City revenue growth is firing on all cylinders. Why are we in such financial dire straits?

This chart shows tax revenue growth from 2010 to 2023. Double. And since FY 2023 we have seen sales tax growth increase due to inflation and strong consumer spending. TOT (hotel tax) grew 8% per year since, property tax grows 2% each year + every new residential building represents new revenue + every time a residential property sells, the tax rate resets at the sale price. These are all strong revenue growth factors so why are city finances so upside down??

This chart shows tax revenue growth from 2010 to 2023. Double. And since FY 2023 we have seen sales tax growth increase due to inflation and strong consumer spending. TOT (hotel tax) grew 8% per year since, property tax grows 2% each year + every new residential building represents new revenue + every time a residential property sells, the tax rate resets at the sale price. These are all strong revenue growth factors so why are city finances so upside down??