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Revenue – Total revenue for fiscal year 2023-24 amounted to $235.6 million, a $30.7 million increase <br />from the prior fiscal year. Of this amount, revenue from governmental activities increased by $5.1 million <br />or 2.9% and revenue from business-type activities increased by $25.7 million or 91.1%. The net change <br />in revenue was due to the following: <br /> <br />• Charges for services in Governmental activities are primarily fees for recreation, building, fire, <br />planning, and engineering services. Revenue from these charges increased by $0.5 million. Business- <br />Type Activities decreased by $0.6 million. <br /> <br />• Operating grants, capital grants, and contributions include Federal and State grants and other <br />government and private contributions, including impact fees. Operating grants, capital grants and <br />contributions increased by a net $4.0 million in fiscal year 2023-24. <br /> <br />• Property taxes increased by 9.3% or $2.7 million when compared to fiscal year 2022-23. This is <br />consistent with an increase in property taxes levied and assessed valuations provided through the <br />County Assessor’s Office. <br /> <br />• Sales tax revenue increased by 2.4% or $1.3 million when compared to fiscal year 2022-23. The City’s <br />five largest sales tax producing sectors were General Retail, Business to Business, Construction, <br />Transportation and Food Services. <br /> <br />• Property Transfer Tax decreased significantly by 29.8% or $2.8 million when compared to fiscal year <br />2022-23. The decrease is primarily due to the increased cost of borrowing causing a cooling of sales <br />for commercial, industrial and residential properties. <br /> <br />• Investment Earnings increased $8.6 million in comparison with investment earnings of $5.5 million <br />for fiscal year 2022-23. <br /> <br /> <br />11