ITEM TITLE:
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Receive public comments on the usage and allocation of unallocated sales tax revenue projected to be received from July 1, 2023, to June 30, 2024. These unallocated funds are estimated to be $7,212,430 at June 30, 2024.
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INITIATOR: Kristin Huntley, Deputy Finance Director
STAFF INFORMATION SOURCE: Kristin Huntley, Deputy Finance Director
BACKGROUND: Resolution No. 23-75 (Resolution of Intent) requires the City Council to receive input from citizens at no less than two open meetings on the usage and allocation of 2019 Propel Sales Tax monies received above $23,500,000 within a single fiscal year. Finance believes the revenues generated off this 2.125% sales tax will be $30,712,430 in fiscal year 2024. This leaves $7,212,430 of unallocated funds to be allocated by the City Council.
EXHIBIT: Resolution No. 23-75; FY24 Monthly Sales Tax Analysis and Projection
KEY ISSUES: Funding the overages required for 2019 Propel CIP projects
FUNDING SOURCE: 2019 Propel (2.125%) Sales Tax
STAFF RECOMMENDED COUNCIL ACTION: Receive comments only; no action required.