The Central Florida Tourism Oversight District is set to discuss its 2024 financials tomorrow, and the District has released a report ahead of the meeting. In short, the District has increased its net position by $95 million, primarily due to an increase in collected taxes and a reduction in litigation costs. The District’s total assets (including capital assets) stood at $1.68 billion, with liabilities at $983 million, resulting in a net position of $725 million. The total net position for the District of $725 million is a 15% increase versus 2023.
The District reduced its debt levels by $63 million, with an end-of-year total outstanding debt of $791.2 million, with $648.7 million in general obligation bonds and $142.5 million in revenue bonds.
In terms of taxes collected, the District collected nearly $190 million from landowners – the vast majority of which is The Walt Disney Company. In fact, Disney accounted for 87% of the total taxable assessed value within the District. The $190 million in collected taxes represented a 5.7% bump over last year, with a 7.1% increase in assessed property values playing a large part. The millage rate for fiscal 2024 was set at 12.95.
Another factor in the District’s improved financial position in 2024 was a reduction in litigation costs. The District does not state an exact dollar amount in terms of savings as it related to litigation, but it does note that the following lawsuits were settled in 2024:
- 1. Disney v. Governor Ron DeSantis and others (Federal Case)
- 2. CFTOD v. Disney (Orange County)
- 3. Disney v. CFTOD (Orange County)
The settlement agreement stipulated that the District and WDPR would commit to negotiating a new development agreement, which was executed and approved by the Board of Supervisors in June 2024. The District agreed to make capital improvements to public infrastructure throughout the duration of the agreement to support WDPR’s investment over an extended period, though specific amounts were not stipulated in the agreement. The District also agreed to update the Comprehensive Plan during fiscal year 2025.
As the District puts the litigation behind it, it’s trying to settle into a business as usual stance, including the appointment of three new members to the Board of Supervisors and the departure of the Vice Chair. More movement is anticipated as two more Board members see their terms expire today.
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!
