INVOICE
Invoice #: INV06-016624
Invoice Date: 05/30/2023
Due Date: 06/29/2023
Bill To:
City of Vernon
Attn: Accounts Payable
4305 Santa Fe Ave.
Vernon, CA 90058
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Reference #: SUTA CA - Q4, 2022 Terms: Net 30
Item Description Unit Quantity Unit Price Amount
SUTA - SERVICE - CA SUTA Services for the tax quarter ending December 31, 2022
Each 1 $110,626.84 $110,626.84
Subtotal $110,626.84
Total $110,626.84
***Please note our new remittance instructions***
Please remit payment to:
Via EFT – ACH or Wire (Preferred):
Bank Name: Wells Fargo
Account Name: MuniServices/Avenu Insights & Analytics
ABA/Routing #: 121000248
Account Number (USD): 4941513962
Via Check:
MuniServices
Or Avenu Insights & Analytics
PO Box 200886
Dallas, TX 75320-0886
Please contact the Billing Department at [email protected], or call 571-375-8598, should you have any questions or comments MuniServices / Avenu
5860 Trinity Parkway, Suite 120 Centreville, VA 20120
Avenu Insights & Analytics
7625 North Palm Avenue Suite #108
Fresno, California 93711
Phone: 800.800.8181 Fax: 559.312.2801
http://www.avenuinsights.com/
May 30, 2023
Carlos Fandino
City Administrator
City of Vernon
4305 Santa Fe Avenue
Vernon, CA 90058
Re: Sales Tax Audit Progress Report
Dear Carlos Fandino:
The purpose of this letter is to report our progress through the tax quarter ending December 31, 2022 in providing sales tax audit services to the City.
The City of Vernon authorized Avenu Insights & Analytics to provide sales tax audit services in order to detect and correct point of sale distribution errors and thereby generate new sales tax revenue which would not otherwise have been realized by the City.
As of this date, we have provided the City and California Department of Tax and Fee Administration with reports identifying 19 businesses from which the City had not been receiving the sales tax revenue to which it is entitled.
As of the 4th Quarter 2022, Avenu's sales tax audit service has resulted in the correction of 16 accounts that have produced more than $817,418 of new revenue for the City, of which $817,418 is subject to Avenu's performance based compensation (performance graph attached).
For your convenience and budget planning purposes, the actual and projected results of our sales tax audit service are summarized as follows:
Sales Tax Revenue
Produced From Net New Sales Tax
Avenu's Audit Service Avenu's Compensation Revenue to the City Actual $817,418 $122,612 (15%) $694,806 (85%)
Projected 425,793 61,460 (14%) 364,333 (86%)
(Next 4 qtrs)
Totals $1,243,211 $184,072 (15%) $1,059,139 (85%)
Through the 4th Quarter 2022, the City has realized a 567% return on its investment in Avenu's services. Stated another way, for every $1.00 City of Vernon has invested in Avenu's sales tax audit services, the City has received $5.67 in return.
Avenu Insights & Analytics
7625 North Palm Avenue Suite #108
Fresno, California 93711
Phone: 800.800.8181 Fax: 559.312.2801
http://www.avenuinsights.com/
Carlos Fandino
May 30, 2023
Based on our experience with other California cities and the actual results achieved City of Vernon (absent audit adjustments and fund transfer reallocations), the City can expect to continue receiving approximately $395,793.00 per year of ongoing sales tax revenue from the corrected accounts, for which Avenu Insights & Analytics does not participate.
If you have any questions or we can provide any additional information, please let me know.
Sincerely,
Janis Varney
JV:tw
Progress.ltr
City's Return-On-Investment for Avenu's Sales Tax Audit Services = 567 % This chart provides the most current 5 years. If you would like additional history, please call 1 (800) 800-8181 x6946.