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CC - Receipt and Filing of FY2019/2020 4th Quarter Measure CC and C Sales Tax Status Reports as Approved by the Finance Advisory Committee
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Meeting Date: January 11, 2021
Contact Person/Dept: Erica McAdoo/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (01/06/2021); (Email) Meetings and Agendas - Fiscal and Budget Issues (01/06/2021)
Departmental Approval: Onyx Jones, Chief Financial Officer (12/29/2020)
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RECOMMENDATION
Staff recommends the City Council receive and file the attached FY2019/2020 4th Quarter Measure CC 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 CC proceeds and report the results to the public." In March 3, 2020, Culver City residents voted in support of the continuation of the Measure Y half-cent sales tax under ballot Measure CC, effectively extending the 1/2 cent sales tax through 2033. As a result of the approval, the extension of this Measure in turn shall now be referred to as Measure CC. 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 CC Status Report is the twenty-fifth report being presented by the FAC; the Measure C Status Report is the fourth report, representing revenue through the fourth quarter of the 2019/2020 Fiscal Year (July 2019 - June 2020), which illustrate some beginning impacts of COVID-19.
These reports are on the City's webpage and are updated quarterly with graphic representations of budget versus actua...
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