Welcome to the Finance Department

Quick Links

• City Budget & Salary
• Finance Committee
• Financial Information
• Financial Planning Division
• Financial Reporting Division
• Revenue

For any questions related to parking, billing or cashiering please click on the Revenue link above or call 949-644-3141.

For any other Finance related questions, please call 949-644-3127.

Articles of Interest

Open Budget Data Updated Through September 30, 2019

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 

Through September 30, 2019, the City’s General Fund has received $25.0 million, or 10.9%, of the $230.3 million of budgeted general fund revenues.  Due to the tax remittance calendar, this 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 $173.8 million of revenue from these three sources in FY 2019-20.

Property Tax

Property Tax is the top source of revenue for the City and represents almost half of all General Fund revenues. FY 2019-20 property taxes as a whole are budgeted to come in at $113.6 million. The City has collected about $2.0 million, or 1.7%, of budget through September 30, 2019.  This is typical as property taxes are received in large part during December and April of each fiscal year.

Sales Tax

Sales tax, the second largest revenue source for the City, is expected to finish FY 2019-20 at $35.7 million. As of September 30, 2019, the City has received $3.3 million, or 9.3%, of the sales tax budget.  As with property taxes, first quarter sales tax results are not indicative of budget performance by year-end. 

Transient Occupancy Taxes

Transient Occupancy Taxes (TOT) are budgeted at $24.5 million for FY 2019-20. The City has realized 20.3%, or $16.9 million, through September 30, 2019.

Click link to view an interactive snapshot of General Fund revenues through September 30, 2019.

EXPENDITURES

As of September 30, 2019, General Fund expenditures totaled $41.7 million, which represents 18.8% of the $222.5 million revised budget.

Click link to view an interactive snapshot of General Fund expenditures through September 30, 2019.

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, 2019, and may not match data accessed subsequent to this time.

Annual Reporting on Development Impact Fees and Development Agreements

The City Council of the City of Newport Beach will hold a public meeting to review the ANNUAL REPORTING ON DEVELOPMENT IMPACT FEES & DEVELOPMENT AGREEMENTS pursuant to the Mitigation Fee Act (Government Code Section 66000, et seq.). The meeting will take place on Tuesday, November 5, 2019, at 7:00 p.m. Please click on the document names to access the Development Impact Fee Report and the Development Agreements Report  documents.

Moody's Annual Issuer Comment Report

Credit rating agency Moody’s recently released its latest credit rating for the City of Newport Beach. The report stated that “The credit position for Newport Beach is outstanding. Its Aaa rating far exceeds the median rating of Aa3 for US cities. Key credit factors include a very large tax base with an affluent wealth and income profile, a robust financial position, a modest* debt burden and a significant pension liability.” Select the title to read the report, Moody's Investor Service Annual Comment on Newport Beach.

*Modest in the context means the City’s debt burden is lower than the US median and consistent with other Aaa rated local agencies.

GANN Limit Calculation

The City Council of the City of Newport Beach will establish the City’s Appropriations Limit for Fiscal Year 2018-2019, pursuant to Article XIIIB of the State Constitution on Tuesday, June 12, 2018, at 7:00 p.m. or soon thereafter in the Council Chambers at 100 Civic Center Drive, Newport Beach.

Click on the title of the document for access to the calculation of the Fiscal Year 2018-2019 Appropriations Limit. For questions regarding this item please contact Dan Matusiewicz, Finance Director, at 949-644-3123 or dmatusiewicz@newportbeachca.gov.

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