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Title:
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Receive and File the Measure Y Sales Tax Status Report as Approved by the Finance Advisory Committee.
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City of Culver City, California
Agenda Item Report
Meeting Date: 06/22/2015 Item Number: C-3
CITY COUNCIL AGENDA ITEM: Receive and File the Measure Y Sales Tax Status
Report as Approved by 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 (06/18/15);
(Email) Meetings and Agendas – Fiscal and Budget Issues (06/18/15)
Department Approval:
Jeff Muir (06/11/15)
City Attorney Approval:
Carol Schwab (by H. Baker) (06/16/15)
Chief Financial Officer Approval:
Jeff Muir (06/11/15)
City Manager Approval:
John M. Nachbar (06/16/15)
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 third quarter of the
2014/2015 fiscal year.
This is the fifth report being presented by the FAC and is in a format consistent with
the previously approved report. At their June 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 V
City of Culver City, California
Agenda Item Report
MOTION:
That the City Council
Receive and file the Measure Y Sales Tax Status Report.
MEETING DATE: 06/22/2015
AGENDA ITEM: Receive and File the Measure Y Sales Tax Status Report from the
Finance Advisory Committee
ATTACHMENTS
Pages
1. Measure Y Sales Tax Report V 1
Measure Y
Sales Tax
Status
Report V:
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
third quarter of the 2015 Fiscal Year.
CITY OF CULVER CITY FISCAL YEAR 2015 —QUARTER 3
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
AT&T Mobility
Best Buy
Best Buy Gov
Llc
City of Culver
City
Costco w/Gas
Foot Locker
Forever XXI
H & M
Illumina Inc
JC Penney
Macys
Nordstrom Rack
Old Navy
Ralphs
Ross
Samys Camera
Target
Tesoro
TJ Maxx
Toys R Us
Verizon Wireless
Victoria’s Secret
Vons
TOP 25 MEASURE Y SALES
Source: HdL Companies, Culver City
Measure Y Sales Tax Update
TAX PRODUCERS
(in alphabetical order)
FISCAL YEAR 2015:
QUARTER 3 MEASURE Y REVENUES
During the third quarter of Fiscal Year
2015, Measure Y sales tax remain strong
with an additional $2.1 million in
revenues generated for the City. Fiscal
Year 2015 receipts now total just over $7
million, or 84.7 percent of budgeted
revenues. Total Measure Y revenues are
$0.5 million (0.7 percent) higher than this
point last year. While consumer goods
continue to drive Measure Y sales tax
revenues through the third quarter,
business and industry totals also proved a
major driver.
Cumulatively, a total of $16.5 million in
revenues has been raised since the
measure’s implementation.
www.culvercity.org/Government/Finance/Measure Y
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.
FINANCE ADVISORY COMMMITTEE