Tuesday, November 30, 2010
A ray of light may be shining through the dark budget clouds hanging over San Diego. Some city revenue streams appear to be on the rise.
SAN DIEGO A ray of light may be shining through the dark budget clouds hanging over San Diego. Some city revenue streams appear to be on the rise.
These slight increases in revenue won’t solve next year’s $72 million deficit or wipe out the projected $230 million pension payment San Diego has to make. But they are something. A report from the Financial Management Department shows a projected revenue increase of $8.6 million for the current fiscal year.
But while Independent Budget Analyst Andrea Tevlin supports those findings, she said they’re just a snapshot and not the whole picture.
“There’s a lot more information that’s needed," she said. "But we also don’t have the expenditure information. This just shows that revenues are up.”
Sales and hotel tax revenues have risen over the last few months. But property taxes, the city’s largest revenue stream, continue to fall. The city’s budget committee will consider these numbers when it meets Wednesday morning.
The committee will also discuss how San Diego can increase the amount of revenue it collects. A new report out from the Citizens Revenue Review and Economic Competitiveness Commission listed several recommendations for the city. They include outsourcing some city functions, increasing fees for city services and increasing hotel and business taxes.