Antioch projects tax revenue decrease of almost $3 million, council will have to adjust budget
$1.1 million drop in 1% sales tax revenue from Measure W
By Allen Payton
During the budget workshop on Tuesday night, the Antioch City Council was presented with the 2020-21 Budget Update from staff showing a projected decrease of $2,960,435 in tax and other revenue. That includes a decrease in regular city sales tax revenues of $1,671,239 and a decrease in the 1% sales tax from Measure W of $1,105,833, and a $270,196 drop in property tax revenue.
According to the staff report, “as of May, California has had a 20.1% decline in sales tax revenue. The financial implications are still a moving target for the City with a lot of uncertainty and no end date for the crisis in sight.”
Antioch’s projected drop in Measure W sales tax was 7%, but the City only experienced a 5.2% decline in both sales and property tax revenues, from a budgeted $62,447,821 to a projected $59,200,553.
Also, according to the staff report, the council will be asked to adjust the budget in the future. The City operates on a two-year budget. The next one will be approved in June 2021.
the attachments to this post:
Antioch Budget Summary As of 8-25-20
