1 Memorandum Date: November 11, 2005 To: From: RE: Tom Larkin, EDAW, Inc. Bill Anderson, ERA Amitabh Barthakur, ERA Judy Taylor, ERA Preliminary Fiscal Analysis for the Navy Broadway Complex ERA No Introduction EDAW, Inc. retained Economics Research Associates (ERA) to provide a brief fiscal analysis update to the Environmental Impact Statement (EIS) for the Navy Broadway Complex Project in San Diego. The Navy Broadway Complex Project is a 15.6 acre parcel site located between Broadway and the Pacific Highway along the San Diego waterfront. The parcel is currently owned by the Navy. As described in Alternative A of Section 1 of the EIS, the Navy is evaluating whether to enter into a lease agreement with a private developer to build a mixed-use project on the site. In attempts to reduce costs to taxpayers, the Navy is considering a public-private venture (PPV) whereby a private developer will finance the construction of 1 million SF of Navy office space in exchange for a ground lease on the property. This updated, preliminary fiscal impact study does not review the assumptions of the 1990 fiscal study for buildout values, property tax distributions or fiscal expenditures. Instead ERA prepared an updated fiscal analysis of Alternative A in the EIS using 2005 data and assumptions. ERA assumed buildout values and property tax distributions based on today s conditions, available data, and interviews. This study evaluates, in 2005 dollars, the fiscal impacts to the City of San Diego at buildout, if and whenever that may occur. ERA has not conducted a market feasibility analysis of the proposed development, and ERA makes no assumption regarding when and if buildout may occur. This study does not use present values for any figures. In addition, when and if buildout occurs, the project may result in internal retail transfers and dilution that could affect the fiscal impact to the City. This study does not estimate or take into account any impacts of these potential transfers. In completing this analysis, ERA was provided with the 1990 Navy Broadway Complex EIS, Sections 1 (pgs. 1 20) and Section 4 (pgs ), as well as the 1992 Development Agreement to adopt a development plan between the City of San Diego and the Navy. ERA is updating the fiscal impact study using internal ERA knowledge of current development markets, the City of San Diego Fiscal Year 2005 Final City Budget Wilshire Boulevard Suite 1500 Los Angeles, CA FAX Los Angeles San Francisco San Diego New York Chicago Dallas Washington DC London
2 EDAW, Inc. November 11, 2005 Page 2 (this budget is unaudited 1 ) and information gathered from discussions with the County of San Diego Assessor s Office and the Centre City Development Corporation. ERA also used information from secondary sources such as San Diego Association of Governments (SANDAG). ERA reviewed the current fiscal revenues and expenses that would result from development of this program as outlined in the EIS. ERA looked specifically at the revenues derived from possessory interest tax, transient occupancy taxes, and sales tax. City of San Diego Fiscal Year 2005 Final City Budget information was used to derive additional revenues and expenditures on a per residential equivalent dwelling unit basis of the proposed development. It is assumed that there will be no extra security or special needs costs to the City of San Diego associated with the Naval portion of the development. Summary of Findings The proposed private lease and development of the Navy Broadway Complex will have an annual positive net fiscal impact on the City of San Diego. The table below shows the estimated annual net fiscal revenues at buildout. Project - Equivalent Dwelling Unit 1,924 Annual Net Fiscal Impact to the City of San Diego Operating Revenues $ 9,703,890 Operating Expenses $ 1,993,940 Annual Net General Fund Revenues/ (Costs) $ 7,709,950 Source: Economics Research Associates Transient occupancy tax is the major source of revenue from the development. The projected transient occupancy tax receipts, $8.5 million, are less than the amount projected by the previous EIS, but still provide significant inflows to the City s General Fund. Possessory interest tax is only a small portion of the project s revenues to the City of San Diego, estimated at $266,854, because the Navy Broadway Complex falls into a redevelopment project area Centre City. The bulk of the possessory interest tax will go to the San Diego Redevelopment Agency. The proposed development is projected to provide a total of $4,333,129 of possessory interest tax increment, including Housing Set Aside, to the San Diego Redevelopment Agency. Redevelopment funds are not available for general City use. The proposed development is projected to provide annual sales tax receipts of approximately $492,000, and other revenues of approximately $425,000 to the City of San Diego. Overall the EIS conclusion that the proposed development would, at buildout, have 1 The City of San Diego has not adopted an audited City budget since 2002.
