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Page 5 of 17 <br /> <br />General Fund Revenues. Actual General Fund revenues received were greater than the <br />amended budget by approximately $19.8 million, or 12.9 percent greater than the amended <br />budget, primarily due to the $12.8 million capital contribution associated with the Costco <br />project, which was offset by the corresponding expenditure mentioned below. FY 2024/25 total <br />revenue was 14.4 percent higher than the FY 2023/24 total. Table 3 below presents the major <br />revenue categories with a comparison of the amended budget versus actual revenues, as well <br />as the variance to the amended budget. <br /> <br />Table 3. General Fund Revenues – Amended Budget vs. Actual <br /> <br />Property Tax revenue is the largest revenue source for the General Fund, accounting for 53.3 <br />percent of total revenues. In FY 2024/25 actual property tax collections, including all <br />categories of property-related taxes, were approximately $92.6 million compared to an <br />estimate of $93.9 million in the amended budget, which was $1.3 million or 1.4 percent lower <br />than the amended budget. Overall, the real estate market has been cooling in FY 2024/25 due <br />to persistent high mortgage rates. Secured property tax, which is the largest component of the <br />overall Property Tax revenue, was lower than the budget by about $900,000, and the in-lieu <br />vehicle license fee was higher than the budget by about $250,000. In comparison, unsecured <br />property tax and supplemental assessment tax were also lower than budget by $150,000 and <br />$570,000, respectively. Compared to FY 2023/24, $92.6 million collected in FY 2024/25 <br />represents an increase of 2.6 percent, well below the increases the City experienced in the <br />last several years. <br /> <br />Sales Tax revenue is the second-largest revenue source for the General Fund, accounting for <br />14.6 percent of the total revenues. FY 2024/25 actual sales tax collections were approximately <br />$25.3 million compared to an estimate of $25.0 million in the amended budget. This $350,000 <br />or 1.4 percent increase reflects that several sales tax categories, including state and county <br />pool allocation, general consumer goods, and business and industry, performed better than <br />expected. Compared to FY 2023/24, the $25.3 million collected in FY 2024/25 represents a <br />5.5 percent increase, primarily due to the opening of the Costco store in November 2024. <br /> <br />Business License Tax revenue was budgeted at $5.8 million, and actual collections were $6.7 <br />million, or $900,000 higher than the amended budget, resulting from new licenses and greater <br />gross receipts than expected, such as the relocation of Kaiser Permanente workers from <br />Oakland to Pleasanton and the opening of a Costco store. Some Business License Taxes <br />collected in FY 2024/25 were related to various one-time construction contracts and other <br />professional services. As such, a more modest level of growth is expected in future years. <br />Page 351 of 399