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General Fund Revenues
<br /> The 2012/13FY revised revenue estimates for the General Fund are $89,693,904 or $40,085
<br /> greater than the original budget approved in June 2011. This increase from the original budget
<br /> estimate is mainly due to the following revised projections as further highlighted in Table 3:
<br /> • decrease in property taxes of $659,570 mainly attributable to decreases in commercial
<br /> property assessed values
<br /> • increase in sales tax of $320,180 (the increase would have been greater except for the
<br /> payments due to Livermore on the Vanstar settlement of approximately $477,132 in
<br /> 2012/13FY)
<br /> • increase in development services revenues of $485,034 due to continued increase in
<br /> building activity
<br /> • increase in Hotel/Motel and Business License taxes of approximately $631,202 due to
<br /> the improvement in these sectors of the economy
<br /> • decrease in recreation revenues due to the closure during renovation of the pools at the
<br /> Aquatics Center ($240,000).
<br /> • decrease in interest earnings of $193,000 due to continued decrease in interest rates
<br /> • decrease in Vehicle License Fees of $220,000 due to the loss of these revenues at the
<br /> State level
<br /> Table 3
<br /> General Fund Revenues
<br /> 2012/13FY 2012/13FY
<br /> Original Adjustments Mid-Term
<br /> Revenues Budget (Decrease) Budget
<br /> Property Taxes $49,341,560 ($659,570) $48,681,990
<br /> Sales & Use Taxes 19,126,499 320,180 $19,446,679
<br /> Development Services Fees 2,401,655 485,034 $2,886,689
<br /> Hotel/Motel Tax 3,017,160 432,840 $3,450,000
<br /> Business License Tax 2,705,040 194,960 $2,900,000
<br /> Recreation Fees 3,290,645 (52,688) $3,237,957
<br /> Other Revenues 9,771,260 (680,671) $9,090,589
<br /> Total $89,653,819 $40,085 $89,693,904
<br /> Property Tax — As shown in Table 4, secured property tax for 2012/13FY was originally
<br /> projected to increase 2% over the 2O11/12FY budget estimates. In anticipation of a decline in
<br /> commercial property values the revised estimate for 2012/13FY reflects a $440,000 decrease
<br /> in secured property taxes. The estimate for unsecured property tax for 2012/13FY is also
<br /> estimated to decrease slightly. Finally, the property tax in lieu of Vehicle License Fees is a
<br /> function of the amount of secured property tax and is, therefore, also estimated to decrease
<br /> ($207,862).
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