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CC - Receive and File the Measure Y and Measure C Sales Tax Status Reports as Approved by the Finance Advisory Committee
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Meeting Date: February 24, 2020
Contact Person/Dept: Onyx Jones/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (02/18/20); (Email) Meetings and Agendas - Fiscal and Budget Issues (02/18/20)
Department Approval: Onyx Jones, Chief Financial Officer (02/17/20)
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RECOMMENDATION
Staff recommends the City Council receive and file the Measure Y and Measure C Sales Tax Status Reports 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." Additionally, Item 6 of the Work Plan states that the FAC will "provide quarterly reports to the City Council on the One-quarter Cent Local Transactions and Use Tax Measure proceeds", named Measure C.
The Measure Y Status Report is the twenty-third report being presented by the FAC; the Measure C Status Report is the second report, representing revenue through the first quarter of the 2019/2020 Fiscal Year (July 2019 - September 2019). These reports are now on a webpage that will be updated quarterly with graphic representations of budget versus actual results by fiscal year, top 25 sales tax producers and cumulative % of sales taxes represented by the top 25 sales tax producers, and the total revenue received through the quarter.
The FAC has approved these reports and recommended they be transmitted to the City Council.
FISCAL ANALYSIS
Receipt and filing of these reports does not create a fiscal impact.
ATTACHME...
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