Yorba Linda has been buoyed by some good financial news lately: City revenues are up, led by a significant increase in sales tax collections, and income from the city-owned Black Gold Golf Club will lead to a sooner-than-expected payoff of the club’s outstanding debt.
City operating revenue will be about $1.4 million more than expected at the end of the fiscal year June 30, according to a report to the City Council by Finance Director Dianna Honeywell.
The increased income will be led by a predicted $400,000 boost in sales taxes, reaching an anticipated $9 million. Operating revenue is projected to total $44.8 million.
“Increases in sales tax are driven mainly by gasoline sales, heavy industrial equipment sales and the rebound in local restaurants with people venturing out more since the end of the pandemic,” Honeywell reported.
Other expected increases include $300,000 in building permit and plan check fees and $289,000 in recreation fees.
A projected $106,000 in reduced revenue from property transfer and transit occupancy tax income is partly attributed to a “slowing of the housing market.” Other expected declines: Interest, recreation brochure advertising, cable TV franchise fees and oil well certificates.
A strikingly upbeat report on finances at the 22-year-old, city-owned golf course also was presented to the council, prepared by General Manager Rich Cessna. He called the most recently completed fiscal year “the most successful…in Black Gold’s history.”
A highlight of his report is a sooner-than-expected settlement of the club’s $2.3 million debt to the city. Final payment had been expected in 2030, but now the projected payoff is June 2028.
Cessna said club revenue totaled $9.1 million, with a net profit of some $1 million.
“This was a record-setting year, as golf demand continues to be at an all-time high, reinvigorated by the COVID pandemic.”
“However,” Cessna advised, “golf has not been historically…
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