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Staff: Building and plumbing permits at about 30% of last year; parking revenue near budget midpoint
Summary
City staff reported a drop in building and plumbing permits to roughly 30% of last year and about 30% of budget, while parking revenue and lodging taxes were described as near expected levels; staff warned some lodging gains were retroactive and one-time.
City staff told the finance committee that building and plumbing permit activity has fallen sharply compared with the prior year, leaving those permit lines at roughly 30% of both last year's activity and budget projections. "You can see that both plumbing and building permits are are, only at about 30% of where we were a year ago and only about 30% of budget," the staff member said.
By contrast, staff said parking revenue is tracking closer to plan, at roughly half of the annual budget, and on- and off-street collections are about 54% of budget. Lodging-tax receipts were described as "right where we wanna be" through June, but staff cautioned part of the lodging uptick reflected retroactive collections processed this month and may not indicate sustained growth.
The staff member said county sales-tax allocation details were still pending and that staff expects to receive them soon, and noted there were no new developments to report on cannabis or mortgage-tax receipts. The committee asked follow-up questions about seasonality and how midyear snapshots may differ from year-end balances; staff reiterated that final revenue and expenditure totals will determine the fund balance at year end.
The committee did not take a vote on revenue recognition or changes to budget assumptions; staff said they will continue monitoring monthly receipts and report back to the committee if trends persist.
