|
Title:
|
Receive and File the Measure Y Sales Tax Status Report from the Finance Advisory Committee.
|
City of Culver City, California
Agenda Item Report
Meeting Date: 03/23/2015 Item Number: C-3
CITY COUNCIL AGENDA ITEM: Receive and File the Measure Y Sales Tax Status
Report from the Finance Advisory Committee.
Contact Person/Dept.: Jeff Muir, Finance
Department
Phone Numbers: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _________
Public Notification: (Email) Meetings and Agendas – City Council (03/18/15); (Email)
Ongoing Topics – Fiscal and Budget Issues (03/18/15)
Department Approval:
Jeff Muir (03/13/15)
City Attorney Approval:
Carol Schwab (03/13/15)
Chief Financial Officer Approval:
Jeff Muir (03/13/15)
City Manager Approval:
John M. Nachbar (03/18/15)
RECOMMENDATION:
Staff recommends the City Council receive and file the attached Measure Y Sales
Tax Status 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 Y
proceeds and report the results to the public.’ The attached Measure Y Status
Report is a simple, one-page report providing some background information on
Measure Y, shows budget versus actual results by fiscal year, top 25 Measure Y
sales tax producers and the cumulative totals received through the second quarter of
the 2015 fiscal year.
This is the fourth report being presented by the FAC, and is in a format consistent
with the previously approved report. At their March 2015 meeting, the FAC
approved this report and recommended it be transmitted to the City Council.
FISCAL ANALYSIS:
Receipt and filing of this report does not create a fiscal impact.
ATTACHMENT:
? Measure Y Sales Tax Status Report IV
MOTION:
That the City Council
City of Culver City, California
Agenda Item Report
Receive and file the Measure Y Sales Tax Status Report.
MEETING DATE: 03/23/2015
AGENDA ITEM: Receive and File a Measure Y Sales Tax Status Report from the Finance
Advisory Committee.
ATTACHMENTS
Pages
1. Measure Y Sales Tax Status Report 1
Measure Y
Sales Tax
Status
Report IV:
The purpose of this report is to provide the Council and residents a
status update on Measure Y revenue activity that occurred in the
City. This report captures Measure Y sales tax collections through the
second quarter of the 2015 Fiscal Year.
CITY OF CULVER CITY FISCAL YEAR 2015 —QUARTER 2
CULVER CITY SALES TAX REVENUES
M
easure Y is a
voter-approved
one-half percent
transaction and use
tax adopted to
maintain City of Culver
City critical services.
W i t h l i m i t e d
e x c e p t i o n s , t h e
transactions and use
tax is imposed on the
same goods and
merchandise as the
local sales and use tax.
The 10-year measure
gained overwhelming
voter approval in
November 2012 and
went into effect April
2013 to provide
necessary resources to
resolve the City’s
structural deficit issues
and continue services
at existing levels.
Measure Y contains a
sunset provision, which
will result in the
expiration of the
measure on March 31,
2023 if not reauthorized
by voters.
Amazon Com
Arco AMPM
Best Buy
Best Buy Gov
Llc
Centinela
Chevron
Costco w/Gas
Culver City
Chevron
Foot Locker
Forever XXI
Howard
Industries
Illumina Inc
JC Penney
Jins Shell
Macys
Nordstrom Rack
Old Navy
Ross
Samys Camera
Target
Tesoro
TJ Maxx
Toys R Us
Verizon Wireless
Vons
Westside Arco
TOP 25 MEASURE Y SALES
Source: HdL Companies, Culver City
Measure Y Sales Tax Update
TAX PRODUCERS
(in alphabetical order)
FISCAL YEAR 2015:
QUARTER 2 MEASURE Y REVENUES
Through the second quarter of Fiscal
Year 2015, Measure Y sales tax
collections total $5.0 million, or 59.4
percent of budgeted revenues. Note
that as a result of strong 1st and 2nd
Quarter results, Measure-Y Sales Tax
year-end revenue projections were
increased from $8.3 to $8.4 million
during the Mid-Year Budget review.
Year-to-date Measure Y revenues
surpassed 2014 receipts through
December by $0.9 million (21.1
percent). Consumer goods and
restaurants & hotels continue to drive
Measure Y sales tax revenues through
the second quarter. Cumulatively, a total of $14.4 million in revenues has
been raised since the measure’s implementation.
Measure Y funds are budgeted as part of the annual budget approval
process by the City Council. Funds received are deposited into the City’s
General Fund and allocated to sustain general municipal functions.
www.culvercity.org/Government/Finance/Measure Y
FINANCE ADVISORY COMMMITTEE