2009-10 Adopted Budget - City of Hoquiam

General Capital Reserve - #114The main source of revenue for this fund is the Real Estate Excise Tax (REET) imposedon the sale of real estate. In Hoquiam, we do not plan under the Growth ManagementAct (GMA). Therefore, our REET rate is 0.25%.Home sales have been strong in recent years in Hoquiam as is portrayed in the fact thatour REET revenue doubled from 2003 to 2005. However, in 2008 home salesnationally are on the decline. The 2009-2010 budget forecasts REET revenue to belower than 2008, but to remain consistent through the biennium. In 2009, REETrevenue is budgeted to decrease 6.7% to $56,000 and to increase to $57,000 in 2010.Actual Actual Actual Actual Actual Actual Actual Actual Forecast Budget114 GENERAL CAPITAL RESERVE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009317.34.00 Real Estate Taxes $25,571 $29,596 $29,250 $30,454 $49,270 $61,619 $76,967 $59,182 $60,000 $56,000TOTAL : $25,571 $29,596 $29,250 $30,454 $49,270 $61,619 $76,967 $59,182 $60,000 $56,000Annual % Change: 15.7% -1.2% 4.1% 61.8% 25.1% 24.9% -23.1% 1.4% -6.7%Average % Change since 2000: 15.7% 7.3% 6.2% 20.1% 21.1% 21.7% 15.3% 13.6% 11.3%Transfers In $0 $0 $0 $0 $0 $0 $0 $0 $0 $0TOT. REV. & TRANSFERS IN: $25,571 $29,596 $29,250 $30,454 $49,270 $61,619 $76,967 $59,182 $60,000 $56,00068