Page 51 - FY 2020-21 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Property Tax - Sales Tax Replacement

(Thousand Dollars)
2016-17 2017-18 2018-19 2019-20 2020-21
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 63,637 - - - - - 0 - -
AUGUST - - - - - - 0 - -
SEPTEMBER - - - - - - 0 - -
OCTOBER - - - - - - 0 - -
NOVEMBER - - - - - - 0 - -
DECEMBER - - - - - - 0 - -
JANUARY - - - - - - 0 - -
FEBRUARY - - - - - - 0 - -
MARCH - - - - - - 0 - -
APRIL - - - - - -
MAY - - - - - -
JUNE - - - - - -

TOTAL $ 63,637 $ - $ - $ - $ - $ -
% Change 73.3% -100.0% NA NA NA NA

2016-17 2017-18 2018-19 2019-20 2020-21
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 63,637 - - - - - - -
AUGUST 63,637 - - - - - - -
SEPTEMBER 63,637 - - - - - - -
OCTOBER 63,637 - - - - - - -
NOVEMBER 63,637 - - - - - - -
DECEMBER 63,637 - - - - - - -
JANUARY 63,637 - - - - - - -
FEBRUARY 63,637 - - - - - - -
MARCH 63,637 - - - - - - -
APRIL 63,637 - - - - -
MAY 63,637 - - - - -
JUNE 63,637 - - - - -
This account includes property tax remittances directed to the City in-lieu of the lost sales taxes. Beginning in
2004-05, one-quarter of City sales tax receipts was redirected to the State to pay for state economic recovery
bonds. To offset the local revenue loss, state law was amended to increase City property tax receipts by an
amount equal to the sales tax loss. This swap in revenue was known as the "triple flip". With the retirement of the
recovery bonds in fiscal year 2015-16, the City began receiving the full remittance of sales tax revenue in the third
quarter of fiscal year 2015-16. As a result, the sales tax replacement revenue is no longer being distributed to
cities. The lower revised revenue in fiscal year 2015-16 and the higher estimated revenue in 2016-17 reflects the
delay of the final sales tax replacement payment. No additional revenue will be received beyond fiscal year
2016-17.

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