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General Fund Revenues
<br /> The 2014/15FY revised revenue estimates for the General Fund are $97,118,741 or
<br /> $2,652,960 greater than the original budget approved in June 2013. This increase from the
<br /> original budget estimate is mainly due to the following revised projections as further highlighted
<br /> in Table 3:
<br /> • increase in property taxes of$901,460 mainly attributable to the increase in commercial
<br /> and residential property assessed values plus the addition to the tax roll of the retail
<br /> portion of the Pleasanton Gateway Plaza project and Phase I of Stoneridge Creek CLC
<br /> project
<br /> • increase in sales tax of $1,400,000 due to improvements in the economy and in the
<br /> areas of auto sales and consumer goods
<br /> • increase in Hotel/Motel and Business License taxes of approximately $350,000 due to
<br /> the improvement in these sectors of the economy
<br /> • decrease in projected recreation revenues of $157,100 mainly due to over estimating
<br /> theatre ticket sales at Firehouse and Amador theatres in the original budget.
<br /> Table 3
<br /> General Fund Revenues
<br /> 2014/15FY 2014/15FY
<br /> 20011/12FY 2012/13FY 2013/14FY Original Adjustments Mid-Term
<br /> Revenues Actuals Actuals Midyear Budget (Decrease) Budget
<br /> Property Taxes $47,923,691 $48,648,688 $50,450,000 $50,463,540 $901,460 $51,365,000
<br /> Sales& Use Taxes 19,107,418 19,102,977 20,070,000 20,300,000 1,400,000 21,700,000
<br /> Development Services Fees 3,789,477 3,695,615 4,292,615 4,228,615 20,000 4,248,615
<br /> Hotel/MotelTax 3,486,597 3,938,934 4,000,000 3,850,000 250,000 4,100,000
<br /> Business License Tax 2,842,587 3,141,722 3,150,000 3,100,000 100,000 3,200,000
<br /> Recreation Fees 3,507,589 3,454,378 3,604,500 3,657,900 (157,100) 3,500,800
<br /> Other Revenues 9,159,748 10,309,567 8,746,086 8,865,726 138,600 9,004,326
<br /> Total $89,817,107 $92,291,881 $94,313,201 $94,465,781 $2,652,960 $97,118,741
<br /> Property Tax — As shown in Table 4, secured property tax for 2014/15FY was originally
<br /> projected to decrease slightly as compared to the 2013/14FY budget estimates. In anticipation
<br /> of an increase in residential and commercial property values the revised estimate for
<br /> 2014/15FY reflects a $1.150 million increase in secured property taxes. Property tax in lieu of
<br /> Vehicle License Fees is a function of the amount of secured property tax and is, therefore, also
<br /> estimated to increase $265,000 as a result of the anticipated increase in residential and
<br /> commercial property values plus the addition of the property values for the Pleasanton
<br /> Gateway Plaza and Phase I Stoneridge Creek CLC. These increases in projected property
<br /> taxes are offset by a projected decrease in the estimates for Delinquent Taxes of $250,000
<br /> and Supplement Assessments of $263,540. This is caused by a reduction in property owners
<br /> being delinquent in the payment of their property taxes and a slowdown in the residential re-
<br /> sales in Pleasanton (i.e., the turnover rate in residential properties has decreased substantially
<br /> which in turn has reduced the amount of supplemental tax assessments).
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