The city of Cupertino in California—Apple Inc.’s hometown—is looking for ways to cope with financial challenges in anticipation of upcoming “significant revenue shortfalls,” according to city officials, after its special tax agreement with the tech giant reportedly came under scrutiny by state regulators.
During an April 13 city council meeting, city staff projected a 73 percent drop in tax revenues—from $42.1 million to $11.4 million—and a 28 percent overall reduction in revenue for the fiscal year 2023–2024.
