Fiscal Impact
The fiscal impact of this item is significant. If the City Council places this measure on the November ballot and it is approved by voters, the Measure will continue to generate $6 to $12 million (1/2 cent to 1 cent) annually to the City to support the general fund as it continues to fund road repairs and other vital government services. If the measure is not placed on the ballot or voters do not approve of the measure, the City will lose $6 to $12 million annually or between $150 and $300 million over 25 years (no escalator applied). The loss of this revenue will greatly impact the City’s ability to fund general government services, and given City priorities, this means that funding for road repairs will decrease. The estimated cost to place the measure on the ballot is approximately $40,000.
CEQA
The City finds that this action is not a project under the California Environmental Quality Act pursuant to State Guidelines Section State CEQA Guidelines, §§ 15060, subd. (c)(2)-(3), 15378.
Recommendation
Staff requests City Council direction.
Attachments
None.