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November 2009 home page

  Del Mar $ Ups and Downs
Bud Emerson | Klish Way

Del Mar's quarterly financial report (July-September) gives us some bottom line measures of how the Great Recession and revitalization efforts are affecting Del Mar's economic health. Based on the first quarter actual figures, our total revenue for the year 2009-10 (July-June 2010) is estimated to decline by $318,000. Very tight fiscal management will enable our contingency reserves to hold at 10.07%. Council policy requires a minimum of 10%.

Property tax revenues of $3,452,000 for fiscal year 2009-10 are up 4%. The County Assessor estimates are even higher at 5.5%. Del Mar real estate's assessed valuation shows the highest rate of appreciation in the entire county of San Diego. These figures suggest that our careful management of growth is paying off. We get criticized for our stringent review practices, but the proof is in the valuation pudding.

Our sales tax revenue from restaurants and retail has been declining since 2004-05. No current figures breaking our restaurant and other retail are available yet, but typically restaurants account for about 65% of the total. A 6% decline in 2008-09 and further declines estimated for the current year of 2009-10.

Our Transient Occupancy Tax (hotel rooms) revenue for the current year of 2009-10 is estimated to decline by $300,000 ($1,586,000 down to $1,286,000). This despite our increase in room tax from 10.5% to 11.5%.

Sales and TOT tax declines suggest that the Great Recession is overwhelming our revitalization efforts.

 
 

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