Page 462 - FY 2022-23 Proposed Budget

Economy-Sensitive General Fund Revenues

The seven major revenue sources considered “Economy-Sensitive” are
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
2021-22 Adopted Budget, and the Controller’s estimates for 2022-22 and
2022-23.

EXHIBIT 2

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

% Change over
Adopted Controller's March 1, 2022 2021-22
Budget Estimated Receipts Adopted Budget
2021-22 2021-22 2022-23 2021-22 2022-23
Tax Receipts (a) (b) (c) (b) / (a) (c) / (a)
Property $ 2,400,250 $ 2,358,937 $ 2,460,221 -1.72% 2.50%
Utility Users' 605,050 589,815 593,323 -2.52% -1.94%
Business 716,600 735,142 765,915 2.59% 6.88%
Sales 606,610 648,517 671,864 6.91% 10.76%
Transient Occupancy 183,300 218,030 264,802 18.95% 44.46%
Documentary Transfer 227,005 287,860 287,860 26.81% 26.81%
Parking Users' 99,337 102,041 112,245 2.72% 12.99%
Total Economy-Sensitive

Revenues $ 4,838,152 $ 4,940,342 $ 5,156,230 2.11% 6.57%
Note: Property Tax revenue excludes the ex-CRA Property Tax Increment.

General Fund economy-sensitive revenues are estimated to finish fiscal year
2021-22 2.11 percent higher than the Adopted Budget, and by fiscal year
2022-23 are projected to be 6.57 percent above the original 2021-22 target.
Exhibit 3 presents explanations of the estimates of General Fund economy-
sensitive revenues for 2021-22 and 2022-23.

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