Page 42 - FY 2022-23 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Property Tax - Redemptions
(Thousand Dollars)

2018-19 2019-20 2020-21 2021-22 2022-23
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ - - - - - - - -
AUGUST 1,683 1,371 1,332 1,330 3,432 2,102 3,432 2,200
SEPTEMBE - - - - - - - -
OCTOBER - - - - - - - -
NOVEMBER 10,676 13,182 19,704 19,700 16,463 (3,237) 16,463 14,700
DECEMBER - - - - - - - -
JANUARY - - - - - - - -
FEBRUARY 4,146 4,375 5,187 5,190 5,842 652 5,842 5,200
MARCH - - - - - - - -
APRIL - - - - - -
MAY 3,116 2,448 5,019 4,700 4,263 3,700
JUNE - - - - - -
TOTAL $ 19,622 $ 21,375 $ 31,241 $ 30,920 $ 30,000 $ 25,800
% Change -5.2% 8.9% 46.2% -1.0% -4.0% -14.0%
2018-19 2019-20 2020-21 2021-22 2022-23
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ - - - - - - - -
AUGUST 1,683 1,371 1,332 1,330 3,432 2,102 3,432 2,200
SEPTEMBE 1,683 1,371 1,332 1,330 3,432 2,102 3,432 2,200
OCTOBER 1,683 1,371 1,332 1,330 3,432 2,102 3,432 2,200
NOVEMBER 12,360 14,553 21,036 21,030 19,895 (1,135) 19,895 16,900
DECEMBER 12,360 14,553 21,036 21,030 19,895 (1,135) 19,895 16,900
JANUARY 12,360 14,553 21,036 21,030 19,895 (1,135) 19,895 16,900
FEBRUARY 16,506 18,927 26,222 26,220 25,737 (483) 25,737 22,100
MARCH 16,506 18,927 26,222 26,220 25,737 (483) 25,737 22,100
APRIL 16,506 18,927 26,222 26,220 25,737 22,100
MAY 19,622 21,375 31,241 30,920 30,000 25,800
JUNE 19,622 21,375 31,241 30,920 30,000 25,800

Unpaid property taxes, both secured and unsecured, are known as delinquencies. Delinquent taxes accumulate
interest and penalties. Properties with taxes unpaid for five years are sold through auction by the State to recover
unpaid taxes. The taxpayer may settle the delinquency by redemption. The City's share of principal, penalties and
interest is distributed by the County. Prior to the pandemic, redemptions had been decreasing with improving
property values after the Great Recession. The estimate for 2021-22 has decreased based on actual receipts.
The estimate for 2022-23 assumes a decrease of 14.0% in this revenue.

Property Tax Redemptions - 12-Month Moving Sum
(Million Dollars)
70
-Actual ,.,.
60 r,
□ Adopted Revenue ~
50
• Estimated Revenuer ~
40 ~\ _g-
\
30 Ir ,--.,- '"'- J\
,- --...... ,.r ~ r'"'-l - - r 3( •
20 ....- ·°z5 .8
10
0
02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Fiscal Year Ending

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