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CC - Receipt and Filing of FY2020/2021 4th Quarter Measure CC and C Sales Tax Status Reports and Measure RE Property Tax Report as Approved by the Finance Advisory Committee
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Meeting Date: December 10, 2021
Contact Person/Dept: Erica McAdoo/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (12/07/2021); (Email) Meetings and Agendas - Fiscal and Budget Issues (12/07/2021)
Departmental Approval: Onyx Jones, Assistant City Manager (12/01/2021)
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RECOMMENDATION
Staff recommends the City Council receive and file the attached FY2020/2021 4th Quarter Measure CC and Measure C Sales Tax Status Reports and Measure RE Property Tax Report as approved by the Finance Advisory Committee (FAC).
BACKGROUND/DISCUSSION
Item 2 on the FAC Work Plan is to: “Develop a methodology to analyze Measure CC proceeds and report the results to the public.” On March 3, 2020, Culver City residents voted in support of the continuation of the Measure Y half-cent sales tax under ballot Measure CC, effectively extending the 1/2 cent sales tax through 2033. As a result of the approval, the extension of Measure Y in turn shall now be referred to as Measure CC. Additionally, Item 6 of the Work Plan states that the FAC will “provide quarterly reports to the City Council on the One-quarter Cent Local Transactions and Use Tax Measure proceeds”, named Measure C.
The Measure CC Status Report is the twenty-eighth report being presented by the FAC; the Measure C Status Report is the seventh report, representing revenue through the fourth quarter of the 2020/2021 Fiscal Year (April 2021 - June 2021), which illustrates continued economic recovery.
These reports are on the City’s webpage and are updated quarterly with graphic representations of budget versus actual results by fiscal year, top 25 sales tax producers and cumulative % of sales taxes represented by the top 25 sales tax producers, and the total revenue received through the quarter.
The FAC has additionally requested to review and transmit a Measure RE Property Tax Status Report. This is the first Measure RE Property Tax Status Report for Council review and filing, covering the first quarter of the 2021/2022 Fiscal Year (July 2021 - September 2021). Tables illustrate Real Property Transfer Tax generated for this quarter alone with the addition of Measure RE surpassed total FY 2019/2021 revenue.
FISCAL ANALYSIS
The receipt and filing of these reports do not create a fiscal impact.
ATTACHMENTS
1. 2021_12_10_ATT - Measure CC Status Report - XXX
2. 2021_12_10_ATT - Measure C Status Report - VIV
3. 2021_12_10_ATT_Measure RE Status Report
MOTION
That the City Council:
Receive and file the Measure CC, C and RE Status Reports.