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Carlsbad third-quarter economic and mid-year budget update: revenues up modestly, sales tax flat
Summary
City staff reported a modest rise in general fund revenues year over year and highlighted local economic indicators including a 4.1% unemployment rate, median home price of $1.54 million, and hotel occupancy of 68.7%. Staff warned of trade and inflationary headwinds and outlined next steps for the budget process.
City staff on May 2025 presented an economic and financial update for the first three quarters of fiscal year 2024–25 and a mid-year budget review, reporting that general fund revenues are up about $4.3 million (roughly 3%) year over year but that sales tax growth has been minimal.
Matt Sanford, Economic Development Director, said Carlsbad’s economy remains diverse and resilient but noted external pressures including federal funding pullbacks, tariff uncertainty and inflation. “If [the tariff pause] holds, this would greatly reduce the burden for a number of businesses,” Sanford said about a…
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