Surplus expected in 2013

Posted: Mar. 6th, 2013  |  By Michael Pearse

The economy in San Diego looks to be on the rebound. For the first half of the 2013 fiscal year there are estimates that say that there should be a surplus of $3.6 million. This is possible because of many things but one of the major contributors is the increase on hotel tax.

SAN DIEGO (CNS) - Revenues coming into the city of San Diego are running above projections through the first six months of the fiscal year, and that should result in officials having an extra $3.6 million to spend, according to a report presented to a City Council committee Wednesday.

The "Fiscal Year 2013 Mid-Year Budget Monitoring Report," given to the City Council's Budget Committee, found that San Diego is on pace to spend $7.7 million more than expected through June 30 but will earn $13.2 million more than had been anticipated.

The major contributors of the extra municipal income are property taxes -- $14.6 million more than expected thanks, in part, to the dissolution of redevelopment agencies -- and $1.9 million extra dollars from hotel room taxes. However, sales taxes, franchise fees and some other revenue sources are below what was budgeted.

You might like : San Diego News

Best Things To Do >

In a city that offers a wide array of things to see and do, deciding where to start can sometimes prove to be a challenge. View All Things To Do in San Diego >

The Best Restaurants >

Here, you will find only the finest restaurants, each which has been carefully selected based on its cuisine, ambiance, location, chef, awards and reviews. View All San Diego Restaurants >

The Best Nightlife >

From multi-level dance clubs and celebrity hotspots to popular watering holes and jazz clubs, experience the local nightlife scene at its finest with our list of top recommendations. View All San Diego Nightlife >

The Best Art & Culture >

Before your next luxury trip to the city, be sure to check out some of our favorite local landmarks, cultural attractions, and diverse blend of museums and art galleries. View All San Diego Culture >

Best Designer Shops >

From the best shopping districts, department stores, and local boutiques, you're sure to find the shopping destination that best suits your needs. View All San Diego Shops >

Best Luxury Services >

As a luxury lifestyle enthusiast, we understand that when it comes to service, only the best will do. View All San Diego Luxury Services > Luxury NEWS >