Agenda Item Wording:
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Measure N Public Hearing: Conduct the first of two public hearings on the proposed Fiscal Years 2024/25 and 2025/26 Measure N budget.
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Deadline for Action: 6/30/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel, 713-4375; Amee Swearingen, 713-4170
Department Recommendation:
That the City Council conduct the first of two public hearings to receive comment on the proposed Measure N budgets for FY 2024/25 and 2025/26.
Background Discussion:
In November of 2016, the voters of Visalia passed a 1/2 cent Sales Tax Override, Measure N - The Visalia Essential City Services Measure. Sales Tax from Measure N will provide for essential city services such as police and fire, as well as maintenance of parks and roads. The measure uses a detailed, 10-year plan which includes hiring of personnel, construction of capital projects and equipment purchases.
As part of the measure, Council adopted an Accountability Ordinance (Ordinance 16-21) to establish accountability measures as outlined:
Revenues:
* 10% of budgeted revenues must be maintained in an Uncertainty Fund. Money can only be accessed during a fiscal emergency;
* 10% of budgeted revenues must be deposited into the following categories:
o 2% Youth Programs
o 8% Maintenance and Emerging Needs
Expenditures:
* Money shall not be used for debt service payments;
* Annual expenditure plan must be approved by Council after the following has occurred:
o City Manager makes a recommendation to City Council and makes changes as requested (tonight's discussion);
o Comments and recommendations received by Sales Tax Oversite Board;
o Two public hearings are held at regular Council Meetings to consider expenditure plan (tonight's 1 of 2 public hearings)
The Measure N Budget requires two public hearings and has to be adopted by June 30, 2024 to be able to spend in FY 2024/25. In order to me...
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