3 EDAW, Inc. November 11, 2005 Page 3 a net positive fiscal impact on the City of San Diego is validated, given that the market can support buildout of the project without transfers 2. Annual Possessory Interest Tax to San Diego Redevelopment Agency Possessory Interest Tax less City's Portion $4,840,403 Less Housing Set 20% (968,081) Less Tax Sharing Agreements with various agencies 13.1% (634,093) Annual Possessory Interest Tax to the SD Redevelopment Agency $3,365,048 Development Program and Value ERA has assumed that the private developer will provide the Navy with a finished 1 million sq. ft. office building at no cost or at a below market cost to the Navy and will build a 50,000 sq ft. museum that will be turned over to the City of San Diego. ERA assumes that the City will lease the museum to a non-profit and all operating costs associated with the museum will be borne by the non-profit. In addition, the City of San Diego will receive 1.9 acres of open space. Only the value of the land and improvement for the private functions private office space, hotel, retail, and parking structures are considered as private developments for purposes of possessory interest tax. Development Program as Proposed in Alternative A LAND USE Square Footage Employment Level Navy Office 1,000,000 6,667 Industrial - Private Office 650,000 2,889 Hotel 1,220,000 1,200 Rooms 1,500 Retail 25, Public Uses Open Space 85,000 Museum 55, Parking Above Ground 300,000 Total Spaces 3,105 Source: Navy Broadway Complex Environmental Impact Statement, April 1990 ERA has estimated this development value based on capitalized value of the current market rents discounted to account for the long-term lease. A discussion with the San Diego County Assessor revealed that, in the case of possessory interest, the Assessor would typically (1) value the land from the specific land lease agreement and (2) value the private improvements near their construction costs, with some adjustment for entrepreneurial profit. Given the building exchange arrangement described in this proposal and lack of a lease rental term, ERA calculated the value of the 2 As mentioned previously, ERA has not conducted a market feasibility study and makes no assumption regarding transfers or when and if buildout will occur.
4 EDAW, Inc. November 11, 2005 Page 4 development program based on its capitalized value for land and improvements based on current market rents and vacancy. The capitalized value is discounted by 4% to account for a long-term lease term. Total Value of Private Development Total Capitalized Value $ 532,006,000 Less lease discount factor of 4% $ (21,280,240) Assessed Value Subject to Possessory Interest Tax $510,725,760 Fiscal Implications to the City of San Diego ERA separately analyzed the revenues from possessory interest tax, sales tax, and transient occupancy tax. Fiscal expenditures and other revenues have been analyzed based on a per equivalent dwelling unit basis of the City of San Diego Fiscal Year 2005 Final City Budget. ERA has excluded Charges for Service revenues and expenditures assuming that these are pass throughs and have no net impact on the General Fund. As shown in the table below the equivalent dwelling unit accounts for the employee and residential pro rata share of City services. City of San Diego Equivalent Dwelling Unit Calculation Employment 779,927 Employment Resident Equivalent - 1 employee= 0.35 residents 272,974 Employment Resident Equivalent/Persons per Dwelling Unit 103,059 Employment Resident Equivalent Dwelling Unit 103,059 Residential Dwelling Units 492,969 Total Equivalent Dwelling Units (EDU) 596,028 1 See Appendix Table 1 - San Diego Existing Characteristics Source: Economics Research Associates Fiscal Revenues Possessory Interest Tax As a federal property, the Navy Broadway Complex has not been assessed by the County of San Diego and is not required to pay property tax. With the new long-term lease of the property by a private developer, the developer, per the Development Agreement, will have to pay the possessory interest tax due from the land. The Navy Broadway Complex is located in the Centre City Redevelopment Project Areas lying across the Marina and Columbia sub areas and, in consequence, the bulk of this possessory interest tax will go to the Redevelopment Agency. As a federal property, the Broadway Complex is not included in the current frozen base of any of the project areas, and the City previously would not have received any funds from new tax increment with the possessory interest in the land. However, according to CCDC, in 2004 the ability to take out new debt expired for this section of the project areas, and the City will begin to share in 25% of the tax increment from a new base calculated as of As shown in
