecasting that the tourism tax would only bring in $215 million for the 2020-21 fiscal year, $230 million next year, and $250 million in 2022."
La largest and most important tourism industry in Florida that gives in Orange County.
The deputy administrator for administrative and financial services on the Orange tourist tax commented that the county “saved a great deal for the current fiscal year because five months of revenue were already collected before the coronavirus crisis began to shut down the economy. of tourism in mid-March.
Notably, Orange County's fiscal year begins October 1.
Prosecutor Singh indicated that in the first five months, Orange County raised $ 130 million , during the last seven months of the fiscal year.
A commission Singh detailed “Now the remaining seven months of this fiscal year are going to be painful. We are revising our full fiscal year estimate from $290 million to $200 million, $90 million lost, and we expect it to be even more than $90 million.”
According to Singh's analysis, places Where will the fall affect the most? will be the Orange County Convention Center and Amway Center, which are largely closed. the tourist and visitor office of the region, Visit Orlando and artistic and cultural organizations that had subsidies through the tourist tax.
You may also be interested:
Research reveals that Covid-19 attacks the blood vessels of multiple organs Do you want to know the status of the coronavirus aid check? Use the IRS 'Get My Payment' app Learn about new coronavirus testing sites in Orange County