How do declining revenue estimates compare to revenues in prior years?
The last six months have brought the greatest declines in key revenues in at least the past seventy years. As shown in the accompanying table, growth rates from fiscal years 2003 through 2008 for the three largest revenues – transient occupancy taxes (TOT), sales taxes, and property taxes – have been positive. In fact, during this six-year period, TOT revenues have grown an average of 4.7%, sales taxes have grown an average of almost 3%, and property taxes have grown an average of 9.7%.
