Where does the city of Oakland get its money?

Oakland leaders are drafting the next two-year budget, emphasizing the necessity of balancing expenses to meet legal obligations. The city anticipates $756 million in revenue for fiscal year 2024-2025, about $30 million less than earlier estimates. Property taxes are projected to generate nearly $313 million, solidifying their status as the largest revenue source. The business license tax, which is the second largest, is expected to yield over $121 million, although recent downsizing by major employers has impacted overall revenues. The city has enhanced its tax collection processes to address prior complaints from unions, successfully collecting $2.

58 million more from landlords this year. Additionally, officials are advocating for a new parcel tax to add $40 million annually to city funds. The city’s financial forecast indicates a challenging landscape ahead, as various revenue streams show mixed performance. These budgetary discussions will shape Oakland's financial future in the coming years.