TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Scott Agajanian, Deputy City Manager/Economic Development Director
PREPARED BY: Javier Carcamo, Finance Director
SUBJECT:
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Report on Long-Term Strategic Economic Planning and Revenue Generation Opportunities
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ABSTRACT
At the request of City Council Member DeForest, this report provides an overview of the City's revenue-generating opportunities and long-term strategic efforts that could provide the greatest economic benefit to residents and sustain long-term financial health.
RECOMMENDATION
recommendation
Discuss a report on Long-Term Strategic Economic Strategies and Revenue Generation Opportunities.
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PRIOR ACTION/VOTE
None.
STRATEGIC ALIGNMENT
This item aligns with the City Council to: maintaining a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency relating to an administrative priority.
DISCUSSION
This report provides an overview of the City of Murrieta's (City) primary revenue sources, long-term economic development opportunities, and strategic initiatives that could provide the greatest economic benefit to residents while supporting the City's long-term financial sustainability.
The City's objective should be to pursue economic development strategies that diversify revenue sources, create quality jobs, attract private investment, and maximize the return on public infrastructure investments.
Long-Term Strategic Economic Strategies
Sales Tax Revenue
Sales tax is Murrieta's largest General Fund revenue source, representing approximately 28% of the City's total revenue budget. As a result, maintaining and expanding the City's sales tax base remains one of the most effective strategies for supporting municipal services and long-term fiscal health.
Murrieta's largest sales tax-producing sectors include general consumer goods (29%), autos & transportation (20%), state & county pools (15%), and re...
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