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7 City of Pleasanton Mid-Term Budget Update • FY 2022/23
<br />General Fund RevenuesGeneral Fund Revenues
<br />The FY 2022/23 revised revenue estimates for the General Fund are $142.5 million or $5.4 million more
<br />than the original budget, adopted in June 2021. The net increase is mainly due to the following revised
<br />projections, as highlighted in Table 3:
<br /> • Increase in Property taxes of $1.6 million, primarily due to continued increase in the assessed
<br /> valuation of real property in Pleasanton.
<br /> • Increase in Sales Tax revenues of $1.9 million, reflecting an increase in receipts related to
<br /> general consumer goods, restaurants and hotels, and service stations that have recovered
<br /> from the prior year COVID-19 restrictions.
<br /> • Increase in Other Taxes of $1.2 million, including an increase in Business License Taxes of
<br /> $700,000 reflecting a general economic recovery and is consistent with receipts from FY
<br /> 2019/20 through FY 2021/22, and an increase in Documentary Transfer Taxes of $500,000, which
<br /> reflects higher real property values.
<br /> • Increase in Development Services Fees, such as building permits and plan check fees due to
<br /> stronger growth in these areas than originally projected.
<br /> • Recreation Revenues increased to match the increase in programs to gradually reinstate to
<br /> pre-COVID-19 levels, last experienced in 2019.
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<br />Table 3Table 3
<br />General Fund Revenues General Fund Revenues
<br />FY 2022/23
<br />Revenues
<br />FY 2020/21
<br />Actual
<br />FY 2021/22
<br />Mid-Year
<br />Original
<br />Budget
<br />Recommended
<br />Adjustments
<br />Mid-Term
<br />Budget
<br />Property Taxes $77,667,356 $79,944,000 $82,468,000 $1,586,000 $84,054,000
<br />Sales & Use Taxes 21,883,038 23,800,000 22,240,000 1,860,000 24,100,000
<br />Other Taxes 11,655,802 12,818,000 12,525,000 1,200,000 13,725,000
<br />Development Services Fees 4,602,446 5,709,000 4,979,000 230,000 5,209,000
<br />Recreation Fees 1,347,488 2,879,165 4,175,150 152,287 4,327,437
<br />Other Revenues 8,194,972 11,339,673 10,702,173 366,417 11,068,590
<br />Total $125,351,102 $136,489,838 $137,089,323 $5,394,704 $142,484,027
<br />Property Tax
<br />The largest revenue source in the City’s General Fund is Property Tax, which makes up 59 percent
<br />of the revenue base. Given the relative stability of this revenue source, this large share has been
<br />advantageous to the City, particularly during times of financial stress during the past two years. In
<br />consultation with the City’s revenue consultants, the revised estimate for FY 2022/23 property taxes
<br />reflect a $1.6 million increase for secured property taxes primarily due to the stable growth in property
<br />values in the City.
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