83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT

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. . ` ' r��C'„6�;ti"I�"�_",� � � _ 'Revennes For fiscal 1983, the princfpal sources of City revenues for all funds, fund groups and accounts were sales taxes, property taxes, federal grants and intergovernmental receipts primarily for capital projects. More complete information respecting the various funds and accounts of the City used to account for its financial resources and revenues is set forth in Appendix A. "Financial Statements." The primary sources of General Fund revenues during fiscal 1983 were saTes taxes, charges for services, utility and franchise taxes, food and beverage taxes, and property taxes. Sales Taxes. For fiscal 1983, revenues from the City's portion of the State municipal sales taxes on certain property purchased at retail and on the costs of certain products used incident to the rendition of services represented approximately _X of the City's total revenues. Real Property Taxes. For fiscal 1983, property taxes represented approximately X of total City revenues. Prior to the second Tuesday in . September of each year, the City levies property taxes on aIl taxable property located in the City. The amount of such tax levy is recorded as revenue in the fiscal year ending on the next April 30. Information respecting property tax assessment, levy, collection and related matters is discussed under "Property Taxes." Personal Property Replacement Taxes. All ad valorem taxes on personal property in the State were abolished effective January 1, 1979. A personal Property replacement tax an the net income of corporations, partnerships and trusts, together with a tax on the invested capital of certain public utilities became effective July 1, 1979. Revenues collected by the State under such � replacement tax are held in a special fund in the State treasury and the monies allocable to the City are distributed eight times annually. Federal Grants and Revenue Sharing. For fiscal I983 Federal grants and revenue sharing programs provided approximately _% of the City's total revenues. Recently adopted Federal legislation has reduced or eliminated certain progra ms, or the funding therefor, which have provided assistance to municipalities. Programs that have been affected by such legislation, and under which the City has received funding, include Federal Revenue Sharing, Urban Mass Transit Grants and Community Development Biock Grants. During fiscal 1983, the City received $ million from such Federal programs, and for fiscal 1984, the City's budget includes projected receipts of $_ million from such Federal programs. The City believes that these reductions will not have a significant immediate impact on the City's services. In addition, further reductions or eliminations of funding for Federal progra ms are pending or proposed. The City is presently unable to predict the impact on its services and operations of such legislation, if adopted. Intergovernmental Revenues . Intergovernmental revenues totalled approximately $ in the General Fund and $ million in the Capital Projects Fund. In fiscal 1983, intergovernmental revenues in the General Fund consisted of charges for services provided to other taxing jurisdictions, predominantly data processing services. The City's share of State income tax receipts is recorded in the Capital Projects Funds as intergovernmental revenues. � Recently Imposed Taxes on Food and Beverages and Hotel and Motel Receipts. During fiscal 1981, the City Council enacted two new sources of revenue for the General Fund: a three percent tax on alI hotel and motel room receipts, which became effective May 1, 1981, and a two percent tax on all food and beverages 6