With operating revenues expected to decrease by 20 percent, the Beverly Hills City Council is considering ways to balance next year’s budget. The Council must approve the fiscal year 2020/21 (FY 2020/2021) budget by the end of June to maintain operations.
Total operating revenue for the upcoming fiscal year is forecast to drop to $211.7 million, $38.8 million less than the City’s original projection, largely resulting from the negative fiscal impacts of the COVID-19 crisis on Transient Occupancy Tax (TOT), business taxes and sales taxes. Projected revenue for this current fiscal year, FY 2019/20, is just north of $268 million.
