Page 90 - FY 2022-23 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Residential Development Tax
(Thousand Dollars)

2018-19 2019-20 2020-21 2021-22 2022-23
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 365 438 485 400 536 136 536 400
AUGUST 326 448 199 400 336 (64) 336 400
SEPTEMBE 344 496 305 400 412 12 412 400
OCTOBER 460 410 284 400 327 (73) 327 400
NOVEMBER 383 433 251 400 288 (112) 288 400
DECEMBER 525 506 480 400 377 (23) 377 400
JANUARY 618 547 619 400 329 (71) 329 400
FEBRUARY 310 396 359 400 451 51 451 400
MARCH 429 478 420 400 220 (180) 220 400
APRIL 277 275 347 400 372 400
MAY 496 166 363 400 372 400
JUNE 387 228 282 400 481 400
TOTAL $ 4,918 $ 4,821 $ 4,392 $ 4,800 $ 4,500 $ 4,800
% Change -24.9% -2.0% -8.9% 9.3% 2.5% 6.7%
2018-19 2019-20 2020-21 2021-22 2022-23
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ 365 438 485 400 536 136 536 400
AUGUST 690 886 684 800 872 72 872 800
SEPTEMBE 1,034 1,382 988 1,200 1,284 84 1,284 1,200
OCTOBER 1,494 1,792 1,272 1,600 1,610 10 1,610 1,600
NOVEMBER 1,877 2,225 1,523 2,000 1,899 (101) 1,899 2,000
DECEMBER 2,402 2,731 2,003 2,400 2,275 (125) 2,275 2,400
JANUARY 3,020 3,278 2,621 2,800 2,604 (196) 2,604 2,800
FEBRUARY 3,329 3,674 2,981 3,200 3,055 (145) 3,055 3,200
MARCH 3,758 4,152 3,401 3,600 3,275 (325) 3,275 3,600
APRIL 4,035 4,427 3,748 4,000 3,647 4,000
MAY 4,531 4,593 4,110 4,400 4,019 4,400
JUNE 4,918 4,821 4,392 4,800 4,500 4,800

The General Fund residential development tax is a $300 tax imposed on each new dwelling unit constructed in
the City. An additional $200 tax is called the dwelling unit construction tax and is deposited into the Parks and
Recreation Sites and Facilities Fund. This tax revenue can be very volatile since its range of activity, 3,000 to
19,000 units annually, is determined by economic conditions and the availability of building sites in the City. As
the City is relatively "built up," housing construction activity is not directly comparable to that of the State and
County. The estimate for 2021-22 reflects receipts-to-date without significant reduction to permitting activity
during the pandemic. The 2022-23 estimate assumes recovery in line with 2019-20 receipts.

Residential Development Taxes and Dwelling Unit
Construction
(Million Dollars, Thousand Permits)
7 28 - Residential Development
Tax - Left Scale
6 24
□ Adopted Revenue -
5 20 Dwelling Unit Tax - Left
Scale
4 16
• Estimated Revenue -
Residential Const Tax -
3 12
Left Scale
2 8 - - - Dwelling Unit
Construciton Tax - Left
Scale
1 4
--Actual and Estimated
0 0 Building Permits - Right
Scale
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Fiscal Year Ending
78