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City finance director: general fund revenues tracking to plan but lodging taxes may fall short
Summary
Finance Director Carl Dorture reported $118 million in cumulative general-fund revenues (about 49% of budget through Dec. 31) and said interest and recordation taxes are up, but lodging and transit receipts could be $300,000'$400,000 below budget this fiscal year due to federal per diem cuts and hotel displacement.
Carl Dorture, the city's finance director, briefed council on second-quarter (July 1'Dec. 31) revenues and said the city has collected $118,000,000 in cumulative general-fund revenues, roughly 49% of the annual budget. "We collected $118,000,000 in total revenues, which represents about 49% of the budget," Dorture said, and noted stronger interest earnings and recordation taxes tied to home sales.
Dorture and council members discussed underperforming lines, including machine-and-tool taxes tied to manufacturing and state-determined public-service corporation assessments. He warned that lodging/transient tax receipts were running behind expectations and that the reduced federal per diem rate (military per diem) could lower revenues by an estimated $300,000 to $400,000 for the fiscal year. Council asked staff to prepare a clearer variance analysis and simpler presentation formats for future reports so members and the public can follow the differences between budget assumptions and year-to-date receipts.
