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Page 5 of 15 56.3% of total revenues. In FY 2022/23 actual property tax collections including all categories of property related taxes were approximately $86.1 million compared to an estimate of $83.8 million in the amended budget, or $2.3 million (2.8%) higher than the amended budget. Secured property tax and supplemental property tax were higher than budget by about $0.8 million and $1.5 million, respectively, while documentary transfer tax is lower than budget by $0.3 million and lower than prior year actual by $0.8 million due to the decline in home sale activities. The City likely benefitted from higher construction and home sale activities that happened in other cities within Alameda County as property tax revenues are shared by all cities in the first year when properties change hands. Sales Tax revenue is the second largest revenue source for the General Fund, accounting for 17.1% of the total revenues. FY 2022/23 actual sales tax collections were approximately $26.2 million compared to an estimate of $25.1 million in the amended budget. This $1.1 million or 4.3% increase reflects that several sales tax categories performed better than expected, but it should be noted that almost $0.5 million of $1.1 million was one-time, unanticipated audit collection for taxes owed several years ago. Excluding this one-time correction, actual sales tax revenue was $0.6 million or 2.5% higher than the amended budget. Business License Tax revenue was budgeted at $5.0 million, and actual collections were $5.9 million or $0.9 million higher than the amended budget as a result of new licenses and greater gross receipts than expected. Some Business License Tax collected in FY 2022/23 was related to various, one-time construction contracts and other professional services. As such, a more modest level of growth is expected in future years. Actual Transient Occupancy Tax (TOT) collected was approximately $5.0 million or $0.9 million higher compared to a budgeted estimate of $4.1 million in the amended budget as a result of increased business travel activity in the Tri-Valley region. While TOT revenues continue to increase from a COVID-19 low of $2.0 million in FY 2020/21, the $5.0 million collected in FY 2022/23 is still significantly lower than the all-time high of $6.5 million achieved in FY 2018/19. This tax had significant recovery in FYs 2021/22 and FY 2022/23, but this level of improvement is not expected to continue based on recent travel industry trends. Development Services Fee revenues were approximately $6.4 million or 22.7% higher compared to an estimate of $5.2 million in the amended budget with actual plan check fees collected exceeding the amended budget by approximately $1.2 million due to fees associated with major development projects, including AvalonBay Communities and Costco. This additional revenue was offset by a corresponding increase of approximately $0.6 million in professional services costs to support additional workload. Actual Recreation Fee revenues were approximately $0.4 million or 9.1% higher compared to an estimate of $3.8 million in the amended budget due to an increased demand for recreation programs during the spring and summer months of FY 2022/23. Other Revenues exclude an unrealized investment loss of $1.7 million; however, this includes approximately $1.4 million in GASB adjustments related to the City’s leases and SBITAs, as well as the $4.3 million American Rescue Plan Act stimulus funds, as previously noted. General Fund Expenditures. Actual General Fund expenditures incurred were less than the amended budget by $3.2 million or 2.3% lower than the amended budget. Table 4 below shows Page 257 of 270