City Council Agenda Report
Meeting Date: March 21, 2023
From: Scott Williams, Director of Finance
Department: Finance
Submitted by: Angela Melgar, Finance Manager
Subject
Sales and Property Tax Revenue Update
Recommendation
No action required by City Council. This is a presentation only.
Background
Although over $100 million of property tax and sales tax revenues are generated in Vernon, the City of Vernon receives a minimal portion compared to the State of California, County of Los Angeles, and other agencies. The Finance Department will provide a briefing to City Council to convey the inequality of distribution, provide an economic outlook, report recent sales tax and property tax performance, and give a forecast of estimated tax revenues.
This update was provided to the Business and Industry Commission (BIC) at its special meeting held on March 15, 2023. Considering the inequality of distribution for sales and property tax revenues, BIC Commissioners expressed a desire to assist the City in its efforts to secure additional property tax revenues.
Fiscal Impact
There is no fiscal impact associated with this report.
Attachments
None.