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FY 2009/10 Draft Budget General Fund Revenue Estimates

FY 2009/10 Draft Budget General Fund Revenue Estimates. Lodi City Council May 12, 2009. Poor job market. Unemployment rates in March Lodi 12.5% San Joaquin County 16.4% Stockton 19.7% California 11.2% 50,800 unemployed people looking for work in San Joaquin County

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FY 2009/10 Draft Budget General Fund Revenue Estimates

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  1. FY 2009/10 Draft BudgetGeneral Fund Revenue Estimates Lodi City Council May 12, 2009

  2. Poor job market Unemployment rates in March Lodi 12.5% San Joaquin County 16.4% Stockton 19.7% California 11.2% 50,800 unemployed people looking for work in San Joaquin County Source: California Economic Development Department, March 2009 figures

  3. Poor job market

  4. Sales tax in decline • 16.8% year-over-year decline for fourth quarter of calendar year 2008

  5. Sales tax in decline

  6. Steep drop in retail sales

  7. Business closures • Geweke Chrysler/Dodge/Kia • Geweke RV • Plummer Cadillac/GMC • Mervyns • Ace Hardware • Carrow’s • Mr. Pickles • Party World • Frames & Fine Things • Flower Shop

  8. 13-year sales history Sales tax revenuenearly at 2001 levels

  9. Businesses hurting 13 quarter trend: Down 18.3 percent

  10. Property values declining • Down $640,800 year-to-year in property tax revenue • Value assessments back to 2003 and even earlier

  11. Little home buying

  12. The State’s a mess • Economic plunge • Housing market/mortgage crisis • Credit crunch • Chronic State budget problems

  13. ERAF shift continues • Annual amount diverted: $3,095,166

  14. ERAF shift continues Educational Revenue Augmentation FundFunds shifted to schools from City of Lodi

  15. FY 2009/10 Budget Fiscal sustainability

  16. FY 2009/10 Budget Source: Fiscal officers of California list serve poll (72 cities)

  17. FY 2009/10 Budget General Fund reserve history

  18. FY 2009/10 Budget General Fund reserve City policy:Minimum unrestricted General Fund reserve should equal 15% – $6 million for FY 2009/10 • Anticipated June 30, 2008 figure was $4.5 million (11.3%), actual was $4.2 million (10.5%). • Projected June 30, 2009: $3.8 million (9.6%). • City Council votes for June 30, 2010 reserve goal: • $3.8 million – 3 • $4.2 million – 2

  19. FY 2009/10 Budget General Fund by major sources

  20. FY 2009/10 Budget General Fund • Overall decrease of ~$2.4M or 5.6% • Decrease of ~$5.8M since 2007/08 budget • Many revenue sources are reflecting the economic downturn

  21. FY 2009/10 Budget General Fund history

  22. FY 2009/10 Budget General Fund – major sources

  23. FY 2009/10 Budget Property Tax Property tax

  24. FY 2009/10 Budget Property Tax Per Capita Comparison – Budget Amounts FY 2008/09

  25. FY 2009/10 Budget Property Tax • A government levy, on both real and personal property, based on the market value (as assessed by the County Assessor's office) of the property • Proposition 13 placed cities in a position of becoming more dependent on funds from the state. This transferred to the state more power over cities than it otherwise would have possessed • Proposition 8 allows the County Assessor to reduce assessed valuations when market values are lower than assessed values • County Assessor reduced values in 2008/09 and is also reducing assessed values for the 2009/10 fiscal year • 6.4% decrease

  26. FY 2009/10 Budget Property Tax Distribution

  27. FY 2009/10 Budget Sales and Use Tax

  28. FY 2009/10 Budget Sales Tax Per CapitaBudget Amounts FY 2008/09

  29. FY 2009/10 Budget In-lieu Franchise – Electric (PILOT)

  30. FY 2009/10 Budget In-lieu Franchise – Electric (PILOT) • Municipal utilities are extensions of state and local governments - as such, they are generally not subject to federal or state income taxes • Municipal utilities may provide payments in lieu of taxes (transfers to the general fund and contributions of services to state and local governments) • PILOT is set by formula adopted by the City Council in 2007 • Formula is $6,779,000 plus the annual growth in customers • FY 2009/10 amount includes $500,000 that was waived in 2005 due to difficult economic times for the Electric Utility

  31. FY 2009/10 Budget In-lieu Vehicle License Fees

  32. FY 2009/10 Budget Business License Tax

  33. FY 2009/10 Budget Business License Tax • Business tax is paid at a rate determined by the business classification established by resolution of the City Council • The tax rate for all businesses is set by Resolution of the City Council • The City is seeing a downturn in the number of businesses licensed • City actively searches for unlicensed businesses • Expected reduction of 6.5%

  34. FY 2009/10 Budget Transient Occupancy Tax

  35. FY 2009/10 Budget Cable TV Franchise

  36. FY 2009/10 Budget Natural Gas Franchise

  37. FY 2009/10 Budget

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