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� City of Redwood City <br /> CIt Redwood City Council Priorities 2008-2010 Ass u m pt i o n s lJ s e d. <br /> 1' Cah(orma <br /> r founAeA IB67 <br /> �� and General Fund Financials <br /> February 25, 2008 To D eve I o p <br /> Preliminary Projections <br /> • Secured property taxes increase at 6.0% in FY <br /> 2008/n�a._. <br /> • Sales taxes increase at 4.0% per year in FY 2007/08 <br /> and FY 20A8/09. Further declines due to electronically <br /> d e I ive red softwa re. <br /> • Excess ERAF payments will continue through FY <br /> 2009/ 10. <br /> • Includes development fees for all foreseeable future <br /> projects as of ]anuary 2008. Will be updated March <br /> 2008. <br /> • Costco closes from 4/1/08 through 9/30/08 for <br /> reconstruction. New store 33% lar��e�. „ <br /> •$500,000 loss each year from the state. <br /> 6 <br />