SR 05:166 - Laserfiche WebLink

Documentary transfer tax revenue is running higher than originally projected, given the strong resale market. Therefore, estimates are being increased by $325,000. Note, that an estimate of secured property tax revenue for next year (FY06), recently provided by the County Assessor's office, indicates an increase in the range of 7.2%. However, numerous assessment appeals are still pending. · Sales tax revenue projections made a year ago are now being increased by $50,000. Staffis projecting a moderate 5% increase in each of FY06 and FY07. · Hotel tax o For the first time since Hotel tax revenues began falling from of high of $4 million in FY01, the revenue started showing some recovery in the quarter ending September 2004. o Based on year to date receipts through the quarter ending March 2005, staff is increasing projections by $42,500 to $2.75 million. o Assuming the slow upward trend will continue, staff has projected increases of $248,000 for FY06 and $180,000 in FY07 (compared to FY06). · Recreation Fees revenue projections are being increased slightly, by about $15,000 based mostly on current participation levels. · Development Services Fees o Staff has increased projections by $235,000 in combined Building, Planning, Plan Check and other Public Works Fees (including reimbursable expenditures) based on year to date actual receipts. · State Budget Impacts on City Revenue The additional State property tax shifts (ERAF III) that were instituted for FY05 and FY06, are more than originally projected, resulting in a loss of an additional $281,000 in FY05, bringing the current year loss to $1.88 million. o The estimated ERAF III property shift in FY06 is $2 million. o FY05 revenue projections are being reduced by a net $120,000 due mostly to a number of smaller grants/subventions that were reduced, suspended temporarily or eliminated. SR 05:166 Page 3