Hi Mr. Tattler, this is your Captain speaking:
The figures of Real Estate Sales in 91024 is for the last 90 days ending 09/28/2014. They were obtained using the Redfin.com iPhone app.
What the big long attached spreadsheet at the end tells us:
- 83 properties sold in the last 90 days. That is the same rate as 332 sales in a year!
- Total property tax increase for the last 90 days is $282,622.
- Sierra Madre's cut of the increase is about 21.9% of that increase. That's $61,894.11 for the last 90 days.
- Multiply $ 61,894.11 X 4 = estimated annual increase of $ 247,576.44 so say $250,000. AND that's for every year + 2% COLA.
- The City says a drop to an 8% UUT rate would result in a $400,000 "loss of revenue".
- BUT, $400,000 minus $250,000 = $150,000 shortfall left to cover.
- A $150,000 shortfall out of a $8,500,000 general fund budget would be 1.76% of that budget. Are you telling me the City can't find 2% to cut?
- These figures do not take into account former Finance Director Schnaider telling the City Council that there was about $200,000 extra from 2013-2014.
(Mod: Problem solved! Bring on the City Hall reorganization! Here's the spreadsheet.)
(Mod: Tune in tonight at 7PM for the Special Meeting of the City Council. They're dealing with the budget, and now you have some exceptionally good information to share with them!)