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Open Budget Data Updated Through September 30, 2020

The City of Newport Beach makes financial information available to review the status of revenues and expenditures.  The online Open Budget Portal provides citizens an in-depth and friendly view of the City’s financial data including the City’s revenue sources, expenditures and the Capital Improvement Program (CIP).  The site provides users the ability to view the financial data in a table, chart or graph format.  Interactive features of the site allow for searching by departmental or other types of budget categories.  The CIP portion of the site organizes information by funding category, funding source or by project.  Users will also find project photos, the current phase of the project and a map showing the project’s location.

REVENUES

The City of Newport Beach, along with other local jurisdictions, states, and the federal government are facing an exceptionally challenging economic environment as a result of the COVID-19 Pandemic.  The closure of businesses and public facilities has negatively impacted various sources of City revenues, including sales tax and transient occupancy tax revenues, which are generally two of the City’s largest tax revenue sources.  The Fiscal Year 2020-21 revised budget projects General Fund revenues of approximately $201.3 million, which is an approximately $28.6 million decrease from the fiscal year 2019-20 actual revenues.

Through September 30, 2020, the City’s General Fund has received $20.7 million, or 10.3%, of the $201.3 million of budgeted general fund revenues. Although materially less than prior year, due to the tax remittance calendar, the percentage received to date compared to the total expected is a normal trend for this time of year.

The General Fund’s top three revenues sources (Property Taxes, Sales Taxes, and Transient Occupancy Tax) account for approximately 75% of all General Fund revenues. The City expects to receive $152.6 million of revenue from these three sources in fiscal year 2020-21, which is $17.8 million less than prior year actuals.

Property Tax

Property Tax is the top source of revenue for the City and represents almost half of all General Fund revenues. Property taxes are one of the least affected revenue sources by the pandemic and as a whole are budgeted to come in at $117.5 million for fiscal year 2020-21, which represents a 3.7% increase over prior year actuals. The City has collected about $1.8 million, or 1.5%, of budget through September 30, 2020. This is typical as property taxes are received in large part during December and April of each fiscal year. A better gauge for where the City is for the year on property taxes will be mid- to late- December when about half of secured property taxes should be received.

Sales Tax

Sales tax, the second largest revenue source for the City, is expected to finish fiscal year 2020-21 at $28.7 million, which is roughly a $7.5 million, or 20.7%, decrease from prior year actuals. As of September 30, 2020, the City has received $3.2 million, or 11.2%, of the sales tax budget, which is about $800,000 higher than expected. And, as with property taxes, sales tax results through September 30 are not indicative of budget performance by year-end.  By late-November, the City will obtain its true 3rd quarter sales tax receipts, which will provide a better gauge of how sales tax is trending compared to budget.

Transient Occupancy Taxes

Transient Occupancy Taxes (TOT) are the most severely impacted revenue source and are budgeted extremely conservatively at $6.4 million for fiscal year 2020-21, which represents a 69.1%, or $14.4 million, decrease compared to prior year total TOT revenues. The City has realized 35.2%, or $2.3 million, through September 30, 2020, which was $1.7 million higher than expected for the quarter.

Click link to view an interactive snapshot of General Fund revenues through September 30, 2020.

EXPENDITURES

As of September 30, 2020, General Fund expenditures totaled $47.6 million, which represents 21.4% of the $223.0 million revised budget.

Click link to view an interactive snapshot of General Fund expenditures through September 30, 2020.

Note: Open budget data is refreshed on a monthly basis and does not remain static.  The narrative above represents the status of General Fund revenues and expenditures through September 30, 2020, and may not match data accessed subsequent to this time.

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