Page 52 - FY 2021--22 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Business Tax - All Sources
(Thousand Dollars)

2017-18 2018-19 2019-20 2020-21 2021-22
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 6,194 7,471 11,049 34,246 24,500 (9,746) 24,500 16,365
AUGUST 26,848 11,049 21,697 36,208 21,356 (14,852) 21,356 15,630
SEPTEMBER 4,068 8,087 9,594 13,275 14,915 1,640 14,915 15,310
OCTOBER 4,310 8,540 10,277 12,069 14,912 2,843 14,912 16,150
NOVEMBER 2,684 12,973 7,886 13,521 16,065 2,544 16,065 19,025
DECEMBER 5,773 8,139 12,636 13,134 13,162 28 13,162 19,325
JANUARY 33,384 35,935 32,131 37,617 22,702 (14,915) 22,702 41,735
FEBRUARY 154,605 198,663 170,010 176,104 141,970 (34,134) 141,970 215,495
MARCH 270,869 253,944 319,341 280,345 264,088 (16,257) 264,088 254,145
APRIL 14,649 16,112 14,725 20,455 92,843 29,370
MAY 21,420 31,139 20,743 33,171 33,731 39,610
JUNE 9,718 11,072 25,760 16,395 16,655 26,440
TOTAL $ 554,521 $ 603,123 $ 655,849 $ 686,540 $ 676,900 $ 708,600
% Change 5.0% 8.8% 8.7% 4.7% 3.2% 4.7%
2017-18 2018-19 2019-20 2020-21 2021-22
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 6,194 7,471 11,049 34,246 24,500 (9,746) 24,500 16,365
AUGUST 33,042 18,519 32,746 70,454 45,855 (24,599) 45,855 31,995
SEPTEMBER 37,111 26,606 42,339 83,729 60,771 (22,958) 60,771 47,305
OCTOBER 41,421 35,146 52,616 95,798 75,683 (20,115) 75,683 63,455
NOVEMBER 44,105 48,119 60,502 109,319 91,748 (17,571) 91,748 82,480
DECEMBER 49,877 56,258 73,138 122,453 104,910 (17,543) 104,910 101,805
JANUARY 83,261 92,193 105,269 160,070 127,612 (32,458) 127,612 143,540
FEBRUARY 237,866 290,856 275,279 336,174 269,582 (66,592) 269,582 359,035
MARCH 508,735 544,800 594,621 616,519 533,671 (82,848) 533,671 613,180
APRIL 523,384 560,912 609,346 636,974 626,514 642,550
MAY 544,803 592,051 630,089 670,145 660,245 682,160
JUNE 554,521 603,123 655,849 686,540 676,900 708,600

The City imposes a tax upon businesses located in or doing business within the City. The business tax is typically
based on gross receipts and is not an income tax. Taxpayers apportion gross receipts in cases where business
activity occurs both within and outside the City.

The Office of Finance is consulted on estimates for revised and proposed year estimates. Total 2020-21 revenue
reflects the impact of pandemic-related closures and recession on business activity, which has been partially
offset by growth in cannabis-related business activity and delayed receipts, as well as the tax amnesty program.
2021-22 business tax revenue will also be impacted as pandemic-related closures and business restrictions
continue into the 2021 calendar year.

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