Page 54 - FY 2021--22 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Business Tax - Business Tax (Excl. Cannabis)
(Thousand Dollars)

2017-18 2018-19 2019-20 2020-21 2021-22
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 5,673 273 334 21,806 9,424 (12,382) 9,424 6,735
AUGUST 26,508 7,983 15,390 23,768 9,517 (14,251) 9,517 5,470
SEPTEMBER 3,874 7,914 3,460 5,835 3,052 (2,783) 3,052 4,590
OCTOBER 4,255 5,025 2,841 4,629 7,651 3,022 7,651 4,840
NOVEMBER 2,564 8,317 4,248 6,081 3,410 (2,671) 3,410 7,095
DECEMBER 5,414 7,860 6,227 5,694 517 (5,177) 517 6,745
JANUARY 32,724 28,467 23,987 30,177 14,737 (15,440) 14,737 28,465
FEBRUARY 152,872 195,422 164,639 168,664 134,274 (34,390) 134,274 201,495
MARCH 270,501 253,742 313,118 272,905 252,465 (20,440) 252,465 239,375
APRIL 14,481 8,529 10,615 13,015 81,167 13,790
MAY 21,344 26,234 16,112 25,731 25,731 23,180
JUNE 9,605 8,003 16,603 8,955 8,955 9,120
TOTAL $ 549,813 $ 557,769 $ 577,573 $ 587,260 $ 550,900 $ 550,900
% Change 11.7% 1.4% 3.6% 1.7% -4.6% 0.0%
2017-18 2018-19 2019-20 2020-21 2021-22
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 5,673 273 334 21,806 9,424 (12,382) 9,424 6,735
AUGUST 32,180 8,256 15,723 45,574 18,941 (26,633) 18,941 12,205
SEPTEMBER 36,054 16,170 19,183 51,409 21,993 (29,416) 21,993 16,795
OCTOBER 40,309 21,195 22,024 56,038 29,644 (26,394) 29,644 21,635
NOVEMBER 42,873 29,512 26,271 62,119 33,054 (29,065) 33,054 28,730
DECEMBER 48,287 37,372 32,499 67,813 33,571 (34,242) 33,571 35,475
JANUARY 81,011 65,839 56,486 97,990 48,309 (49,681) 48,309 63,940
FEBRUARY 233,883 261,261 221,125 266,654 182,583 (84,071) 182,583 265,435
MARCH 504,384 515,003 534,243 539,559 435,047 (104,512) 435,047 504,810
APRIL 518,865 523,532 544,858 552,574 516,214 518,600
MAY 540,209 549,766 560,970 578,305 541,945 541,780
JUNE 549,813 557,769 577,573 587,260 550,900 550,900

This tax category represents tax receipts from all business tax categories, with the exception of cannabis-related
business activity. Most taxpayers remit on annual basis and are assessed at rates between $1.01/$1000 and
$4.25/$1000 of gross receipts.
The 2020-21 budget assumed approximately $38 million in prior year receipts from impact of the Civic Center
closure on tax collection efforts, a delay that did not materialize. A 7 percent decrease in 2021 tax renewal
receipts was assumed for non-cannabis renewal activity for the pandemic, based on declines from previous
recessions. This decline is closer to 8.3 percent. Receipts from the tax amnesty program, estimated at $19
million, offset these shortfalls. 2021-22 revenue assumes 4.7 percent growth for the 2022 tax period, based on
growth that preceded the pandemic. Additional recovery growth is not assumed as receipts will reflect 2021
calendar-year business activity currently under restrictions.

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