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File #: 23-12550    Version: 1 Name:
Type: Action Calendar Status: Agenda Ready
File created: 9/11/2023 In control: City Council
On agenda: 10/10/2023 Final action: 10/10/2023
Title: Subject: Establish a General Fund Sales Tax Repayment Reserve
Sponsors: Lauren Sapudar
Attachments: 1. Staff Report, 2. A - Committed, Unassigned, and Use of One Time Funds Policy Clean, 3. B - Committed, Unassigned, and Use of One Time Funds Policy Redline

Title

Subject:  Establish a General Fund Sales Tax Repayment Reserve

 

Recommended Action

A.                     Approve an amendment to the City’s Committed, Unassigned Fund Balance, and Use of One Time Funds Policy to:

i.                     Create a General Fund Sales Tax Repayment Reserve with an initial allocation of $56.5 million

ii.                     Authorize staff to increase the Sales Tax Repayment Reserve when the City receives additional sales tax revenue in dispute

iii.                     Decrease the General Fund Capital Projects Reserve by $10.0 million

iv.                     Decrease the General Fund Economic Uncertainty Reserve by $6.0 million

Presenter: Kristina Alfaro, Director of Administrative Services