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Staff is also recommending that $1 million be used to increase the Temporary
<br />Recession Reserve resulting in it being increased from $5.1 million to $6.1 million to
<br />provide a cushion against an economic recession and any potential further downturn in
<br />the economy. In addition, there exists the potential for further State takeaways in the
<br />future due to the State's budget situation.
<br />General Fund Revenues. Actual General Fund revenues were below the budget
<br />estimates by $246,000, or a variance of (0.26%). The following table shows the major
<br />revenue categories with a comparison of budgeted versus actual revenues and the
<br />variance to the budget estimate both in terms of dollars and percentage.
<br />- - - .- ~ -
<br />Property Tax 45,885,395.00 45,341,148.78 -544,246 -1.2%
<br />Sales Tax 22,135,137.00 21,955,875.04 -179,262 -0.8%
<br />Documentary Transfer Tax 900,000 921,221 21,221 2.4%
<br />Business License Tax 3,186,675 3,086,552 -100,123 -3.1%
<br />Hotel Tax 3,261,675 3,347,851 86,176 2.6%
<br />Development Services Fees 3,598,614 3,401,504 -197,110 -5.5%
<br />Recreation Fees 3,601,102 3,850,632 249,530 6.9%
<br />Library Revenues 87,944 80,135 -7,809 -8.9%
<br />Other Fees 1,069,816 984,612 -85,204 -8.0%
<br />Grants & Intergovernmental 1,179,599 1,195,712 16,113 1.4%
<br />Reimbursements 1,134,980 1,081,746 -53,234 -4.7%
<br />Interest Income 854,663 1,281,225 426,562 49.9%
<br />Inter-fund Labor Charges 3,601,102 2,861,429 -739,673 -20.5%
<br />Other Revenues 2,396,019 3,257,078 861,059 35.9%
<br />Total 92,892,721 92,646,721 -246,000 -0.26%
<br />Property tax revenues are the single largest revenue source for the General Fund,
<br />accounting for 48.9% of total revenues. In 2006-07 actual Property tax collections were
<br />$544,246 below budget estimates, a -1.2% variance. This variance is the net difference
<br />in four separate accounts; secured property tax (-$558,592), unsecured property tax
<br />(-$232,971), supplemental property taxes (+$140,795) and property tax in-lieu of VLF
<br />(+$106,522). Estimates for secured and unsecured property tax are provided by
<br />Alameda County assuming a 97.8% collection rate. However, actual tax collections
<br />were lower than the County's estimate due to 2006-07 delinquencies, foreclosures, and
<br />assessment appeals.
<br />Sales tax revenue was also below the budget estimate by $179,262 as shown above, a
<br />-0.8% variance. Actual collections for 2007-07 compared to 2005-06 collections are
<br />reflected in the table below.
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