Overview
- From FY2017-18 through FY2020-21, revenues grew at a high annual average rate (>5%), above historic long-term inflation (3%).
- During that period, expenditures grew at a low annual average rate (0-3%), partly due to reduced capital expenditures and the pandemic.
- The California Auditor ranked the City’s financial risk as 260 out of 423 (1 is riskiest) in FY2019-20.
- The City’s FY2022-23 budget reports that property tax has remained stable and sales taxes increased with online sales, but hotel taxes are down.
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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