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8.A. - Page 35 of 104 <br />After consulting with our economic advisors, for budget forecasting purposes we assume the real estate <br />market will react modestly to the recession by 2022-23, followed by a slow recovery in property tax <br />revenues. This projection does not include property tax revenue from new development proposals. The <br />City has engaged an economic consulting firm to analyze the net financial impact (accounting for both <br />new revenue and the cost of new services) associated with major development projects. <br />80000 <br />70000 <br />60000 <br />50000 <br />40000 <br />30000 <br />20000 <br />10000 <br />0 <br />Property Tax Revenue Forecast <br />1 <br />I [I I H I I 11 <br />2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 <br />■ Property Tax ■ Downtown Property Tax <br />BUDGET MESSAGE 404 <br />