Overview
- From FY2017-18 through FY2020-21, revenues grew at a moderate annual average rate (3-6%), slightly above historic long-term inflation (3%).
- During that period expenditures were flat, then declined due to the pandemic – approximately half of the City’s revenues are hospitality-based (FY2021-23 budget, pg. 1).
- The California Auditor ranked the City’s financial risk as 242 out of 423 (1 is riskiest) in FY2019-20.
- The City’s FY2021-23 budget anticipates an annual surplus by the end of FY2022-23 despite pandemic impacts (FY2021-23 budget, pg. 11).
Annual Change in Revenues
FY17-18 through FY20-21
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Annual Change in Expenditures
FY17-18 through FY20-21
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Reserves as % of Expenditures
FY2020-21
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