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10/25/2022 - Regular - Additional Docs-Revenue Presentation
City of Port Orcharl' 2023 Revenue Sources Presentation Public Hearing October 25, 2022 A Requirement of RCW 84.55.120 Current expense budget means that budget which is primarily funded by taxes and charges and reflects the provision of ongoing services. Current expense budget does not mean the capital, enterprise, or special assessment budgets. General Fund 2023-2024 Biennial Budget - Tax Revenue TOTAL TAX REVENUE = $25,076,200 Other Taxes, 4,742,00 Retail Sales & Use Tax, 13,460,000 Property Tax, 6,874,200 General Fund 2023-2024 Biennial Budget Tax Revenue Property Tax 3,420,000 3,454,200 6,874,200 27.4% Other Taxes 2,361,000 2,381,000 4,742,000 18.9% Affordable Housing 40,000 40,000 80,000 0.3% Electric 750,000 760,000 1,510,000 6.0% Telephone 180,000 180,000 360,000 1.4% Utilities 525,000 535,000 1,060,000 4.2% Garbage 200,000 200,000 400,000 1.6% TV Cable 100,000 100,000 200,000 0.8% Natural Gas 225,000 225,000 450,000 1.8% Gambling 51,000 51,000 102,000 0.4% TBD-Vehicle Fees 225,000 225,000 450,000 1.8% Admissions 15,000 15,000 30,000 0.1% Leasehold Excise 50,000 50,000 100,000 0.4% T M2,346,000 12,730,200 25,076,200 100.00% A General Fund 2022-2023 Biennial Budgeted Revenue - All Sources $29,194,863 General Fund Revenues ■ Property Tax ■ Sales Tax ■ TBD-Vehicle Fees ■Affordable Housing 7, Water -Sewer. Storm Utility Tax ■Admissions Tax ■ Electric Franchise Tax ■ Gas Franchise Tax ■ Garbage Franchise Tax ■TV Cable Franchise Tax Telephone Franchise Tax ■ Leasehold Excise Tax ■ Gambling Tax ■ Licenses & Permits ■ Intergo\,ernmental Charges for Goods & Services ® Fines & Forfeits w Miscellaneous Revenue e rn 000 000 200,000 360,000 00,000 Taxes 897,200 Other Revenue 256,000 259,663 102.000 General Fund Biennial Budget vs Prior Biennial Budget Revenue Comparison n..f venue by Category a Sales Tax n021-2022 BudgeLAN 12,075,000 2023-2,, Budget J�, 13,460,000 Increase I (Decrease)l 11.47% Property Taxes 6,222,000 6,874,200 10.48% Other Taxes 4,563,100 4,742,000 3.92% Tax Revenue 22,860,100 25,076,200 9.69% License & Permits 1,337,800 1,211,600 -9.43% Intergovernmental Revenue 5,156,378 1,494,200 -71.02% Charges for Services 1,173,800 897,200 -23.56% Fines & Penalties 326,400 256,000 -21.57% Miscellaneous Revenues 370,200 259,663 -29.86% Other Revenues 8,364,578 4,118,663 -50.76% ,zz 91 Property Tax History Property Tax History Levy Year Assessed Valuation Levy Rate Levied Property Taxes 2018 11631,598,525 1.6683 21722,026 2019 11849,694,593 1.5368 2,842,577 2020 2107218951477 1.4247 21953,747 2021 212361031,476 1.3602 3,041,366 2022 21503,880,075 1.2712 3,182,909 2023 * 2,998,019,145 1.1338 31421,191 * Projected rate until Fire & Library District final levys are known Property Tax Collection History 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* Property Tax Comparison 2022 to 2023 Levy Rate - 1.27111dor'1022 Levy Amount $ 3,041,366 0.48554 % increase $ 14,767 New Construction $ 114,655 Annexation $ - Utilites $ 10,000 Refunds $ 11,605 Total Taxes $ 3,192,393 k= Rate - ,.. Levy Amount $ 2023 3,182, 0.63175 % increase $ 20, New Construction $ 196, Annexation $ Utilites $ 10, Refunds $ 12, Total Taxes $ 3,421, Retail Sales Et Use Tax Revenue More important than Property Tax. The City of Port Orchard receives a 0.84% Sales Tax Sales Tax Collection Year to Date Sales Tax Revenue is exceeding expectations for 2022 5,088,! 513441" 6,801,337 5,710,255 6,735,000 5,340,000 6/565/000 6,895,000 Sales Tax Revenue Received by Month YTD measured against 2021 shows a growth rate of 12% r This growth rate is up significantly from the prior year over the same time period. r� January 351,549 386,354 431,657 440,828 502,448 543,145 8.10% February 461,703 496,351 493,079 530,599 625,058 626,678 0.26% March 321,753 360,538 384,364 389,996 481,233 524,545 9.00% April 328,165 347,330 347,428 359,821 456,673 548,118 20.02% May 388,621 441,283 420,458 415,936 603,566 665,944 10.33% June 367,611 399,207 425,069 431,044 590,896 682,922 15.57% July 408,585 453,650 475,469 526,489 605,455 668,890 10.48% August 453,577 453,487 503,789 545,861 621,368 742,304 19.46% September 403,185 441,406 459,433 542,819 603,523 707,709 17.26% October 421,304 447,624 483,935 511,099 572,116 - November 427,841 451,629 484,346 549,714 598,570 December 391,854 410,120 435,279 518,839 540,431 Sales Tax Collection 2020 to 2022 ■ 2020 ■ 2021 PP��`p O�C 2022 Oak 10 1 rd'�=' 10 This concludes my remarks. Questions?