5 EDAW, Inc. November 11, 2005 Page 5 Table 5 of the Appendix, ERA has included the City s share of the additional 25% of tax increment. Annual possessory interest tax flowing to the City of San Diego is estimated at $266,854. Transient Occupancy Tax The Transient Occupancy Tax is based on the potential daily room rental price of a 4 star hotel and a market vacancy estimate. Room rates are estimated at $ a night and occupancy is estimated at 76%. These rates are estimated by ERA based on data from Smith Travel. ERA also accounts for the better historical performance of waterfront hotels above hotels located on inland properties in the estimated rates. The City of San Diego s Transient Occupancy Tax is 10.5 cents for every dollar of daily room rental. This tax rate has increased by a point and a half since the 1990 EIS. Total annual receipts from Transient Occupancy Tax are estimated at $8,519,648. Sales Tax Sales tax is based on ERA estimates of sales per square footage. The EIS states that there will be 25,000 square feet of retail and there will also be storefront retail in the office building. ERA has assumed 5,000 square feet of retail in the private office and another 5,000 square feet of retail in the museum space. Retail sales are also assumed for the hotel. Hotel retail sales are estimated at 30% of total hotel revenue. Total annual sales tax receipts are estimated at $491,990. Other Revenues Total Other Revenues are estimated at approximately $425,000. Other Revenues are based on the development s pro-rata share of City revenues as reported in the City of San Diego Fiscal Year 2005 Final City Budget (pgs. 140 & 141). These revenues are calculated on a resident equivalent basis and have been derived in a manner similar to the Fiscal Expenditures section following. Fiscal Expenditures General Fund expenditures including police, life safety, parks and recreation resulting from the development have been analyzed on a residential equivalent dwelling unit basis. To calculate the project s equivalent dwelling units, ERA used the number of new employees provided in the EIS study and estimated the number of hotel guests, as shown in Appendix - Table 3. The project s equivalent dwelling units were applied to the prorated share of the expenditures reported in the City of San Diego Fiscal Year 2005 Final City Budget (pgs. 152 & 153).
6 EDAW, Inc. November 11, 2005 Page 6 Total annual expenditures by the City of San Diego to serve the proposed project are estimated at $1,993,940. General Limiting Conditions Every reasonable effort has been made to ensure that the data contained in this study reflect the most accurate and timely information possible, and they are believed to be reliable. This study is based on estimates, assumptions and other information reviewed and evaluated by Economics Research Associates from its consultations with the client and the client's representatives and within its general knowledge of the industry. No responsibility is assumed for inaccuracies in reporting by the client, the client's agent and representatives or any other data source used in preparing or presenting this study. This report is based on information that was gathered by ERA during November 2005 or as noted in the report, and Economics Research Associates has not undertaken any update of its research effort since such date. No warranty or representation is made by Economics Research Associates that any of the projected values or results contained in this study will actually be achieved. Possession of this study does not carry with it the right of publication thereof or to use the name of "Economics Research Associates" in any manner without first obtaining the prior written consent of Economics Research Associates. No abstracting, excerpting or summarization of this study may be made without first obtaining the prior written consent of Economics Research Associates. This report is not to be used in conjunction with any public or private offering of securities or other similar purpose where it may be relied upon to any degree by any person other than the client without first obtaining the prior written consent of Economics Research Associates. This study may not be used for purposes other than that for which it is prepared or for which prior written consent has first been obtained from Economics Research Associates. This study is qualified in its entirety by, and should be considered in light of, these limitations, conditions and considerations.
