Walton County reports record tourism revenue surge

In a recent government meeting, officials reported significant financial updates regarding tourism-related tax collections for the months of April and May. April's Tourist Development Tax (TBT) collections totaled $4,613,239.65, with additional interest and other collections amounting to $241,412.11, bringing the total revenue for April to $4,854,651.76. May saw a notable increase, with TBT collections reaching $6,523,002.19 and interest and other collections at $599,804.43, resulting in total May revenue of $7,122,803.62.

Over the two-month period, total revenue reached $11,975,455.38. With 33% of the budget year remaining, the tourism department has 57% of its budget still available. Budget amendments totaling $36,559,497 were primarily related to capital outlay, and revenues have exceeded expenditures by $2.5 million for the current fiscal year through May 31.

The anticipated reserve balance at the end of the fiscal year is projected to be approximately $92 million, with reserves at the end of May reported at $131,000,861.73. Earmarked funds include $46,071,923.52 for ongoing projects and an estimated $60 million for beach renourishment. The unassigned fund balance, after accounting for these earmarked funds, stands at $25,789,806.43, an increase from March's balance of $16.2 million.

Year-to-date TBT collections for South Walton reached $27,158,856, reflecting a 1.72% increase compared to the same period in 2023. In contrast, North Walton's TBT collections showed a decline of 9.27% at the previous 2% rate, but an increase of $61,422 was noted at the new 3% collection rate. Overall, Walton County's total year-to-date collections for the Tourist Development Tax reached $27,390,442, marking an increase of $520,076 from the previous fiscal year.