Page 465 - 2020-21 Budget Summary

Revenue Forecast Report
Discussion

Economy-Sensitive General Fund Revenues

The seven major revenue sources considered “Economy-Sensitive” include
property tax, utility users’ tax, business tax, sales tax, transient occupancy
tax, documentary transfer tax, and parking users’ tax. Together, they
represent more than 70 percent of General Fund revenues.

Exhibit 2 presents the City’s economy-sensitive General Fund receipts in the
2019-20 Adopted Budget, and the Controller’s estimates for 2019-20 and
2020-21.

EXHIBIT 2

GENERAL FUND ECONOMY-SENSITIVE REVENUES
(dollar amounts expressed in thousands)

% Change over
Adopted Controller's March 1, 2020 2019-20
Budget Estimated Receipts Adopted Budget
2019-20 2019-20 2020-21 2019-20 2020-21
Tax Receipts (a) (b) (c) (b) / (a) (c) / (a)
Property $ 2,115,611 $ 2,151,292 $ 2,301,647 1.69% 8.79%
Utility Users' 652,165 657,297 644,656 0.79% -1.15%
Business 657,150 664,306 689,992 1.09% 5.00%
Sales 589,790 604,188 626,543 2.44% 6.23%
Transient Occupancy 326,620 320,917 331,969 -1.75% 1.64%
Documentary Transfer 211,960 219,682 224,076 3.64% 5.72%
Parking Users' 121,900 123,093 126,617 0.98% 3.87%
Total Economy-Sensitive
Revenues $ 4,675,196 $ 4,740,775 $ 4,945,500 1.40% 5.78%
Note: Property Tax revenue excludes Ex-CRA Property Tax Increment receipts.

General Fund economy-sensitive revenues are estimated to increase in 2020-
21 by 5.8 percent over the 2019-20 Adopted Budget. Exhibit 3 presents
explanations of the estimates of General Fund economy-sensitive revenues
for 2019-20 and 2020-21.

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