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9.A. - Page 10 of 21 <br />General Fund revenues continue to derive from property, sales, utility users' tax (UUT), and transient <br />occupancy taxes (TOT). <br />FY 2020-21 General Fund revenues by category are shown in the chart below. <br />General Fund - Revenue by Category <br />(in thousands) <br />FY 2020-21 <br />Recommended <br />Budget By Categories of Revenues Budget <br />Property Taxes <br />Downtown Property Taxes <br />Sales Tax <br />Other Taxes <br />Charges for Services and Licenses and Permits <br />Fines and Forfeitures <br />Interest Eamings/RentaIs <br />Revenues from Other Agencies <br />Charges for Services <br />Other Revenues <br />Library, Recreation, and Other Revenues <br />Recreation <br />Utility Users Tax <br />R <br />53,098 <br />9,152 <br />30,696 <br />9,515 <br />5,591 <br />606 <br />640 <br />3,073 <br />17,831 <br />7,900 <br />637 <br />1,034 <br />8,484 <br />Total Revenues 148,255 <br />Transfers In from Other Funds 1,590 <br />Total Revenues and Transfers In $ 149,845 <br />Ten -Year General Fund Forecast — Net Budget Position <br />Economists vary in their predictions for future economic conditions. Staff have developed three 10 Year <br />Forecasts to reflect "U", "V" and "L" shaped recessions and will closely monitor how economic conditions <br />change over the next few months. This information will help inform staff recommendations this fall for <br />bridging the expected gap between revenues and expenditures for Fiscal Year 2020-21 and beyond. <br />None of these forecasts include revenue from potential storefront retail sales of cannabis. In August 2019, <br />the City Council encouraged staff to develop recommendations for allowing storefront retail cannabis <br />sales. Staff have done so and a June 22, 2020 study session is planned for the City Council to provide input <br />on potential regulations. If such sales are permitted, annual revenues could range from approximately <br />$0.5-3.0 million, depending on the number of stores, their annual sales, and the rate of the local cannabis <br />tax applied. <br />Additionally, the forecasts do not include any one-time funding from the federal government to <br />compensate for increased costs to respond to the pandemic, or the loss of revenue associated with <br />reduced economic activity. <br />Page 10 of 20 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />L -IPI. <br />