AgdaPkt 2014-01-13 Interview, Closed and Regular

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ATTACHMENT 1 7.1.G. - Page 4 ANALYSIS General Fund Highlights Revenues Budgeted Revenue Actual Revenue Variance -$- Variance - %- $86,317,099 $92,414,484 $6,097,385 7.1% General Fund Revenue Comparison (FY 2011/12 to FY 2012/13) FY 2011/12 FY 2012/13 Actual Revenue Actual Revenue Change -$- Change - %- $88,322,799 $92,414,484 $4,091,685 4.6% The revenue increase this fiscal year is primarily due to an increase in property taxes, sales and other taxes, and licenses and permits, offset by decreases in planning services and other revenues. Some of the general fund revenue highlights are: • Property taxes exceeded prior year by $1.9 million primarily due to the receipt of a $4.2 million payment from the County of San Mateo due to the over - deduction of Education Revenue Augmentation Fund amounts from the City in prior years, which exceeded the prior year amount by $0.7 million and the receipt of the $2.5 million of former tax increment revenue from the dissolved Redevelopment Agency, which exceeded the prior year amount by $0.6 million. Additional increases in property tax resulted from growth in assessed value. • Sales and other taxes exceeded prior year by $2.2 million due to a $1.2 million increase in locally generated sales tax, an additional $0.5 million in adjustments for prior returns, and $0.5 million additional receipts from the County Pool (use tax not assigned to specific locations). Transient occupancy taxes were $0.6 million more than the prior year due to increased occupancy and the first full year of the voter approved increase in the transient occupancy tax rate from 10% to 12% that took effect on January 1, 2012. • Licenses and permits revenue increased $0.6 million due to an increase in building permits related to increased building activity. • Charges for services decreased $1.4 million from the prior year due to a decline in developer reimbursed fees for the Saltworks project in addition to the creation of a new special revenue fund to account for reimbursed planning contracts. The City continues to rely very heavily upon property and sales taxes (exclusive of proposition 172 sales tax revenue) as over 62% of the general fund revenue is derived from these two sources. Sales taxes provided 20.8% of general fund revenue while property taxes accounted for 41.5% of general fund revenue. Utility Users' Tax /Communication Users' Tax Revenues Pursuant to section 32.621 of the City's municipal code, the following information must be conveyed to the City Council: