City Council Regular Meeting


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  8.A.       
Meeting Date: 09/16/2020  
From: Haroon Noori

RECOMMENDATION
Receive the report.
DISCUSSION
The City’s General Fund revenues are primarily derived from property tax, transient occupancy tax, and sale tax revenues. In Fiscal Year 20/21, the City is projecting to receive $14.82 million or 70% of the General Fund revenues from these three tax sources. The FY20/21 projections are based on significant revenue reductions (approximately $3.7 when compared to FY19/20 adopted budget) due to COVID-19. With the exception of property tax, the transient occupancy tax and sale tax revenues continue to be impacted by the COVID-19 pandemic. These revenue shortfalls have far-reaching implications on the City’s operations and services for the community. 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, provide high quality muni services.
Attachments
Core Revenue Report - August 2020


    

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