The City of La Quinta concluded the fiscal year 2022-23 with a higher revenue than initially projected. The city's earnings exceeded the council's expectations by an additional $5.6 million when it approved the budget in June 2022.
A recap of the city council’s meeting on January 16, 2024, shared on the City of La Quinta's Facebook page, revealed that general fund budget revenues totaled $90.9 million for FY 2022-23. The city's three main sources of revenue—sales, transient occupancy, and property taxes—surpassed projections by $1.8 million or 4%. These taxes account for 72% of general fund revenues. In FY 2022-23, revenue from taxes included sales tax ($28.9 million), transient occupancy tax ($16.7 million), and property tax ($11.2 million). Tax revenue amounted to $56.8 million.
According to the same Facebook post, La Quinta City Hall reported that expenditures were $3 million less than anticipated. Finance Director Claudia Martinez stated, "Overall, all departments stayed within budget, which demonstrates the City’s cautious use of spending during economic uncertainty."
The City of La Quinta also emphasized its ongoing fiscal strength but highlighted the need for prudence due to uncertain economic conditions. One such uncertainty is how the state’s $64 billion deficit might impact local revenues. With a conservative approach in place, the city has been identifying strategic financial priorities and addressing critical needs like infrastructure and capital improvement projects.
In addition to financial matters, at this week's meeting council members discussed cost-share options for Imperial Irrigation District electrical substation upgrades; plans for a new 125-room Hampton Inn in La Quinta; and contracts with Pacific Play Systems and Perimeter Fitness Equipment to replace playground and fitness equipment at La Quinta Park.