The Daily Journal provides some great pull-out factoids about B'game's financial status today in a piece noting that the city coffers are bulging. Here is the essence of it
The city’s annual budget document, released last week at the Burlingame City Council meeting, showed the city’s general fund increased 8.5 percent from the previous year, bringing in an additional $4.3 million, swelling to $51.3 million.
Hikes in hotel, sales and property tax revenue have spurred the increase of cash flowing to the city, according to the report. Those three taxes account for 85 percent of the general fund. Tax on the city’s 3,742 hotel rooms brought in $3.1 million more than the previous year, accounting for 38 percent of the city’s current general fund proceeds, according to the report. The top 25 car dealerships, hotels, general merchandise stores and restaurants brought in a nearly half of the sales tax revenue to the city, said the report.
Property taxes also helped drive the city’s economy, increasing 8 percent from the previous year, and bringing $15.5 million in revenue to the city, said the report. The median value of the 32 homes sold in Burlingame was $1.8 million last year, a 6 percent increase from the year prior.
I have to agree with Vice Mayor Keighran who "preached the value of fiscal responsibility, citing the volatility of the travel industry, and suggesting the city might add more to its reserves from the unprecedented amounts of hotel tax." The other options is a.......wait for it....rebate. But let's go with "build the reserves" for now. Of course, the swimming pool, Rec center, and other identified priorities like improving City Hall, not to mention some out-of-nowhere scheme for affordable housing will all compete with the reserves for dollars. I think a nice donation to help the legal battle against high-cost rail would be a good use of the first 25 grand.