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HomeMy WebLinkAbout25 - NB-2 - Attachment 2 - 3/3/2015Attachment 8 City of Costa Mesa Transient Occupancy Tax Volatility Transient Occupancy Tax $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 _ $4,000,000 -- $3,000,000 -.. _.__.... _.__. ...._._. _... .... $2,000,000 $1,000,000 _ T._._.._._. ... FY 99 -FY 00 -FY 01 -FY 02 -FY 03 -FY 04 -FY 05 -FY 06 -FY 07 -FY 08 -FY 09 -FY 10 -FY 11 -FY 12 -FY 13 -FY 14- 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Reserve Study Reduction Scenarios: Amount $ Change % Change 100% Annual Loss FY 99-00 Actual $ 4,118,044 4,143,501 2,071,751 1,367,355 3/2 actual experience FY 00-01 Actual 4,856,772 738,728 17.9% 6,763,741 6,763,741 FY 01-02 Actual 3,865,823 -990,949 -20.4% 3,581,583 1,112,368 FY 02-03 Actual 3,799,682 -66,141 -1.7% 1,302,964 FY 03-04 Actual 4,221,661 421,979 11.1% 1,008,551 FY 04-05 Actual 4,641,350 419,689 9.9% 719,618 FY 05-06 Actual 5,465,320 823,970 17.8% FY 06-07 Actual 5,959,556 494,236 9.0% FY 07-08 Actual 5,791,004 -168,552 -2.8% 272,845 FY 08-09 Actual 4,719,158 -1,071,846 -18.5% 1,450,808 FY 09-10 Actual 4,268,984 -450,174 -9.5% 2,008,956 FY 10-11 Actual 5,344,968 1,075,984 25.2% 1,042,836 FY 11-12 Actual 6,524,510 1,179,542 22.1% FY 12-13 Actual 7,257,695 733,185 11.2% FY 13-14 Actual 7,676,090 418,395 5.8% FY 14-15 Adopted 8,040,000 363,910 4.7% Reserve Study Reduction Scenarios: Reserve Recommendation 3,581,583 Percent of Loss Covered by Reserves Recession/Recovery Years Loss 100% 50% 33% 2/3 what if scenario 4,143,501 4,143,501 2,071,751 1,367,355 3/2 actual experience 4,775,445 4,775,445 2,387,722 1,575,897 3/3 what if scenario 6,763,741 6,763,741 3,381,871 2,232,035 x 1.5% Augmentation Factor 7,163,167 3,581,583 2,363,845 Reserve Recommendation 3,581,583