GENERAL FUND: REVENUE (cont)

Explanation Of Significant Budget Variances

Additional information on major General Fund Revenues can be found in the Revenue Manual section of this document.

2023 Adopted Budget vs. 2022 Projected Actual

• Overall, General Fund revenue is expected to increase 7% from the 2022 projection of $73.3 to $78.4 million. This increase is driven primarily by budgeted growth of sales tax revenue of 8%.

• Property Tax Revenue is budgeted to remain flat due to 2022 not being an assessment year for property tax valuations.

• Electric Excise Tax revenue is budgeted to increase 4% to account for increased development.

• Robust construction activity resulted in a large increase in building permit revenue projected for 2022. The same level of activity is expected to continue in 2023.

• Business license revenue is decreasing to zero due to new state legislation that prohibits business licenses to be required for businesses without a physical location in the Town. The Town is removing business license fees for all businesses to keep its policies equitable.

• Revenue from Miscellaneous is increasing to include a state mandated plastic bag surcharge that will be in effect for 2023.