Reso 2013-029 - Laserfiche WebLink

Home

9 Revenues: Charges for services in Governmental activities are primarily fees for recreation, building, fire, planning and engineering. The overall decrease of 26% in charges for services in 2011-12 is largely due to the recognition of revenue from the Community Development deferred loan that was attributed to the Redevelopment Agency Home Loan programs and was transferred to the Affordable Housing Asset Fund. Operating grants, capital grants and contributions include Federal and State grants and other governments and private contributions, including impact fees. Operating grant and contributions were higher by $6.6 million in 2011-12 due to contributions from Federal Emergency Management Agency (FEMA) for the Heron Bay rip rap repairs and contributions from the Port of Oakland funding a City administered Residential Noise Insulation program. Property taxes include the general, voter approved, and redevelopment property taxes through January 1, 2012. Property tax revenue fell by $4.4 million, a loss of 16% in 2011-12 due to the dissolution of the Redevelopment Agency as of February 1, 2012 wherein property taxes were withheld by the State of California and are no longer revenue to the City. On the flip side, sales tax revenue continues to increase. Compared to the prior fiscal year, sales tax grew by $2,315,000 (11%) which can be attributed to the continued growth and consumer confidence in the city. However, the total sales tax collected has exceeded the highest sales tax revenue collected in 2006-2007 fiscal year by 3%. This year’s increase is largely due to a $3.7 million increase in the voter approved Measure Z - quarter cent sales tax increased last November 2010. Property transfer tax increased 18%, from $2,529,000 in 2010-11 to $2,982,000 in FY 2011-12, largely due to an increase in the number of transactions that occurred between fiscal years primarily due to a the sale of a large apartment complex. Investment earnings were lower in 2011-12 compared to 2010-11 because of lower cash on hand and lower yields compared to the prior fiscal year. In 2011-12, the average portfolio yield was 1.03%, compared to 1.76% in 2010-11.