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Title:
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Receive and File a Measure Y Status Report from the Finance Advisory Committee.
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City of Culver City, California
Agenda Item Report
Meeting Date: 09/22/2014 Item Number: A-2
CITY COUNCIL AGENDA ITEM: Receive and File a Measure Y 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: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _________
Public Notification: (Email) Meetings and Agendas – City Council (09/17/14);
(Email) Ongoing Topics – Fiscal and Budget Issues (09/17/14)
Department Approval:
Jeff Muir (09/15/14)
City Attorney Approval:
Carol Schwab (by H. Baker) (09/15/14)
Chief Financial Officer Approval:
Jeff Muir (09/15/14)
City Manager Approval:
John M. Nachbar (09/17/14)
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 and the cumulative
total received. This is the second report being presented by the FAC and is in a
format consistent with the first approved report. At their September 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 June 2014, there is no direct fiscal
impact from this item.
ATTACHMENT:
? Measure Y Status Report
MOTION:
That the City Council
Receive and file the Measure Y Status Report.
MEETING DATE: 09/22/14
AGENDA ITEM: Receive and File a Measure Y Status Report from the
Finance Advisory Committee
ATTACHMENTS
1. FAC Measure Y Status Report
1
MEASURE-Y IN BRIEF
CITY OF
CULVER CITY
Measure-Y
Sales Tax
Status Report II:
April 1, 2013 —
June 30, 2014
FROM: The Finance Advisory Committee (FAC)
TO: City Council
DATE: September 10, 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, which will result in the expiration
of the measure on March 31, 2023 if not reauthorized by voters.
FISCAL YEAR 2013-14 MEASURE-Y REVENUES
Fiscal Year 2013-14 revenues for
Measure-Y were budgeted at
$7.8 million or 8.5% of total
operating revenues.
Approximately $8.2 million was
received in FY2013-14.
Cumulatively, a total of $9.4
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.
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.
This report captures the first full fiscal year of Measure-Y revenues, with
all revenues accounted for the 2013-14 fiscal year.
FY 2012—13
April 2013—June 2013
FY 2013—14
July 2013—June 2014