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Controller: General fund projected $96.7M surplus at nine months, transfer taxes at record levels
Summary
The Controller's office reported a projected general fund ending balance of $96.7 million driven by unexpectedly strong property-related revenue and a record $400 million projected real property transfer tax, while flagging weakness in sales, hotel and parking taxes and long-term federal revenue uncertainty.
Michelle Elersema of the Controller's office presented the nine-month revenue and expenditure update, telling the Budget & Finance Committee the city now projects a $96.7 million ending balance in the general fund, an improvement from the six-month report.
Elersema highlighted stronger-than-expected property-related tax revenue (about $60 million above the revised budget)…
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