City Council Regular Meeting


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Meeting Date: 08/18/2021  
From: Mary Lagasca

Receive the report.
The Pacific Grove’s (City) General Fund revenues are primarily derived from Property Tax, Transient Occupancy Tax, and Sales and Use Tax revenues. In the Fiscal Year (FY) 20/21 Adopted Budget, it was estimated the City would receive $14.8 million or 70% of the General Fund revenues from these three tax sources. The initial FY20/21 projections were based on significant revenue deductions (approximately $3.7 million when compared to FY19/20 adopted budget) due to COVID-19.

At mid-year, the budget was amended to adjust these three revenue sources to $15.3 million based on projected growth in the property tax and sales tax categories, net of reductions in transient occupancy tax. While transient occupancy tax is still anticipated to be less than prior fiscal year, property tax revenues are projected to continue to increase above prior year amounts. Sales tax is expected to be at a similar level as compared to the prior fiscal year.

Additional information on the budgeted amounts and revenues to date for the current fiscal year are included in Attachment 1.
N/A – this is informational only.
There is no fiscal impact.
GOAL ALIGNMENT: Financial Stability: Develop a strategic plan to better address current and future City expenditure and revenue needs.
Core Revenue Report July 2021


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