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2 <br />In February and March 2009, staff projected FY 2009-10 revenues would be approximately <br />$174.3 million, a reduction of $8.7 million from the FY 2008-09 original budget of $183 million. <br />The projections made during this time were very preliminary and based on early analyses of <br />trends through January 2009. <br />Prior to the release of the Manager's Recommended FY 2009-10 budget on May 12, 2009, the <br />last revenue projection provided to the Board was during the March 24, 2009 work session. <br />During the period between March 24 and May 12, 2009, staff continued to monitor and <br />analyze projected revenues. In the end the Manager's FY 2009-10 Recommended Budget <br />reflected total General Fund Revenues of $177.6 million, a reduction of $5.4 million from the <br />current year original budget. <br />The chart below summarizes major changes between preliminary and recommended revenue <br />projections for next year. <br />Analysis of Revenue Projection Changes between March 24, 2009 and May 12, 2009 <br /> Preliminary Projections Recommended Budget <br />Real Property Preliminary projections were Recommended revenues based on <br />Valuations calculated prior to end of final results of Revaluation after <br /> Revaluation appeal process appeal process completed <br /> Valuation estimates were fiscally <br /> conservative and anticipated large <br /> number of Revaluation appeals <br />Motor Vehicle Anticipated decrease of 10% from Revised projections anticipate <br />Valuations current year budgeted valuation decrease of 8-to-9% from current <br /> year budgeted valuation <br />Property Tax Collection rates were fiscally Recommended collection rates reflect <br />Collection conservative and based on current rates which are on target or <br />Rates collection rates through first half of slightly higher than collections during <br /> current year first half of current year <br />Sales Taxes Revenue projections were based Recommended revenues reflect <br /> on lower than budgeted collections receipts through May 2009 which are <br /> through first half of current year only slightly lower than original current <br /> year budget <br /> Anticipated 10-to-15% reduction in <br /> Articles 39, 40 and 42 budget due Anticipates 5% reduction in Article 39 <br /> to anticipated continued economic due to anticipated continued economic <br /> downturn downturn <br /> Anticipates 2-to-2.5% reduction in <br /> Articles 40 and 42 due to anticipated <br /> continued economic downturn <br />Land Transfer Revenue projections were based Recommended revenues reflect <br />and on significantly lower than budgeted activity through April 2009 <br />Construction collections through first half of <br />Related current year Revenues continue to be less than <br /> budgeted in current year <br />