This Mid-Year review clearly illustrates how San Jose's Hospitality/arts/entertainment sector continues to suffer dramatically. This year's initial conservative $10M TOT revenue estimate is already far behind at only $3.3M YTD. The downward projection to $9M appears Pollyannaish. General Fund revenues projected at $100M above budget along with $5-7M in expected expenditure savings all point to substantial ability for the City to undertake serious measures to rebuild visitorship to San Jose.
This Mid-Year review clearly illustrates how San Jose's Hospitality/arts/entertainment sector continues to suffer dramatically. This year's initial conservative $10M TOT revenue estimate is already far behind at only $3.3M YTD. The downward projection to $9M appears Pollyannaish. General Fund revenues projected at $100M above budget along with $5-7M in expected expenditure savings all point to substantial ability for the City to undertake serious measures to rebuild visitorship to San Jose.