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Staff recommends conservative sales-tax budgeting and larger reserves, citing volatility
Summary
City presenters said sales tax is the city’s largest revenue source at about 39.88% of the budget, proposed a conservative $60 million forecast and recommended increasing reserve targets to six months of operating expenditures because sales tax is volatile.
City finance staff told the council that sales tax is the single largest revenue stream in the proposed budget and recommended conservative forecasting and larger reserves because of the revenue’s volatility.
Staff said sales tax will account for roughly 39.88% of the proposed budget and that staff used a conservative approach by annualizing roughly six months of prior-year receipts and half…
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