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�.A�1� DOES YOUR CITY HAVE SUFFICIENT ANNUAL CONFERENCE from page 1••••• CASH TO COVER THE VLF/SALES TAX Additionally, some four dozen educational SHIFT TO PROPERTY TAX? sessions will keep officials current on the hottest issues of the day. More than 300 exhibit booths will Many California cities and counties will face display useful products and services. cash shortages this fall because of the shift of VLF and sales tax receipts to property taxes as With the theme "United We Win" the confer- part of the triple flip and the VLF gap loan. Cash ence will provide information about the historic flow deficits are projected to reach maximum opportunity that cities and their LOCAL coalition levels in December 2004 and may be substantial partners have to win voter support in November for for some cities and counties. tn one example, Proposition 1A, a constitutional amendment to . the December 2004 cash flow deficit increased restrict the state Legislature's ability to take local from 3% of budget to 11 % of budget. revenues. In response to this potentially urgent cash Saturday evening will feature a delightful host flow dilemma, the League of California Cities, city welcoming event, followed by a hosted banquet through the California Statewide Communities for all attendees. The dinner will include a perfor- Development Authority, is immediately forming a mance by the renowned "Second City" improvisa- Fall 2004 "tax and revenue anticipation note" tional comedy troupe, casting a new (and very (TRAN) program. The advantages of issuing funny) light on the kinds of situations city officials TRANs to finance cash flow deficits are: face today. Don't miss this humorous and highly memorable show. • Tax Exempt Borrowing — TRANs are issued at low, tax exempt interest rates Then, following dinner, wrap up the evening at • Low Borrowing Cost — Low market the "Death by Chocolate" reception, hosted by interest rates are achieved because of the pooled several of our leading League Partners. economies of scale • Low /ssuance Costs — Costs are mini- The conference will conclude Sunday morning mized through the pooled program with breakfast and the annual business meeting. • Reinvestment Earnings — TRANs can We are awaiting confirmation from Governor be reinvested at higher, taxable rates of interest. Schwarzenegger about his possible attendance. • New Revenue Source — The resutting arbitrage earnings typically covers the entire Don't miss this most important opportunity to borrowing cost plus may provide additional learn about cutting edge issues facing cities, revenue. network with your peers, and even enjoy some light moments. The California Communities TRANs program is well established and has successfully provided if you have not already registered for the confer- $4.8 Billion in cash flow financing to 144 Califor- ence, come anyway and register on site. Click on nia local governments since 1993. California �•cacities.orq/ac for the latest information on Communities is a joint program sponsored by the the conference. League of California Cities and CSAC. For more information, visit the California Our Mission Communities TRANs Web site at htt�s:// Restore and protect local control for cities secure.cacommunities.com/ or email Dan through education and advocacy to � Harrison at the League dharrison(a�cacities.orq. enhance the quality of life for all Californians. PAGE 4/PRIORITY FOCUS Visit the League's Official Web Site--www.cacities.org