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Audit information released by the City last week reveals some surprisingly sharp declines in tax revenue. Consider, for example, transient occupancy (hotel) tax revenue for fiscal 2010, which goes from mid-year 2009 to mid-year 2010. Receipts for 2010 from that tax plunged 12.3% to $123.3 million compared with 2009 totals.

Similarly, general fund sales tax revenue plummeted 9.5% to $192.7 million in fiscal 2010 from fiscal 2009.

General fund property tax revenue decreased only 1.9% to $391.4 million in fiscal 2010 from 2009.

Residential property values, which plunged around 40% from the 2005 peak, then bounced back a bit, are still down 38% from the late 2005 peak and some economists expect further declines.

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Comments

Ponzi Sept. 19, 2011 @ 6:17 p.m.

There is a silver lining - less for the spendthrifts at city hall to squander.

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Don Bauder Sept. 20, 2011 @ 7:01 a.m.

Yes, but in a City that is demonstrably broke, the mayor wants a $500 million convention center expansion and a subsidy of $700 million to $800 million (and probably much more) for the Chargers, owned by a billionaire family. Best, Don Bauder

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Visduh Sept. 20, 2011 @ 10:08 p.m.

That decline in sales tax revenue is surprising. Motor vehicle sales are supposed to be rising now, and there's not been much mention of sales in the shopping malls being down. But there's no denying the figures. On the other hand, I'd have expected the continued softness in home values to show up as a sharper drop in Property tax revenue. Commercial property isn't doing well either. This continued drop should provide the answer to anyone who wants to talk about a stadium or convention center expansion. It is shouting NO, but can the city government and especially the mayor hear it? If they do, they ignore it.

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Don Bauder Sept. 21, 2011 @ 7:21 a.m.

The mayor and his minions pay no attention to these devastating numbers. The City has made optimistic projections for receipts from these taxes. Best, Don Bauder

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