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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.

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