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The four largest sources of revenue comprise about 70% of the General Fund's <br />revenue. They are: <br /> <br />Secured property taxes <br />Sales taxes <br />Hotel taxes <br />Vehicle License Fees (VLF). <br /> <br />With both housing and non-residential construction occurring in 2002, as well as <br />strong housing resales, secured property taxes are projected to grow more than the <br />City's other tax revenues. Staff is projecting an increase of 8% in 2003-04 to <br />$29.8 million, based on calendar year 2002 activity, and an increase of 6% in 2004-05 <br />to $31.6 million, based on estimated calendar year 2003 activity. <br /> <br />Secured Property Tax Revenue <br /> <br />35.00 - <br />30.00 <br />25.00 <br /> <br />20.00 <br />15.00 <br /> <br />-= 10.00 <br /> 5.00 <br /> 0.00 <br /> 99-00 00-01 01-02 02-03 03-04 04-05 <br /> <br />While the City saw a sharp one-time increase in sales tax revenue from $17.5 million <br />in 1999-00 to $21 million in 2000-01, the revenue fell back to $17.3 million in <br />2001-02, and has shown little growth since. The current projection for 2002-03 is <br />$17 million, and for the two-year projected budget, staff is assuming sales taxes will <br />show gradual growth of about 2.5% annually, to $17.4 million in 2003-04 and <br />$17.9 million in 2004-05. <br /> <br />Sales Tax Revenue <br /> <br />25.00 - <br /> <br />20.00 <br /> <br />15.00 <br /> <br />E 10.00 <br />._= <br /> 5.00 <br /> <br /> 0.00 ....... <br /> 99-00 00-01 01-02 02-03 03-04 04-05 <br /> <br />ix <br /> <br /> <br />