The frequent updates to Yorba Linda's government revenues and expenditures presented to City Council members provide a real-time look at the state of the city's overall economy.
For example, the most recent update to the council came earlier this month from the city's finance director and treasurer Dianna Honeywell just before a new fiscal year starts July 1.
Most notable in Honeywell's June 4 report was a sizable dip in the city's sales tax income to $8.6 million, some $640,000 less than expected when council adopted the budget last year. Sales tax is the city's second-largest source of revenue behind property taxes.
Honeywell said in her report: “Consumer spending is down across most categories due to inflation and higher interest rates. Historically strong sectors in the city are down due to businesses scaling back on capital equipment purchases as interest rates remain high.”
She noted the state and county “pool allocation to each city is based on proportional cash receipts within the county each quarter, among other factors,” and the allocation has been “negatively impacted by the same factors impacting other sectors in the city.”
Property tax revenue is expected to jump $473,310 to $25.9 million. As Honeywell reported: “Increases in property tax are driven mainly by higher property values and the fine tuning of original estimates.”
Some $2.4 million in franchise taxes are expected to be collected by the city, $81,685 more than anticipated. Ultimately, residents pay these fees, which are detailed on their utility bills.
Interestingly, most of the increase will come from Southern California Edison and Republic Services trash hauling, $89,885 and $38,300, respectively. About $55,500 less will be paid by the Spectrum cable television provider, which echos a nationwide trend of cord-cutting.
Overall, for the fiscal year ending June 30, 2025, the city anticipates revenue totaling $49.5 million and expenses totaling $48.9 million. The $621,000 excess, when added to the city's existing reserve fund, would total $25.3 million and represent 53.7% of the year's general budget operating fund.
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Deadline for nominations for Yorba Linda's 21st annual Citizen of the Year selection is Sept. 3, with the chosen party honored on Oct. 16 at the Mayor's State of the City address at the Richard Nixon Presidential Library and Museum.
Applications are available on the city website. A five-member committee composed of the mayor and one representative from each of the city's commissions – planning, parks and recreation, traffic and library – will review nominations and make the selection.
Among four criteria for nominations: “Special consideration will be given to nominees whose volunteer work directly benefits Yorba Linda and/or brings significant recognition to the city.”
City employees and current elected or appointed officials are not eligible for nomination.