TO: HONORABLE CHAIR AND MEMBERS OF THE TRANSACTION AND USE TAX OVERSIGHT COMMITTEE
FROM: Javier Carcamo, Finance Director
PREPARED BY: Paige Hartman-Salazar, Management Analyst - Special Projects
SUBJECT:
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Measure T Budget to Actuals
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RECOMMENDATION
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Receive and file.
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BACKGROUND
In November 2018, Murrieta voters passed ballot Measure "T," a one-cent Transaction and Use Tax. Measure T is a general tax revenue source for the purpose of maintaining the City of Murrieta's long-term finances, providing funding for general services, including faster response times to emergencies, improved fire protection/paramedic services, increased police sworn personnel to strengthen crime prevention, reduced gang activity/drug crimes, graffiti removal, parks and recreation, and street maintenance/pothole repair.
The Citizens Oversight Committee provides oversight of Measure T sales tax revenues and expenses. This Measure T Oversight Report provides an update through February 2024. This report includes a recap of all Measure T activities. This Report shows the importance of Measure T revenues to the current and future financial health of the City and supports City Council priorities.
Revenues
The fiscal year 2023-24 Adopted revenue budget is $30.5 million. The City's sales tax consultant provides quarterly reports along with revenue forecasts considering various factors such as current economic condition, actual sales, collections, and new economic developments scheduled to open within the current fiscal year. The consultant's revised projections and revenue budget amendments will be discussed in the third quarter budget report. This report includes the staff's proposed budget adjustments. The table below summarizes Transaction Sales & Use Tax collections through January 2024.
The fiscal year-to-date revenue as of February 2024 is approximately $16.7 million, which represents approximately 55% of the adopted budget. As of the...
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