Tourism taxes bring $4M in revenue into Oxford in 2017
Published 5:00 am Thursday, November 16, 2017
Visitors and locals enjoying Oxford restaurants and hotels brought in about $4 million dollars in tax revenue to the city during the 2017 fiscal year which ran from Oct. 1, 2016 to Sept. 30, 2017.
Visit Oxford Assistant Director Kinney Ferris presented the tax numbers for the month of September and the final tax number for the year Wednesday during the Oxford Tourism Council’s regular meeting at the Oxford Conference Center.
The hotel/motel tax brought in $39,234 in September and $449,000 for the year. In fiscal year 2016, the hotel/motel tax brought in $450,993 for the year.
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“We’re a little flat here but it’s good that we met the same numbers,” Ferris said.
Hotel occupancy held steady in September at 58.7 percent, which is close to the national average of 60 percent. The average room rate was $131, which was down slightly from September 2016.
“We expected that due to the number of new hotel rooms and the increase in the number of hotel rooms available in Oxford now,” she said.
The 2 percent food and beverage tax, however, saw 4 percent increase over the 2016 numbers. In September, the revenue generated by the food and beverage tax was $261,680 and $3,470,000 for the year. In 2016, the 2 percent tax revenue totaled $2,939,736 for the year.
“We’re very happy with those numbers,” she said.