ALL FUNDS REVENUE
GENERAL PURPOSE FUND REVENUE
Summary of the General Purpose Fund Revenues
Since the end of Fiscal Year (FY) 2020-21 and the beginning of FY 2021-22, many of the City’s revenues that were impacted by the COVID-19 pandemic have either fully rebounded or significantly improved. Airport activity surged in FY 2021-22 and sturdy growth continues in FY 2022-23; hotel stays are strengthening, parking and meter revenues have posted year-over-year gains, and employment figures have inched closer to the pre-pandemic levels – all examples of the recent economic growth experienced in Oakland.
However, and as presented in the Five-Year Financial Forecast covering FYs 2023-24 through 2027-2028, the General Purpose Fund (GPF) anticipates that revenue will continue to grow, albeit at a slower pace for the FYs 2023-24 and 2024-25 due to the recent economic and employment news, with a return to moderate growth thereafter. Meanwhile, most expenditures categories, such as personnel costs for wages and retirement, are expected to grow even faster. Therefore, based on an early comparison of projected revenue and increased costs, the City faces a sizeable structural shortfall in the GPF over the next few years.
Nevertheless, the projections presented reflect the most up to date economic and financial data available at the time of writing. A detailed discussion of the individual categories that comprise GPF revenues are linked below. For each category, a brief description is provided, followed by historical data, relevant analysis, key forecast assumptions and the forecast itself.