REVENUE AND EXPENDITURE ASSUMPTIONS
Last year, Irvine’s housing market continued to show growth. Irvine’s residential real estate prices increased by approximately 9.4 percent in 2018. The median price of single-family home reached $842,500 (detached/attached single family residences) in 2018. Sale prices of single-family homes have risen on a year-over-year basis. However, with the rise in interest rates and projected future rate increases, housing affordability continues to be stretched, forcing prices to stabilize.
Summary of General Fund Resources Table 1 summarizes and compares actual General Fund resources in FY 2013-14 to FY2017-18, FY 2018- 19 adopted budget, projected FY 2019-21 resources, and forecasted resources for FY 2021-24.
Table 1: General Fund Resources
2013-14 Actual
2014-15 Actual
2015-16 Actual
2016-17 Actual
2017-18 Actual
2018-19 Budget
2019-20 Proposed
2020-21 Proposed
2021-22 Forecast
2022-23 Forecast
2023-24 Forecast
Sales Tax
55,579,512
58,766,632
65,619,926
63,063,463
63,853,447
64,609,782
64,618,770
64,750,396
65,859,566
67,124,462
68,426,609
Property Tax
47,081,024
50,719,953
55,204,528
59,469,593
65,049,200
69,902,446
74,162,141
77,731,639
81,179,993
84,765,584
88,493,274
Hotel Tax
9,331,273
10,772,089
12,294,312
12,520,113
14,883,338
16,293,000
17,027,255
17,239,986
18,002,879
18,232,661
19,745,747
Miscellaneous and Other Programand Service Fees
8,277,871
24,335,445
8,964,061
11,503,911
9,501,447
9,149,665
11,145,906
11,148,974
11,239,268
11,335,722
11,357,460
9,276,445
10,094,902
10,900,365
11,551,006
11,899,921
12,449,722
13,853,790
14,286,178
14,460,674
14,642,500
14,853,939
Franchise Tax
8,559,748
8,892,754
9,170,175
8,854,213
9,226,950
8,890,100
9,348,401
9,518,219
9,587,347
9,655,881
9,726,011
Utility Users Tax 4,517,699
4,561,280
4,863,122
4,558,337
4,761,983
4,649,369
4,576,209
4,766,028
4,838,355
4,912,294
4,987,882
Documentary Transfer Tax Hotel Improvement District
2,911,268
3,554,156
3,761,506
3,956,523
4,631,011
4,362,066
4,226,885
4,226,885
4,226,885
4,226,885
4,226,885
2,332,818
2,693,022
3,073,578
3,130,028
3,720,835
4,073,250
4,256,814
4,309,997
4,500,720
4,558,165
4,936,437
Sub-Total Revenues
147,867,657
174,390,233
173,851,573
178,607,186
187,528,134
194,379,400
203,216,171
207,978,302
213,895,686
219,454,153
226,754,244
Transfers-In
2,285,573
3,374,148
3,073,285
3,078,300
7,512,617
5,425,251
2,929,720
3,649,808
3,559,069
3,559,069
3,559,069
Total Resources
150,153,230
177,764,381
176,924,858
181,685,486
195,040,750
199,804,651
206,145,891
211,628,110
217,454,755
223,013,222
230,313,313
In FY 2019-20 and FY 2020-21, General Fund Operating Revenues, excluding transfers-in, is anticipated to increase 4.5 and 2.3 percent, respectively. The increase in operating revenues is due primarily to growth
FY 2019-21 Proposed Budget
53
Made with FlippingBook Learn more on our blog