- From FY2017-18 through FY2020-21, City revenues grew at a high annual average rate (>6%), above historic long-term inflation (3%).
- In FY2020-21 property taxes and sales taxes increased approximatly 10 percent (ACFR, pg. 11).
- Revenues exceeded expenditures, which grew at a low annual average rate (0-3%), below historic long-term inflation (3%), resulting in positive balances and growth in reserves.
- The California Auditor ranked the City’s financial risk as 413 out of 423 (1 is riskiest) in FY2019-20.
- Expenditure growth has increased in recent years and the FY2022-23 budget shows $28.2 million of expenditures partly due to cost of living increases (8%).
- Projected revenues in FY2022-23 exceed expenditures, increasing the City’s projected ending General fund balance.