ITEM TITLE:
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Receive public comments on the usage and allocation of unallocated sales tax revenue, which has been or is expected to be received for the July 1, 2022, to June 30, 2023 time frame, these funds are estimated to be $5,472,607.00 at June 30, 2023, and take action as necessary, to include if desired, the allocation of said unallocated funds.
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INITIATOR: Joe Don Dunham, Finance Director
STAFF INFORMATION SOURCE: Joe Don Dunham, Finance Director
BACKGROUND: Resolution No. 22-59 (Resolution of Intent) requires the City Council to receive input from citizens at no less than two (2) Open Meetings on the usage and allocation of any monies that are received above $23,500,000. Currently, the Finance Department Staff feels the revenues generated off this 2.125% sales tax will be $28,972,607. This will leave $5,472,607 of unallocated funds to be allocated by the City Council.
EXHIBIT: Resolution #22-56; 2019 Propel Sales Tax Analysis and Projection.
KEY ISSUES: Funding the overages required for CIP Projects.
FUNDING SOURCE: 2019 Propel (2.125%) Sales Tax
STAFF RECOMMENDED COUNCIL ACTION: Receive public comments, and if desired, vote to allocate the unallocated sales tax revenue, which has been or is expected to be received for the July 1, 2022, to June 30, 2023, time frame, these funds are estimated to be $5,472,607.00 at June 30, 2023 as discussed.