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(1) Approval of Measure CC and C Sales Tax Status Reports for Transmittal to City Council; and (2) Approval of Measure RE Status Report for Transmittal to City Council.
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Meeting Date: June 8, 2022
Contact Person/Dept: Melissa Zak/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: (Email) Meetings and Agendas - Finance Advisory Committee (06/02/2022)
Departmental Approval: Lisa Soghor, Chief Financial Officer (06/02/2022)
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RECOMMENDATION
Staff recommends the Finance Advisory Committee (FAC) approve the Measure CC and Measure C Sales Tax Status Reports and Measure RE Property Tax Status Report for transmittal to City Council.
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.” 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 ½ 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, in November 2018 voters passed a one-quarter cent local transactions and use tax measure (Measure C). Included in the ballot measure was the provision that if passed, the Finance Advisory Committee will provide quarterly reports of fund proceeds and expenditures to the City Council. Measure C collections began in April 2019.
The Finance Advisory Committee has developed infographic-based Measure C and Measure C Status Reports to provide background information, illustrate budget versus actual results by fiscal year, top 25 sales tax producers, and the cumulative totals received for each period. Due to reporting agency lag, Measure C and CC reports for review this period cover FY 21/22 Second Quarter (October-December 2021).
The FAC has additional requested to review and transmit a Measure RE Property Tax Status Report to the City Council. Because property taxes are issued directly to the City, this report is more current and covers FY 21/22 Third Quarter (January-March 2022).
With approval of the FAC, and incorporating any changes requested, staff will transmit the reports to the City Council.
ATTACHMENTS
1. 2022_06_08_ATT1 - Measure Y Status Report - XXXII
2. 2022_06_08_ATT2 - Measure C Status Report - XI
3. 2022_06_08_ATT3 - Measure RE Status Report - III
MOTION
That the Finance Advisory Committee:
1. Discuss the Measure CC, C and RE Status Reports;
2. Authorize transmittal to City Council; and
3. Discuss Future Measure Report Format.