Page 45 - FY 2022-23 Revenue Outlook

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

2018-19 2019-20 2020-21 2021-22 2022-23
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ (1,341) (1,402) (502) (1,400) (331) 1,069 (331) (345)
AUGUST (9) (287) - (290) - 290 - -
SEPTEMBE - - - - - - - -
OCTOBER - - - - - - - -
NOVEMBER (1,510) (1,812) (1,347) (1,810) (970) 840 (970) (1,210)
DECEMBER (243) (359) (640) (360) (615) (255) (615) (380)
JANUARY (481) (355) (265) (360) (32) 328 (32) (460)
FEBRUARY (14,315) (11,244) (9,816) (11,240) (10,008) 1,232 (10,008) (10,240)
MARCH (693) (297) (174) (300) (239) 61 (239) (270)
APRIL (989) (751) (219) (750) (520) (420)
MAY (3,501) (2,856) (2,739) (3,040) (3,230) (2,620)
JUNE - (183) - - - -
TOTAL $ (23,084) $ (19,547) $ (15,701) $ (19,550) $ (15,945) $ (15,945)
% Change 28.4% -15.3% -19.7% 24.5% 1.6% 0.0%
2018-19 2019-20 2020-21 2021-22 2022-23
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ (1,341) (1,402) (502) (1,400) (331) 1,069 (331) (345)
AUGUST (1,350) (1,689) (502) (1,690) (331) 1,359 (331) (345)
SEPTEMBE (1,350) (1,689) (502) (1,690) (331) 1,359 (331) (345)
OCTOBER (1,350) (1,689) (502) (1,690) (331) 1,359 (331) (345)
NOVEMBER (2,861) (3,501) (1,849) (3,500) (1,301) 2,199 (1,301) (1,555)
DECEMBER (3,104) (3,860) (2,489) (3,860) (1,916) 1,944 (1,916) (1,935)
JANUARY (3,585) (4,215) (2,753) (4,220) (1,948) 2,272 (1,948) (2,395)
FEBRUARY (17,900) (15,459) (12,569) (15,460) (11,956) 3,504 (11,956) (12,635)
MARCH (18,593) (15,757) (12,743) (15,760) (12,195) 3,565 (12,195) (12,905)
APRIL (19,583) (16,507) (12,962) (16,510) (12,715) (13,325)
MAY (23,084) (19,364) (15,701) (19,550) (15,945) (15,945)
JUNE (23,084) (19,547) (15,701) (19,550) (15,945) (15,945)

A property's assessed valuation (AV) is revised downwards when an appeal of the valuation is successful. A base
year appeal revises the AV downwards until the property changes hands. A Proposition 8 appeal is a temporary
reduction to AV when the current market value is lower. A successful appeal requires a refund of the prior year
taxes previously distributed to the City. This deduction is volatile, depending on the number of appeals,
processing time and the amounts being appealed. Refund activity has been high since 2016-17, exceeding
amounts seen during the real estate decline. While the 2021-22 budget assumed an increase in refunds, the
2021-22 revised reflects a decline in actual refunds and the 2022-23 proposed assumes the same level of
refunds.
Property Tax Refunds -12-Month Moving Sum
(Million Dollars)
0

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• Estimated Revenue !
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12 13 14 15 16 17 18 19 20 21 22 23
Fiscal Year Ending

33