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CC - CONSENT ITEM: Receipt and Filing of FY2021/2022 1st Quarter Measure CC and C Sales Tax Status Reports and Measure RE Property Tax Report as Approved by the Finance Advisory Committee
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Contact Person/Dept.: Erica Melton/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/23/2022); (Email) Meetings and Agendas - Fiscal and Budget Issues (03/23/2022)
Departmental Approval: Lisa Soghor, Chief Financial Officer (03/18/2022)
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RECOMMENDATION
Staff recommends the City Council receive and file the attached FY2021/2022 1st Quarter Measure CC and Measure C Sales Tax Status Reports and Measure RE Property Tax 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 CC proceeds and report the results to the public." On 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 Measure Y 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-eighth report being presented by the FAC; the Measure C Status Report is the seventh report, representing revenue through the first quarter of the 2021/2022 Fiscal Year (July 2021 - September 2021).These reports illustrate continued recovery from the negative effects of the COVID-19 pandemic on the economy.
These reports are maintained on the City's webpage...
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