Page 456 - FY 2021-22 Proposed Budget

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
2020-21 Approved Budget, and the Controller’s estimates for 2020-21 and
2021-22.

EXHIBIT 2

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

% Change over
Approved Controller's March 1, 2021 2020-21
Budget Estimated Receipts Approved Budget
2020-21 2020-21 2021-22 2020-21 2021-22
Tax Receipts (a) (b) (c) (b) / (a) (c) / (a)
Property $ 2,297,080 $ 2,263,024 $ 2,394,625 -1.48% 4.25%
Utility Users' 614,620 595,277 589,414 -3.15% -4.10%
Business 686,540 662,000 700,226 -3.57% 1.99%
Sales 557,055 520,573 556,000 -6.55% -0.19%
Transient Occupancy 244,860 94,001 116,882 -61.61% -52.27%
Documentary Transfer 215,835 217,717 215,515 0.87% -0.15%
Parking Users' 102,000 59,929 114,604 -41.25% 12.36%
Total Economy-Sensitive

Revenues $ 4,717,990 $ 4,412,521 $ 4,687,266 -6.47% -0.65%

Note: Property Tax revenue include Miscellaneous Other Property Tax receipts previously included in License, Permits,
Fees and Fines and excludes the ex-CRA Property Tax Increment.

General Fund economy-sensitive revenues are estimated to finish fiscal year
2020-21 6.47 percent less than the Approved Budget, and by fiscal year 2021-
22 are projected to still be 0.65 percent short of the original 2020-21 target.
Exhibit 3 presents explanations of the estimates of General Fund economy-
sensitive revenues for 2020-21 and 2021-22.

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