HomeMy WebLinkAbout9/5/2012 - STAFF REPORTS - 2.O. ?ALM Sp
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Cg41FOtRN�p CITY COUNCIL STAFF REPORT
DATE: September 5, 2012 CONSENT CALENDAR
SUBJECT: AUTHORIZE THE USE OF MEASURE J FUNDS FOR EXPENSES
RELATED TO THE IMPLEMENTATION, ADMINISTRATION, AND AUDIT
OF THE MEASURE J SALES TAX AND WITH CERTAIN MAINTENANCE
COSTS FOR THE NEWLY ACQUIRED DOWNTOWN PROPERTY
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
The City will incur various expenses related to the implementation, administration, and
audit of the Measure J Sales Tax and for the maintenance costs for the newly acquired
downtown property. Staff recommends the payment of $247,555 for these expenses
out of Measure J funds.
STAFF ANALYSIS:
It is estimated that in the current fiscal year, $127,555 will be required for parking
operations and landscape maintenance for the newly acquired downtown properties (i.e.
electricity, water, security, litter removal, landscape maintenance); $115,000 for State
administration fees and reporting expenses (i.e. Board of Equalization fees, trustee
fees, continuing disclosure and arbitrage reports); and $5,000 for special audit costs.
RECOMMENDATION:
1. Authorize the City Manager to execute all appropriate budget and expenditure
transfers related to the Measure J implementation, administration, and audit
costs, and with the new property maintenance costs, to the Measure J Fund.
FISCAL IMPACT:
$247,555 will be transferred from account 260-4500-50000 in the Measure J Fund into
three new budget line items related to these specific expenses.
Geoffrey S. RiehI David H. Ready, City
Director of Finance and Treasurer
ITEM NO.