Page 458 - FY 2021-22 Proposed Budget

• Fiscal Year 2020-21
Business Tax Business Tax receipts are estimated
to be $662.5 million. Non-cannabis
Business tax receipts are estimated Business Tax
to decrease by $54.6 million (9.5%) $139,467 $155,305
based on economic estimates, while $78,300
cannabis Business Tax is estimated
to grow by $61.2 million based on
recent trends. $577,550 $523,027 $544,921
• Fiscal Year 2021-22
Non-cannabis Business tax receipts FY2019-20 FY2020-21 FY2021-22
are estimated to grow by 4.2%
based on six months of reduced Actual Estimated Projected
activity and six months of recovery. Receipts Reciepts Receipts
Cannabis Business Tax is estimated
to grow by 11.4% based on Cannabis Business Tax
conservative estimates of new Non-Cannabis Business Tax
permit approvals and business
growth.
Sales Tax • Fiscal Year 2020-21
Sales and use taxes are estimated to Sales and Use Tax
fall by $35.7 million (6.4%) based on
current year trends. $556,237 $556,000
• Fiscal Year 2021-22
Sales and use taxes are projected to
recover quickly, growing by 6.8% $520,573
and getting back to long term
growth trends by the end of the
fiscal year.
FY2019-20 FY2020-21 FY2021-22
Actual Estimated Projected

Receipts Reciepts Receipts

Transient • Fiscal Year 2020-21
Occupancy TOT is currently coming in around Transient Occupancy Tax
Tax (TOT) 75% less than pre-recession levels,
and is estimated to finish the fiscal $211,149
year 65% under the prior year,
which was already lower due to the
first months of the pandemic.
• Fiscal Year 2021-22 $73,442 $91,142
TOT is projected to grow by 24.1%
year over year, based on hospitality
industry forecast and an assumed FY2019-20 FY2020-21 FY2021-22
slow start to the recovery in this Actual Estimated Projected
sector.
Reciepts Reciepts Receipts

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