TO: HONORABLE CHAIR AND MEMBERS OF THE TRANSACTION AND USE TAX OVERSIGHT COMMITTEE
FROM: Javier Carcamo, Finance Director
PREPARED BY: Evan Crockett, Management Analyst - Special Projects
SUBJECT:
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District Sales & Use Tax History (Measure T) Budget to Actual Report for FY 2024/25
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RECO MILLIONENDATION
recommendation
Receive and File.
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PRIOR ACTION/VOTE
On July 17, 2018, the City Council adopted Resolution No. 18-3953, proposing an ordinance enacting a transaction and use tax be placed on the November 6, 2018 ballot (Vote 5-0).
On December 18, 2018, the City Council adopted a Resolution declaring the results of the November 6, 2018, General Election, including therein adoption of Ordinance No. 540-18 enacting a Transaction and Use Tax (Vote 5-0).
On February 5, 2019, the City Council adopted a Resolution establishing an advisory Transaction and Use Tax Citizens Oversight Committee (Vote 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
I am pleased to present the Measure T oversight report for the fiscal year (FY) ending June 30, 2025. The Citizens Oversight Committee provides oversight of Measure T district sales tax revenues and expenses. This Measure T Oversight Report covers the reporting period from July 1, 2024, through June 30, 2025. City staff also prepared a separate Measure T budget report for the FYs 2025/26 and 2026/27. This report includes a recap of all Measure T activities. As of the date of this report, the independent external audit for FY 2024/25 has not been concluded. As a result, the actual amounts are subject to change should accounting adjustments be necessary prior to finalizing the audit.
Revenues
The adopted and amended FY 2024/25 revenue projections were $31.4 million and $29.0 million, respectively. The City's sales tax consultant provided updated projections throughout th...
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