CITY COUNCIL STAFF REPORT
Meeting: March 15, 2022
Subject
Recognize the receipt of the California Society of Municipal Finance Officers (CSMFO) Innovation Award Recommended Action
Consider recognition of the receipt of the California Society of Municipal Finance Officers (CSMFO) Innovation Award for the City’s Resident Tax Calculator and Budget Forecast Tool.
Discussion
The California Society of Municipal Finance Officers (CSMFO) is the preeminent organization serving California municipal finance professionals. CSMFO promotes excellence in financial management through innovation, continuing education, and the professional development of its members.
The CSMFO Innovation Award recognizes innovation in public sector finance – in the areas of accounting, budgeting, treasury, debt administration, procurement, risk management, and technology. An Innovation Award Review Panel composed of CSMFO board members and Recognition Committee leadership scores the applications. In evaluating the applications, the Review Panel looks for originality, purpose, practicality, and transferability. Recent winners of the Innovation Award include:
2021: City of Moreno Valley for their Computer Learning and Internet Connectivity initiative. 2020: City of Ukiah for their Electronic Budget and Midpeninsula Open Space District for their Midpeninsula Project Central project management system. 2019: City of Santa Cruz for their Action Lab program to find internal solutions to balance their budget and support their Sustainability Plan. 2018: City and County of San Francisco for their Fraud Hotline Outreach and Education Program.
CSMFO awarded the City of Cupertino the 2022 Innovation Award for the City’s Resident Tax Calculator and Budget Forecast Tool. This is the first time that the City of Cupertino has received this award and highlights the City’s commitment to innovation despite unique challenges presented by the pandemic over the past year.
The Resident Tax Calculator gives residents personalized estimates of how much they pay in sales and property taxes. When a resident enters how much they spend on goods and services and the assessed value of their home, the calculator shows them how much tax they pay and where the tax dollars go. The purpose of the calculator is to help residents understand how their tax dollars pay for City services.
The Budget Forecast Tool allows residents to build their own version of the City's budget forecast. Residents can select from various revenue and spending options, then immediately see how each choice impacts surpluses and deficits. To balance the budget, residents can choose revenue generation (e.g., additional taxes) or expense reduction (e.g., service cuts) strategies. By illustrating the tradeoffs of each option, the simulation promotes informed discussion on how the City can chart a fiscally sustainable course.
The Resident Tax Calculator and Budget Forecast Tool provide innovative solutions for promoting fiscal transparency and engaging residents in the City’s budgeting process. They are available at cupertino.org/our-city/departments/finance/interactive-tools-calculators.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
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Prepared by: Thomas Leung, Senior Management Analyst
Reviewed by: Zach Korach, Finance Manager
Approved for Submission by: Jim Throop, City Manager
Attachments: No attachments.