BIG BEAR LAKE, CA – At the February 13, 2017 Mid-Year Budget Workshop, City management shared with Council the news that the local economy continues to recover and major revenues are up 5%. As a result the City Council approved the contribution of $600,000 into Street Improvement Reserves setting aside funds for street repairs and other road improvements this coming Spring.
Over the last five years, Transient Occupancy Tax (TOT) revenue has shown steady growth on a quarterly basis, including growth during shoulder seasons. Significant first quarter snowfall allowed last fiscal year ending June 30, 2016 to end well ahead of projections. The current fiscal year is following suit and is already well ahead of budget. Additionally, Sales Tax revenue is generating activity in excess of the adopted budget with growth in nearly every business segment.
This year alone, the City is investing $6.8 million in capital and infrastructure improvements. Of that, $2.3 million in funding has been provided by Measure Y which is the advisory measure adopted by voters to set aside 2% of the TOT collected for capital improvements aimed at enhancing the visitor experience. Truly keeping our local dollars local and improving our community. Below is a visual summary of all this information.