Page 56 - FY 2022-23 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Sales Tax
(Thousand Dollars)

2018-19 2019-20 2020-21 2021-22 2022-23
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 46,392 52,587 48,030 62,455 62,455 - 62,455 62,110
AUGUST 39,560 48,370 33,095 56,270 56,270 - 56,270 58,850
SEPTEMBE 57,841 48,328 50,053 51,379 51,379 - 51,379 59,270
OCTOBER 54,699 51,413 51,433 53,165 55,015 1,850 55,015 61,560
NOVEMBER 45,427 52,604 37,743 53,960 59,307 5,347 59,307 58,320
DECEMBER 50,759 47,151 43,181 46,183 50,675 4,492 50,675 64,090
JANUARY 46,635 45,680 46,032 46,832 49,243 2,411 49,243 66,560
FEBRUARY 54,870 67,236 37,871 49,451 80,084 30,633 80,084 63,070
MARCH 47,545 42,988 42,387 42,737 48,427 5,690 48,427 49,060
APRIL 45,278 37,399 42,140 43,337 48,510 50,950
MAY 47,889 23,757 43,433 45,761 45,960 48,280
JUNE 44,549 38,725 49,220 55,080 58,096 62,640
TOTAL $ 581,443 $ 556,237 $ 524,618 $ 606,610 $ 665,420 $ 704,760
% Change 9.8% -4.3% -5.7% 15.6% 26.8% 5.9%
2018-19 2019-20 2020-21 2021-22 2022-23
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 46,392 52,587 48,030 62,455 62,455 - 62,455 62,110
AUGUST 85,951 100,957 81,125 118,725 118,724 (1) 118,724 120,960
SEPTEMBE 143,792 149,285 131,178 170,104 170,103 (1) 170,103 180,230
OCTOBER 198,491 200,698 182,611 223,269 225,118 1,849 225,118 241,790
NOVEMBER 243,919 253,302 220,354 277,229 284,425 7,196 284,425 300,110
DECEMBER 294,678 300,453 263,535 323,412 335,100 11,688 335,100 364,200
JANUARY 341,313 346,133 309,567 370,244 384,343 14,099 384,343 430,760
FEBRUARY 396,182 413,369 347,438 419,695 464,427 44,732 464,427 493,830
MARCH 443,727 456,356 389,825 462,432 512,854 50,422 512,854 542,890
APRIL 489,005 493,755 431,965 505,769 561,364 593,840
MAY 536,894 517,513 475,398 551,530 607,324 642,120
JUNE 581,443 556,237 524,618 606,610 665,420 704,760

The total sales tax rate of 9.5 percent in the City is imposed upon the sale of tangible goods, with exemptions for
certain essentials like groceries and prescription drugs. The 2020-21 actual revenue reflects the impact of
pandemic-related business closures, the resulting recession, and the State's tax relief measures. In contrast with
recessions driven by the contraction of the defense industry or the collapse of the housing market, the 2021-22
estimate reflects higher growth for recovery from the pandemic business closures and recession. The 2022-23
estimate reflects the subsequent return to average growth in receipts.

Adjusted Sales Tax Revenue -12 Month Moving Sum
(Million Dollars) 704.8
725
700 -City 1% Tax Receipts (adj for Triple-Flip) 26~-:-4--.
675 - •
650 □ Adopted Revenue
I
625 - I m
600 • Estimated Revenue r_ I
575 ~"""' ,'60 ~
1
550 J'
525 - .... lllf ~ '
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500 '\ j
475 1-- ~
450 ,-
425 _f
400 ' ~
375 "\. .;, ~
350
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Fiscal Year Ending

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