On Target
Monitor economically sensitive revenues
Board of Supervisors 2023


Monitor activity in key economically sensitive revenues as an indicator of overall fiscal stability and to identify potential need to take corrective action.

Progress Update

Since Q3 (July through September 2023) represents the first quarter of the Fiscal Year (FY), which is traditionally not a strong indicator for the rest of the year, the following updates are focused on final FY 22-23 results

  • Property and Transfer Taxes
    • Property taxes are the largest source of discretionary revenues for the County, and continued to grow in FY 22-23, and at a higher rate than any of the previous five Fiscal Years (9%)
    • Transfer Taxes on the other hand came in less than the previous two Fiscal Years, but higher than FY 19-20 by 14%.
    • This is in part due to an unprecedented increase in transfer activities in FY 20-21, presumably a result primarily of COVID-19 pandemic driven market activity.
    • Transfer Taxes have historically been a leading indicator of trends on Property Tax revenues. However, the COVID-19 driven spike makes it difficult to predict what the FY 22-23 data means for the future
  • Sales Tax
    • Sales tax revenues softened as compared to FY 21-22
    • However, FY 21-22 was somewhat anomalous as compared to the previous several fiscal years
    • FY 22-23 is ended 8% higher than FY 20-21, which may indicate a return to more typical performance going forward
  • Transient Occupancy Taxes (TOT) revenues grew by 19%
  • Business Activity
    • Building fees performed slightly better than FY 21-22
    • Recording fees are down as compared to previous years
    • Similar to transfer taxes, these fees experienced an unprecedented increase coincident with the COVID-19 pandemic
    • However, the revenue projections indicate reduced activity even as compared to pre-pandemic years
  • Gas Tax revenues exceeded previous years, indicating no significant slowing in this area of economic activity

Next Steps

Plans for Q4 (October through December 2023) include:

  • Continue to monitor key revenue streams for indicators of recession
  • Develop pre-emptive recession response plans with Fiscal Administrative Collaboration Team (FACT) to ensure departments are ready to respond quickly if/when needed


Not Defined
Property Taxes and Transfer Taxes
Board of Supervisors 2023
Not Defined
Other key general fund revenues
Board of Supervisors 2023
Not Defined
Business Activity
Board of Supervisors 2023
Not Defined
Gas Tax
Board of Supervisors 2023


Financial Stability and Core Services
Board of Supervisors 2023