AgdaPkt 2021.02.22 Joint SA PFA - Laserfiche WebLink

Browse Search

8.A. - Page 8 of 42 Revenue Category Change Since Percentage Change Reason for Change October 2020 Since October 2020 Revenue from other $ 800,000 29.1% Higher than expected agencies recreation program grants Charges for services $ 300,000 1.8% Higher than expected fire service fees Utility Users Tax (UUT) $ 200,000 2.0% Higher than expected collection of Utility Users Tax Downtown property ($3,500,000) (38.6%) State court decision requires tax new, lower revenue calculation for former redevelopment area starting in FY 2020-21 and annually thereafter. Other taxes (primarily ($2,200,000) (22.8%) Decrease of over $3.0 million in Transient Occupancy TOT (hotel tax), partially offset Tax (TOT)) by an increase of $800,000 in business license taxes. Transfer -in from self- ($1,000,000) (100.0%) Transfer may not be necessary insurance internal and/or may need to be retained service fund in the self-insurance fund. Library grant revenue ($100,000) (11.5%) Decrease in contribution from the County of San Mateo. TOTAL CHANGE: $1,000,000 .66% FY 2020-21 General Fund revenues and transfers in are budgeted at $150.7 million, and are now estimated at $151.7 million, resulting in a positive variance of $1.0 million. This variance is primarily attributed to $3.6 million in higher than budgeted property taxes (due to $3.5 million more in excess Educational Revenue Augmentation Funds), $1.2 million in increased license and permit revenue, $900,000 in higher than expected sales tax revenue, $800,000 in increased interest earnings, $800,000 in increased revenues from other agencies, $300,000 in increased charges for services, and $200,000 in increased utility users' tax, partially offset by decreases in downtown property taxes of $3.5 million, other taxes of $2.2 million (primarily transient occupancy tax), transfers in of $1.0 million from the self-insurance internal service fund, and library grant revenues of $100,000. Property taxes, which represent 37.1 percent of General Fund revenue, are expected to increase by $3.6 million, or 6.8 percent, as compared to the adopted budget. The increase is primarily due to $3.3 million in higher than expected Educational Revenue Augmentation Fund (ERAF) payments received and $200,000 in higher than expected property tax in -lieu of vehicle license fees. Downtown property taxes, which represent 3.7 percent of General Fund revenue, are expected to decrease by $3.5 million, or 38.6 percent. This is a direct result of the Third District Court of Appeal's decision in the City of Chula Vista v. Sandoval case from 2020. The decision ultimately resulted in a lower amount of tax increment revenues being distributed to the City starting in FY 2020-21 and annually thereafter. Page 8 of 28 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 539