City Council Regular Meeting


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  8.C.       
Meeting Date: 09/15/2021  
From: Mary Lagasca

RECOMMENDATION
Receive the Preliminary Year-End Core Revenue Status Report for FY20/21
DISCUSSION
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. 

The majority of the information included in this report was presented in the July Core Revenue Report.  The updated information for the fiscal year-end reflects accruals for additional transient occupancy tax receipts; and a final, significant sales tax true-up payment.  Please note that this is information is preliminary; and staff is in the process of accruing and internally auditing financial transactions.  This includes reviewing the rationale for the greater than typical sales tax true-up.


Additional information on the budgeted amounts and revenues to date for the current fiscal year are included in Attachment 1.
OPTIONS
N/A – this is informational only.
FINANCIAL IMPACT:
There is no fiscal impact.
  
GOAL ALIGNMENT: Financial Stability: Develop a strategic plan to better address current and future City expenditure and revenue needs.
Attachments
Year End Core Revenue Report FY20/21


    

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