Half Moon Bay announced last week that its “conservative” budget projections of last June-seen by many then as widely optimistic and unrealistic–were, in fact, wildly optimistic and unrealistic.
The following graphs show the sources of revenue for Half Moon Bay. The graphs show the percentage increase in revenue as compared to the previous year. In other words, the bars in the graphs answer the question “How much larger is the revenue source compared to last year?” Bars with positive numbers indicate a larger amount of revenue while negative numbers indicate a reduction in revenue.
The blue arrow indicates the projection made by Half Moon Bay last June–the tip of the arrow indicating the projected amount of growth or decline in each revenue category. Thus the blue arrow points to what Half Moon Bay said would happen, the bar for that year shows what Half Moon Bay is saying instead now.
In absolute amounts, compared to the June budget:
TOT (Hotel tax): $846, 127 less than projected
Property tax: $228,074 less than projected
Sales tax: $212,113 less than projected
Fees: $550,084 less than projected
The total revenue projected last June was $11.2 million. The revised number is now $9.1 million.