7 Table 1 City of San Diego - Existing Characteristics Demographic and Housing Data 1 Population (2005) 1,305,736 Dwelling Units (2005) 492,969 Persons per Dwelling Unit 2.65 Employment Data Total Civilian Employment (2000) 2 742,904 Projected Civilian Employment (2005) 3 779,927 City of San Diego - Equivalent Dwelling Unit Calculation Employment 779,927 Employment Resident Equivalent - 1 employee= 0.35 residents 272,974 Employment Resident Equivalent/Persons per Dwelling Unit 103,059 Employment Resident Equivalent Dwelling Unit 103,059 Residential Dwelling Units 492,969 Total Equivalent Dwelling Units (EDU) 596,028 1 As per the California Department of Finance 1/1/ As per SANDAG 3 Projection based on SANDAG's projected annual county growth
8 Table 2 Development Program as Proposed in Alternative A LAND USE Square Footage Employment Level 1 Navy Office 1,000,000 6,667 Industrial - Private Office 650,000 2,889 Hotel 1,220,000 1,200 Rooms 1 1,500 Retail 2 25, Public Uses Open Space 85,000 Museum 55, Parking Above Ground 3 300,000 Total Spaces 4 3,105 Total Square Feet 5 3,250,000 FAR Draft Environmental Impact Statement, Table Retail sq. footage excludes ground-level support retail that would be integrated into private office and hotel uses. 3 Includes square footage in above-grade parking structures 4 Includes above and below-grade parking spaces 5 Total sq. footage devoted to above-grade, enclosed structures. The square footage of open space areas is not included. 6 FAR is the ratio of gross sq. footage to the land held in fee by the Navy (13.67 acres). Above-grade structured parking is included. Square footage devoted to surface and below-grade parking and open space is not included in the FAR. Source: Navy Broadway Complex Environmental Impact Statement, April 1990
9 Table 3 Project Equivalent Dwelling Unit Employee Equivalent 1 Total new employees (less existing Navy employees) 8,699 Employment Resident Equivalent - 1 employee= 0.35 residents 3,045 Employee Eq./Persons per dwelling units Hotel Guest Equivalent Hotel rooms 1500 Room Occupancy 76% 1,140 x Avg. No of occupants ,052 Hotel guests/persons per dwelling unit Total Project Equivalent Employee Eq. Dwelling Units 1,149 Hotel Eq. Dwelling Units 775 Total Project Equivalent Dwelling Units = 1,924 1 Table 2 2 Table SD County Visitor Profile Study, San Diego Convention and Visitors Bureau Sources: Navy Broadway Complex EIS, Economics Research Associates
10 Table 4 Development Program Value at Full Buildout Private Office Space Office Space Sq. Ft, 650,000 Scheduled Rent per year - Triple net $20.00 $ 13,000,000 Less 5% $ 12,350,000 Less Management/Admin 5% $ 11,732,500 Capitalization rate - 10% 117,325,000 Hotel Total Rooms 1,500 Room Occupancy 1 76% 416,100 Gross room of 1 $ $ 81,139,500 Hotel retail revenues as 30% of hotel revenue $ 37,449,000 Other Hotel Revenue as 5% of hotel revenue $ 6,241,500 Total Hotel Revenue $ 124,830,000 Hotel Net Income (27% of revenue) $ 33,704,100 Capitalization rate - 10% 337,041,000 Retail Retail square feet 25,000 Scheduled rent per year - triple net $24 $ 600,000 Less 5% $ 570,000 Less Management/Admin 5% $ 541,500 Capitalization rate - 10% 5,415,000 Parking Above Grade Parking Sq. Ft 300,000 Above Grade Spaces 800 Below Grade Parking Spaces (less Navy spaces) 1875 Utilization 300 days 802,500 Payment per space per day $12.00 $ 9,630,000
11 Less Management/Admin 25% $ 7,222,500 Capitalization rate - 10% 72,225,000 Total Value of Private Development Total Capitalized Value $ 532,006,000 Less lease discount factor of 4% $ (21,280,240) Assessed Value Subject to Possessory Interest Tax $510,725,760 1 ERA estimates based on data from Smith Travel. Waterfront property have historically performed better on occupancy and average daily rate than like inland properties. Source: Economics Research Associates
