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Title:
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Receive and File Measure Y Status Report from Finance Advisory Committee.
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City of Culver City, California
Agenda Item Report
RECOMMENDATION:
Staff recommends that the City Council receive and file the attached Measure Y
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 that provides some background information on
Measure Y and shows budget versus actual results by fiscal year. It also includes
the cumulative total received. The intention is for this report to be produced
quarterly. Over time, additional fiscal years will be added to the graph. At their April,
2014 meeting, the FAC approved this report and recommended it be transmitted to
the City Council.
FISCAL ANALYSIS:
Beyond reporting on Measure Y receipts through March 2014, there is no direct
fiscal impact from this item.
ATTACHMENT(S):
Measure Y Status Report
Meeting Date: 05/12/2014 Item Number: A-1
CITY COUNCIL AGENDA ITEM: Receive and File Measure Y Status Report from
Finance Advisory Committee.
Contact Person/Dept.: Jeff Muir, Finance
Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (Email) Meetings and Agendas – City Council (05/06/14); (Email)
Meetings and Agendas – Fiscal and Budget Issues (05/06/14)
Department Approval:
Jeff Muir (05/06/14)
City Attorney Approval:
Carol Schwab (by H. Baker) (05/06/14)
Chief Financial Officer Approval:
Jeff Muir (05/06/14)
City Manager Approval:
John M. Nachbar (05/06/14) City of Culver City, California
Agenda Item Report
MOTION:
That the City Council:
Receive and file the Measure Y Status Report.
MEETING DATE: 05/12/14
AGENDA ITEM: Receive and File Measure Y Status Report from
Finance Advisory Committee.
ATTACHMENTS
1. Measure Y Status Report
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MEASURE-Y IN BRIEF
CITY OF
CULVER CITY
Measure-Y
Sales Tax
Status Report 1
FROM: The Finance Advisory Committee (FAC)
TO: City Council
DATE: April 9, 2014
Measure-Y is a voter-approved one-half percent transaction and use
tax adopted to maintain City of Culver City critical services. With the
exception of certain goods sold to operators of common carrier
aircraft, the transactions and use tax is imposed on the same goods
and merchandise as the local sales and use tax. The 10-year measure
received 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, forcing the measure to expire on
March 31, 2023 if not reauthorized by voters.
YEAR-TO-DATE MEASURE-Y REVENUES
It is estimated that Measure-Y will
generate approximately $7.8
million for Fiscal Year 2013-14 or
8.5% of total operating revenues.
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.
Cumulatively, a total of $6.6 million
in revenues has been raised since
the measure’s implementation.
Approximately $5.4 million has
been receipted in FY2013-14 as of
the close of March.
The purpose of this report is to provide the Council and residents with a
status update on Measure-Y revenue activity that occurred in the City
through March 2014. This report captures the first full year of Measure Y
sales tax collections.
April 1, 2013 —
March 31, 2014
(In thousands)
April 2013—June 2013 July 2013—March 2014 |1013|