Welcome to the Finance Department
- City Budget & Salary
- Finance Committee
- Financial Information
- Financial Planning Division
- Financial Reporting Division
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
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 extremely strong. Its Aaa rating is significantly above the median rating of Aa3 for US cities. Notable credit factors include an extensive tax base, a very strong wealth and income profile and a robust financial position. It also reflects a negligible debt burden and a significant pension liability.” The report also stated “Positively, Newport Beach has substantial budget flexibility to cut discretionary expenditures should financial challenges occur.”
Select the title to read the report, Moody's Investor Service Annual Comment on Newport Beach.
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.
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. Sharp declines in sales, transient occupancy, leases, as well as parking and other revenues, serve as the unfortunate backdrop for this update. As of this writing, the fiscal impacts of COVID-19 are not yet reflected in the actual receipt figures below as we anticipate the final quarter of the fiscal year to be most impacted by the pandemic.
Through March 31, 2020, the City’s General Fund has received $157.8 million, or 68.2%, of the $231.5 million of budgeted general fund revenues. Receiving roughly two-thirds of the budgeted amount through this point of the fiscal year indicates that revenues are tracking as originally anticipated.
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 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 $71.1 million, or 62.6%, of budget through March 31, 2020, which is a $3.7 million year-over-year increase when comparing through the same period last year.
Sales tax, the second largest revenue source for the City, is expected to finish FY 2019-20 at $35.7 million. As of March 31, 2020, the City has received $24.2 million, or 67.8%, of the sales tax budget. Current year results are $0.8 million higher than prior year results through the same period.
Transient Occupancy Taxes
Transient Occupancy Taxes (TOT) are budgeted at $24.5 million for FY 2019-20. The City has realized 74.5%, or $18.2 million, through March 31, 2020, which is a $1.3 million increase through the same period of the prior year.
As of March 31,2020, General Fund expenditures totaled $150.5 million, which represents 67.5% of the $222.8 million revised budget.
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.
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 firstname.lastname@example.org.