Page 46 - FY 2020-21 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Property Tax - Refunds

(Thousand Dollars)
2016-17 2017-18 2018-19 2019-20 2020-21
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ (6,457) (1,168) (1,341) (1,340) (1,402) (62) (1,402) (1,402)
AUGUST - - (9) (10) (287) (277) (287) (287)
SEPTEMBER - - - - - - 0 - -
OCTOBER - - - - - - 0 - -
NOVEMBER (1,060) (1,128) (1,510) (1,510) (1,812) (302) (1,812) (1,812)
DECEMBER (310) (576) (243) (245) (359) (114) (359) (359)
JANUARY (1,102) (377) (481) (480) (355) 125 (355) (355)
FEBRUARY (10,906) (11,525) (14,315) (14,315) (11,244) 3,071 (11,244) (11,244)
MARCH (138) (226) (693) (695) (297) 398 (297) (297)
APRIL (194) (219) (989) (990) (799) (799)
MAY (2,948) (2,753) (3,501) (3,500) (3,200) (3,200)
JUNE - - - - - -

TOTAL $ (23,116) $ (17,972) (23,084) $ (23,085) $ (19,756) $ (19,755)
$
% Change 91.7% -22.3% 28.4% 0.0% -14.4% 0.0%
2016-17 2017-18 2018-19 2019-20 2020-21
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ (6,457) (1,168) (1,341) (1,340) (1,402) (62) (1,402) (1,402)
AUGUST (6,457) (1,168) (1,350) (1,350) (1,689) (339) (1,689) (1,689)
SEPTEMBER (6,457) (1,168) (1,350) (1,350) (1,689) (339) (1,689) (1,689)
OCTOBER (6,457) (1,168) (1,350) (1,350) (1,689) (339) (1,689) (1,689)
NOVEMBER (7,517) (2,295) (2,861) (2,860) (3,501) (641) (3,501) (3,501)
DECEMBER (7,827) (2,872) (3,104) (3,105) (3,860) (755) (3,860) (3,860)
JANUARY (8,929) (3,249) (3,585) (3,585) (4,215) (630) (4,215) (4,215)
FEBRUARY (19,835) (14,774) (17,900) (17,900) (15,459) 2,441 (15,459) (15,459)
MARCH (19,974) (15,000) (18,593) (18,595) (15,757) 2,838 (15,757) (15,756)
APRIL (20,168) (15,219) (19,583) (19,585) (16,556) (16,555)
MAY (23,116) (17,972) (23,084) (23,085) (19,756) (19,755)
JUNE (23,116) (17,972) (23,084) (23,085) (19,756) (19,755)
A property's assessed valuation (AV) is revised downwards when an appeal of the valuation is successful. A base
year appeal revises the AV downwards until the property changes hands. A proposition 8 appeal is a temporary
reduction to AV when the current market value is lower. A successful appeal requires a refund of the prior year
taxes previously distributed to the City. This deduction is volatile, depending on the number of appeals, processing
time and the amounts being appealed. Refund activity has been atypically high, exceeding amounts seen during
the real estate decline. The estimate for 2019-20 assumed leveling of refund activity of the prior year, and has
been increased based on receipts-to-date. A similar level of refunds is assumed for 2020-21.

34