Imagine my surprise just a while ago, when looking over the budget numbers in preparation for tonight's first budget hearings, I see that 2010 revenues are expected to exceed those for 2009 by a whopping $65 Million. Wow !! You can bridge a lot of gaps with an additional $65 Million. In all fairness, $24 Million of that is additional money from the State and the Feds. Still, its not like the City is sliding toward catastrophe because of the property tax caps.
Here's how the revenue numbers look - rounding to the nearest million dollars:
|City/County Revenues||2009 Projected|
|Licenses & Permits||11||14|
|Charges for Services||196||220|
|State & Federal Grants and Taxes||254||278|
|Sale and Lease of Property||2||1|
|Fees for Services||10||8|
|Fines & Penalties||5||7|
|Misc. & Interest||22||19|
|Debt Service Subsidies||2||2|
|Other Financing & Transfers||1||0|
|Trust & Agency Receipts||6||0|
Even with the property tax caps coming in full force for 2010, total tax revenues increased by $27M. So, considering the stated $30M shortfall due to the caps, the remaining tax revenues must have soared by a stunning $57M. Even with all the name calling and denunciations going on, former Mayor Peterson's tax increase continues to save Mayor Ballard's bacon. The claim of having to bridge a $40 M shortfall due to the property tax caps is pretty clearly hyperbole and not the whole story.