12 Table 5 City of San Diego - Possessory Interest Tax Impacts Possessory Interest Tax to General Fund Total Assessed Value $510,725,760 Annual Possessory Interest 1.00% $5,107,258 City's Portion % of 25% $266,854 Annual Possessory Interest Tax to the General Fund $266,854 Annual Possessory Interest Tax to San Diego Redevelopment Agency Possessory Interest Tax less City's Portion $4,840,403 Less Housing Set 20% (968,081) Less Tax Sharing Agreements with various agencies 13.1% (634,093) Annual Possessory Interest Tax to the SD Redevelopment Agency $3,365,048 1 As a Navy property, this property had a zero valuation in the base year. Thus the city will receive no frozen base allocation from this property. However, in 2004 the project's ability to take on new debt was eliminated and the City will begin to share in an additional 25% of the new base in proportion to its original share in the assessed value (20.9%). Source: Centre City Development Corporation, Economics Research Associates
13 Table 6 Transient Occupancy Taxes Generated at Build out Hotel Total Rooms 1500 Room Occupancy 1 76% 416,100 Gross room of 1 $ $ 81,139,500 Annual Room Revenues $ 81,139,500 Annual Transient Occupancy Taxes 10.50% $ 8,519,648 1 ERA estimates based on data from Smith Travel. Waterfront property have historically performed better on occupancy and average daily rate than like inland properties. Note: 48% of Transient Occupancy Tax is allocated to Special Promotional Programs for the promotion of tourism and other purposes designed by the City Council Source: Navy Broadway Complex EIS, April 1990, City of San Diego, Economics Research Associates
14 Table 7 Direct Sales Tax Generation at Buildout Office Ground floor retail sq ft 5,000 Sales/S.f. $300 $ 1,500,000 Retail Retail Square feet. 25,000 Sales/S.f. $350 $ 8,750,000 Hotel Total Rooms 1,500 Room Occupancy 416,100 Hotel retail revenues as 30% of hotel revenue 1 $ 37,449,000 Museum Gift Shop sq ft. 5,000 Sales/S.f. $300 $ 1,500,000 Sales Taxes Total Annual Retail Sales $ 49,199,000 Annual Sales Taxes to the General 1.00% $491,990 1 See Table 4 Source: Economics Research Associates
15 Table 8 City of San Diego - Adopted Budget for Fiscal Year 2005 PRO-RATED REVENUE DISTRIBUTION Population 1,305,736 Equivalent Dwelling Unit (EDU) 1 596,028 Summary of Adopted Revenues GENERAL PURPOSE CITY RESOURCES/REVENUES FUNDS Share Carryover from Prior Years $11,600, % Per EDU REVENUE SOURCES Property Tax Revenue $269,553, % See Note Sales Tax 135,780, % See Note Safety Sales Tax 2 3,932, % 6.60 Property Transfer Tax 10,573, % - Transient Occupancy Tax 62,781, % See Note Total Other Taxes $213,068, % $6.60 General Business Taxes 12,935, % Parking Meter Revenue 6,636, % Other Licenses and Permits 7,110, % Total Licenses & Permits $26,682, % $44.77 California Vehicle Code Violations 7,344, % Other California and Municipal Violations 596, % 1.00 City Parking Violations 17,171, % Litigation Awards and Cost Recovery 6,890, % Total Fines, Forfeitures & Penalties $32,003, % $53.70 Interest Earnings 1,200, % Franchises 56,782, % Rents & Concessions 34,345, % Money/Property $92,328, % $95.27 Motor Vehicle License Fee 9,865, % Other State Grants and Allocations 9,161, % Federal Grants 487, % 0.82 Revenue from Other Sources 2,026, % 3.40 Total Revenue From Other Agencies $21,541, % $19.59 Library Revenue 1,836, % Golf Course Revenue 265, % Miscellaneous Recreation Revenue 5,040, % Police Services 3,042, % Fire Services 7,770, %
16 Summary of Adopted Revenues CITY RESOURCES/REVENUES GENERAL PURPOSE FUNDS Share Per EDU Engineering Services 5,934, % Redevelopment Services 1,800, % Services to Unified Port District 3,000, % Other Services 5,170, % Services to Transient Occupancy Tax Fund 611, % Engineering Services to Other City Funds 12,574, % Facilities Maintenance Services to Other City Funds 3,674, % General Gov't and Financial Svcs to Other City Funds 25,183, % Real Estate Assets Services to Other City Funds 1,137, % Miscellaneous Services to Other City Funds 5,562, % Total Charges for Current Services $82,602, % $0.00 Sale of Personal Property 186, % Miscellaneous Revenue 692, % 1.16 Total Other Revenue $878, % $1.16 Total Estimated Resources (Less Transfers) $750,258, % $ Transient Occupancy Tax Fund 32,841, % Engineering Services to Other City Funds 7,093, % Street Maintenance Services