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(1) Approval of the Measure CC and Measure C Sales Tax Status Report (FY23, Q4) for Transmittal to City Council, Providing Feedback/Discussion on the New Reporting Format, and (2) Approval of the Real Property Transfer Tax Status Report (FY24, Q1) for Transmittal to City Council.
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Meeting Date: January 10, 2024
Contact Person/Dept: John Figueroa/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: (Email) Meetings and Agendas - Finance Advisory Committee (01/04/2024)
Departmental Approval: Lisa Soghor, Chief Financial Officer (01/04/2024)
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RECOMMENDATION
Staff recommends the Finance Advisory Committee (FAC) approve the Measure CC and Measure C Sales Tax Status Reports (FY2022-2023, Fourth Quarter) and Real Property Transfer Tax Status Report (FY2023-2024, First Quarter) for transmittal to City Council.
BACKGROUND/DISCUSSION
In November 2012, Culver City residents voted in support of Measure Y, a half-cent transaction and use tax to maintain critical City services for 10 years. In March 2020, Culver City voters approved ballot Measure CC, the continuation of the half-cent tax through 2033. As part of the FAC Work Plan, the Committee shall "continue to provide quarterly reports to the City Council on Measure CC proceeds."
In November 2018, Culver City voters approved Measure C which imposed a local quarter-cent transaction and use tax to maintain the current level of public safety services, community programs, infrastructure maintenance, and other City services funded through the City's General Fund. Measure C went into effect in April 2019 and will remain in effect until ended by voters. The ballot measure included the stipulation that, if passed, the FAC would provide quarterly reports of fund proceeds ...
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