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Table 3
<br />Property Tax, Sales Tax & Development Fees Revenue Adjustments
<br />Percent ChgPercent Chg
<br />Over OriginalOver Revised
<br />Revenue2008-09 2007-082008-09 2007-08Dollar
<br />Original Budget
<br />SourceBudgetRevised BudgetBudgetChange
<br />Property Tax
<br />Secured Property Tax40,948,2826.65%39,260,1154.9%(1,688,167)
<br />
<br />Unsecured Property Tax2,551,8804.00%2,200,0000.0%(351,880)
<br />
<br />Delinquent Property Tax
<br />811,6334.00%928,9065.6%117,273
<br />
<br />Supplemental Property Tax1,800,000-10.00%1,500,000-17.1%(300,000)
<br />
<br />Property Tax In-Lieu of VLF5,045,2296.50%4,987,3355.0%(57,894)
<br />
<br />Total51,157,0245.77%48,876,3563.8%(2,280,668)
<br />
<br />Sales Tax
<br />Sales & Use Tax 75% local16,861,6632.50%16,147,7760.0%(713,887)
<br />
<br />Sales & Use Tax 25% state5,586,8882.50%5,524,0900.0%(62,798)
<br />
<br />Total22,448,5512.50%21,671,8660.0%(776,685)
<br />
<br />Development Services Fees
<br />Building Permits2,325,0244.00%1,600,0004.2%(725,024)
<br />
<br />Planning & Zoning Fees444,2414.00%152,385-64.3%(291,856)
<br />
<br />Plan Check Fees1,065,8164.00%1,016,8488.8%(48,968)
<br />
<br />Public Works Fees419,5044.00%159,2123.8%(260,292)
<br />
<br />Total4,254,5854.00%2,928,445-4.0%(1,326,140)
<br />
<br />Property Tax
<br /> – Secured property tax for 2008-09 was originally projected to
<br />increase 6.65% over the 2007-08 original budget estimate. However, the 2007-
<br />08 estimate was reduced by $(968,758) during the mid-year review and the
<br />original increase of 6.65% is recommended to be reduced to 4.9%. The
<br />combination of reducing both the base and the estimated rate of increase results
<br />in an adjustment of $(1,688,167). Unsecured property tax for 2008-09 was
<br />originally projected to increase 4.0% over the 2007-08 estimate. However, the
<br />2007-08 estimate was reduced by $(253,731) during the mid-year review and the
<br />original increase of 4.0% is recommended to be reduced 0.0%. The combination
<br />of reducing both the base and the estimated rate of increase results in an
<br />adjustment of $(351,880).
<br />Delinquent property tax was originally projected to increase 4.0% over the 2007-
<br />08 original budget estimate. However, the 2007-08 estimate was increased by
<br />$99,758 during the mid-year review. Based on this updated 2007-08 estimate
<br />and YTD receipts it is recommended that the 2008-09 estimate be increased by
<br />$117,273.
<br />The original two-year budget assumed a significant drop in supplemental
<br />property tax, which looks to be even more of a decrease than expected.
<br />Supplemental property tax was originally budgeted at $2.0 million in 2007-08 and
<br />was further reduced to $1.8 million during the mid-year review. Supplemental
<br />property tax was originally budgeted at $1.8 million in 2008-09 and it is
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