to Other City Funds 5,042, % General Government and Financial Services to Other Cit 247, % Real Estate Assets Services to Other City Funds 0 0.0% Miscellaneous Services to Other City Funds 1,677, % Environmental Growth Fund 2,191, % Other Transfers and Contributions 18,079, % Total Transfers from Other Funds $67,174, % $0.00 Total General Fund Balance and Revenue $817,432, % $ Table 1 2 State apportioned sales tax distributed to the City of San Diego assumed to increase on EDU basis. Note: Property Tax and Sales/Use Tax factors are calculated separately Transient Occupancy Tax Calculated Separately ERA has excluded Charges for Services for all applicable departments. Source: City of San Diego FY 2005 Budget (pgs. 140 & 141) and Economics Research Associates
17 Table 9 City of San Diego - Adopted Budget for Fiscal Year 2005 Population 1,305,736 Equivalent Dwelling Units (EDU) 596,028 Summary of Adopted Expenditures CITY EXPENDITURES GEN. PURPOSE FUNDS Less Charges Share of Pro Rata for Current Variable Expenditure Share Services Per EDU Costs Per EDU Citizen's Assistance $ 331, % 331, % 0.19 City Auditor and Comptroller 9,272, % 7,129, % 4.19 City Clerk 3,585, % 3,581, % 2.10 City Council Districts (1-8) 7,190, % 7,190, % 4.22 City Manager 444, % 364, % 0.21 City Treasurer 10,492, % 9,206, % 5.41 Council Administration 810, % 810, % 0.48 Equal Opportunity Contracting 2,294, % % - Ethics Commission 428, % 428, % 0.25 Financial Management 4,140, % 3,208, % 1.88 Governmental Relations 716, % 609, % 0.36 Human Resources 1,256, % 1,156, % 0.68 Mayor 2,690, % 2,505, % 1.47 Personnel 5,977, % 5,942, % 3.49 Public and Media Affairs 192, % 192, % 0.11 Special Projects 1,341, % 846, % 0.50 Total Internal Support/Management Expenditures $51,165, % $72.99 $25.55 City Attorney 32,153, % 25,790, % Citywide Operations Support 37,040, % 37,040, % Engineering and Capital Projects 30,941, % 12,195, % 7.16 General Services 22,316, % 16,782, % 9.86 Real Estate Assets 4,214, % 2,384, % 1.40 Total Operations Support Expenditures $126,665, % $ $55.31 Community and Economic Development 9,296, % 5,755, % 7.24 Neighborhood Code Compliance 5,403, % 4,681, % 7.85
18 Summary of Adopted Expenditures Less Charges Share of Pro Rata GEN. PURPOSE for Current Variable Expenditure CITY EXPENDITURES FUNDS Share Services Per EDU Costs Per EDU Planning 7,384, % 5,970, % 6.51 Small Business (Citywide) 1,123, % 1,123, % - Total Neighborhood Services $23,208, % $29.41 $21.61 Animal Regulation (Citywide) 5,290, % 4,531, % 7.60 Environmental Services 34,523, % 34,443, % Cemetery 1,377, % 1,377, % 0.81 Storm water 2,343, % 1,914, % 3.21 Total Sanitation and Health $43,534, % $70.91 $69.41 Paramedics (Citywide) 2,737, % 2,737, % 4.59 Office of Homeland Security 433, % 433, % 0.29 Police 308,776, % 305,956, % San Diego Fire-Rescue 149,549, % 138,684, % Total Public Safety $461,496, % $ $ Park and Recreation 75,913, % 68,048, % Total Park and Recreation $75,913, % $ $57.09 Library 35,448, % 33,611, % Total Library Expenditure $35,448, % $56.39 $56.39 Total Operating Expenditures $817,432, % $1, $1, Note: Variable costs are based on ERA's estimates. Due to the small scale of the project, ERA assumes a greater economy of scale. This information may need to be reviewed and refined by City Staff ERA has excluded Charges for Services for all applicable departments. Due to interdepartmental transfers, the cost coverage from service charges is underestimated in the above (this represents a more conservative approach). Source: City of San Diego FY 2005 Budget (pgs 152 & 153) and Economics Research Associates
19 Table 10 Net Fiscal Impact to the City of San Diego Project Equivalent Dwelling Unit 1,924 Net Fiscal Impact Build Out General Fund Revenues Possessory Interest Tax $ 266,854 Sales Tax 491,990 Transient Occupancy Tax 8,519,648 Other Revenues per equivalent dwelling $ $ 425,398 TOTAL REVENUES $ 9,703,890 General Fund Expenses City Operating Expenses per equivalent dwelling $1, $ 1,993,940 TOTAL EXPENSES $ 1,993,940 NET GENERAL FUND REVENUES $ 7,709,950 Source: Economics Research Associates