Of the city’s projected $65.8 million in general fund revenue, the largest sources are $26 million in transient occupancy tax, up about $80,000 from the last fiscal year, and $18 million in property tax, an expected roughly $310,000 increase from the amount received last year.
Though the city has enjoyed steady growth over the past three fiscal years, to the tune of nearly $10 million in the general fund, some skepticism lies on the horizon as officials predict a drop in sales tax revenue for the coming year.
Burlingame collected $13.2 million in sales tax last year, up $2.1 million from the year prior, but expects to draw in $11.9 million in the upcoming fiscal year, according to the budget document.
You have to wonder what the TOT growth would look like if we added it to all of the room-sharing services operating in town. You also wonder what impact that would have to push people to just rent to locals in need of an apartment instead of just parsing it out night-by-night. Unlike some of my Socratic questions, I do not know the answer to that one. Deeper into the budget we see
Addressing liabilities in employee benefit plans are another challenge identified in the report, as the city’s staff has also grown over the years with the budget. More than half of the general fund is allocated to costs associated with employees
CapEx is always an issue and the article notes the potential tax measure on the ballot. Let's save that for another day. The reserve fund is up $3 million. It probably could be more since I don't know many established enterprises whose budget is up 8% year-over-year. In the meantime, take a ride to the Bayfront and thank the hotels for their TOT.