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9.A. - Page 9 of 17 <br />General Fund revenues (including transfers in) are expected to increase to $158.8 million in FY 2019-20, <br />which is approximately 10.7 percent above the FY 2018-19 adopted budget of $143.4 million. Most of the <br />City's General Fund revenues continue to derive from property, sales, utility users' tax (UUT), and <br />transient occupancy taxes (TOT). <br />FY 2019-20 General Fund revenues by category are shown in the chart below. <br />General Fund - Revenue by Category <br />(in thousands) <br />Budget By Categories of Revenues <br />FY 2019-20 <br />Recommended <br />Budget <br />Property Taxes <br />$ 54,531 <br />Downtown Property Taxes <br />8,800 <br />Sales Tax <br />32,302 <br />Other Taxes <br />13,845 <br />Licenses and Permits <br />6,567 <br />Fines and Forfeitures <br />604 <br />Interest Earnings/Rentals <br />645 <br />Revenues from Other Agencies <br />3,181 <br />Charges for Services <br />17,399 <br />Other Revenues <br />7,809 <br />Library <br />626 <br />Recreation <br />2,155 <br />Utility Users Tax <br />8,972 <br />Total Revenues <br />157,436 <br />Transfers In from Other Funds <br />1,366 <br />Total Revenues and Transfers In $ 158,802 <br />FY 2018-19 Financial Sustainabilitv Plan Update <br />The City Council took a forward -thinking and prudent approach to addressing the City's fiscal challenges <br />through adoption of the Financial Sustainability Plan (FSP) in FY 2017-18, which included reducing <br />operating costs and increasing revenue in order to balance the City's budget over the next five years. <br />Operating cost reductions of approximately $3.8 million were included in the FY 2018-19 Adopted Budget, <br />and additional reductions of $2.2 million were planned for FY 2019-20. <br />Additionally, as part of the FSP, the City Council placed two revenue measures on the November 2018 <br />ballot: a half -cent general sales tax increase (Measure RR) and a cannabis excise tax (Measure DD). On <br />November 6, Redwood City voters passed both measures, with 68 percent of voters supporting Measure <br />RR, and 79 percent of voters supporting Measure DD. <br />The increased sales tax is anticipated to produce approximately $8.7 million in FY 2019-20. The successful <br />passage of these measures provides much-needed revenue to offset projected cost increases, including <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />641 <br />