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Tempe forecasts revenue shortfalls after residential rental sales-tax loss but says reserves cover services for now
Summary
Deputy City Manager/CFO Lisette Camacho and budget director Robert Baer reported a lowered sales-tax forecast tied to a residential rental tax loss (about 9% of Tempe sales tax), outlined balancing options and said reserves currently allow maintenance of service levels while staff plans additional budget strategies.
Lisette Camacho, Tempe's deputy city manager and chief financial officer, and municipal budget director Robert Baer presented a long-range financial forecast that reflected a material drop in sales-tax revenue tied to the loss of residential rental tax starting in January 2025.
Camacho said the 2023 forecast first identified an annualized $21 million loss across the General, Transit and Arts & Culture funds;…
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