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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 March 31, 2019

REVENUES

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.

Through March 31, 2019, the City’s General Fund has received $146.2 million, or 66.0%, of the $221.5 million of budgeted general fund revenues.

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 $167.1 million of revenue from these three sources in Fiscal Year 2019.

Property Tax

Property Tax is the top source of revenue for the City and represents almost half of all General Fund revenues. Fiscal Year 2019 property taxes as a whole are budgeted to come in at $106.7 million. The City has collected about $67.4 million, or 63.2%, of budget through March 31, 2019.

Sales Tax

Sales tax, the second largest revenue source for the City, is expected to finish Fiscal Year 2019 at $37.0 million. As of March 31, 2019, the City has received $23.4 million, or 63.3%, of the sales tax budget.

Transient Occupancy Taxes

Transient Occupancy Taxes (TOT) are budgeted at $23.4 million for Fiscal Year 2019. The City has realized 72.2%, or $16.9 million, through March 31, 2019.

Click link to view an interactive snapshot of General Fund revenues through March 31, 2019.

EXPENDITURES

As of March 31, 2019, General Fund expenditures totaled $144.5 million, which represents 67.7% of the $213.3 million revised budget.

Click link to view an interactive snapshot of General Fund expenditures through March 31, 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 March 31, 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, December 11, 2018, at 6:30 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 “Newport Beach has an exceptional credit position, and its Aaa rating is much higher than the median rating of Aa3 for US cities. The key credit factors include an extensive tax base, a very strong wealth and income profile, and a robust financial position. It also reflects a moderate* debt burden and an elevated pension liability.” Select the title to read the report, Moody's Investor Service Annual Comment on Newport Beach.

*Moderate 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.

Fitch Rating Agency Surveillance Report

Fitch Rating Agency has completed a surveillance review of the City’s Issuer Default Rating (IDR) and rating as it relates to the 2010 COPs. The outlook remains unchanged.The report provides insight as to how an independent rating agency views the City’s overall credit worthiness and ability to withstand external fiscal pressures. Please click on the document name Fitch Rating Agency Surveillance Report to access the report.

Moody's Investors Service Reaffirms City's AAA Rating

Moody’s Investors Service reaffirmed the City’s AAA rating on Friday March 3, 2017. This report concludes their most recent periodic credit surveillance of the City. The report is now public and has since been made available to capital market participants. The Moody’s report follows their most recent report, upgrading the City’s COP/Lease Revenue Obligation from Aa1 to Aa2 October 11, 2016, and their initial Issuer Credit Rating (ICR) of Aaa for the City October 21, 2010.  Please click on the document name Moody's Investors Service Reaffirms City's AAA Rating to access the report.

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