Local Taxes Fund Big Gains for City Revenue in 2012-2013

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With an unexpected spike in local tax revenues, the city collected $23.6 million in general fund revenues during the 2012-2013 fiscal year—$2.7 million more than originally projected by Assistant City Manager Reva Feldman. 

Feldman expected the city to earn $20.9 million in 2012-2013. 

According to a report presented to the City Council on Monday, Malibu made $9.3 million in property tax revenues, $2.8 million in sales taxes and $5.6 million from other taxes like transient occupancy and utility users’ taxes. Licensing and permit-processing revenues totaled $2.6 million—19 percent more than originally projected. 

Coupled with undesignated reserves, the city finished with $32.7 million in total revenue funds after the fourth quarter. City expenditures totaled $20.2 million.