2025-city-of-oakland-acfr_final-123025.pdf

For the year ended June 30, 2025 and 2024, revenues for the General Fund are distributed as follows (in thousands): General Fund Increase / (Decrease) 2025 2024 Amount % Revenues: Taxes: Property taxes $ 403,829 $ 462,551 $ (58,722) -12.7 % State taxes: Sales and use taxes 59,999 61,740 (1,741) -2.8 % Motor vehicle in-lieu tax 683 535 148 27.7 % Local taxes: Business license 129,666 123,482 6,184 5.0 % Utility consumption 70,753 66,217 4,536 6.9 % Real estate transfer 93,220 57,613 35,607 61.8 % Transient occupancy 16,388 18,930 (2,542) -13.4 % Parking 11,236 11,871 (635) -5.3 % Voter-approved special tax 6,255 6,813 (558) -8.2 % Franchise 14,526 14,346 180 1.3 % License and permits 1,516 1,436 80 5.6 % Fines and penalties 23,686 18,759 4,927 26.3 % Charges for services 91,660 86,552 5,108 5.9 % Federal and state grants and subventions 3,590 3,390 200 5.9 % Annuity income — 4,591 (4,591) -100.0 % Interest and other 51,770 36,673 15,097 41.2 % Total revenues $ 978,777 $ 975,499 $ 3,278 0.3 % General Fund Revenues: Significant change in revenues include: • Property taxes decreased by $58.7 million, or 12.7 percent. This is mainly due to decrease in PFRS liability rate, reflecting reduced property tax levy requirements to fund the City’s PFRS obligations. • Business license tax increased by $6.2 million, or 5.0 percent, primarily due to City's enhanced recovery efforts targeting past-due business tax delinquencies. • Real estate transfer tax increased by $35.6 million, or 61.8 percent, primarily due to a single, exceptionally large PG&E property transfer. • Charge for services increased by $5.1 million or 5.9 percent, primarily due to higher parking meter fee collections resulting from a 50 percent increase in hourly parking rates. • Interest and other revenues increased by $15.1 million, or 41.2 percent, primarily due to a one-time Coliseum payment and legal settlements. CITY OF OAKLAND Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2025 15