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ABOUT US CONTACT US SUBSCRIBE ADVERTISE JOBS DC <br />64° <br />SUBSCRIBE NEWS OPINION SPORTS E-EDITION EVENTS CROSSWORD A&E LIFESTYLE OBITUARIES SPONSORED ADVERTISING CLASSIFIEDS SUPPORT FOOD MAP <br />FEATURED <br />Foster City OKs new business license tax ballot <br />measure <br />City Council approves new model that would raise over $1M in annual revenue <br />By Alyse DiNapoli, Daily Journal staff Jul 19, 2024 1 <br />Daily Journal file photo <br />Tags <br />Report <br /> Add Reply <br />Government Budget Balance Tax Deficit Spending Budget Foster City, California Finance <br />Government Finances Economy Public Finance Payments Public Policy Government Revenue Taxation <br />Alyse DiNapoli, Daily Journal staff <br />Daily Journal staff <br /> <br /> Follow Alyse DiNapoli, Daily Journal staff <br />Recommended for you <br /> (1) comment <br />Terence Y Jul 21, 2024 8:12am <br />As expected, it’s always about the money - this time, an effort to withdraw more money from business owner <br />ATMs. Note that this tax won’t help businesses but will be used most likely to pay ever increasing pensions and <br />benefits. Vote NO on the measure, or any measure attempting to use taxpayers as ATMs. <br />Welcome to the discussion. <br />Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language. <br />PLEASE TURN OFF YOUR CAPS LOCK. <br />Don't Threaten. Threats of harming another person will not be tolerated. <br />Be Truthful. Don't knowingly lie about anyone or anything. <br />Be Nice. No racism, sexism or any sort of -ism that is degrading to another person. <br />Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts. <br />Share with Us. We'd love to hear eyewitness accounts, the history behind an article. <br /> <br />Foster City voters will decide whether to enact an updated <br />business license tax, as the council approved a new model <br />expected to generate an additional $1.4 million in annual <br />revenue. <br />The proposal would increase the rate for many <br />businesses, especially the city’s largest, ranging from 75 <br />cents per $1,000 in gross receipts to $3 per $1,000 in gross <br />receipts, depending on the firm’s revenue. The city’s <br />smallest businesses would only be subject to a minimum <br />$100 annual tax. <br />Other models proposed by staff would have increased the <br />maximum amount from the current cap, roughly $28,000, <br />to $500,000, which did not receive council support. The <br />limit that will be on the ballot will increase the cap to <br />$250,000. <br />Updating the BLT revenue stream has been a frequent <br />topic of discussion among several Peninsula cities as of <br />late — including South San Francisco, Belmont and <br />Redwood City — especially as budget deficits abound and <br />other income sources, such as property-tax-in-lieu-of- <br />vehicle license fees, were recently put in a precarious <br />position. <br />Foster City’s five-year projected structural deficit further <br />accelerated the urgency for such an initiative as well. <br />“The city is anticipating a five-year ongoing structural <br />deficit. This is roughly $40 million over a five-year period, <br />with the next two years likely $5 [million] to $7 million,” <br />Assistant City Manager Marlene Subhashini said. <br />The current rate, 75 cents per $1,000 in gross receipts, is <br />applied across all businesses, no matter the industry or <br />size, and it generates on average $1.7 million per year. <br />Staff and the council have agreed on multiple occasions <br />that the amount paid by businesses, including maximum <br />limits, should be increased, as they haven’t seen <br />substantial changes in about a decade. <br />But several public comments, representative of the city’s <br />large businesses, such as Gilead, cautioned against <br />excessive increases. <br />“We believe that raising the business license tax will <br />dramatically and negatively impact investing in research <br />and development in Foster City. This increase will <br />discourage future investments, leading companies to <br />relocate, resulting in major job losses for this city,” Jenny <br />Bach, spokesperson for California Life Sciences, said <br />during public comment. “We oppose each of these <br />proposals due to their potential to undercut Foster City’s <br />long-term economic health.” <br />With Councilmember Sam Hindi recusing himself from <br />the discussion — due to a conflict of interest — the <br />council initially had difficulty coming to a majority <br />consensus, though they ultimately all voted to move <br />forward with the initiative. <br />Mayor Patrick Sullivan and Councilmember Art Kiesel <br />expressed skepticism over the proposals, citing, among <br />other issues, the apprehension of the city’s large <br />businesses and that the additional revenue won’t make a <br />large dent in the deficit regardless. But Vice Mayor Stacy <br />Jimenez and Councilmember Jon Froomin noted the <br />importance of moving the needle on budget <br />reconciliation, especially as the deadline to include the <br />initiative in November’s ballot is fast approaching. <br />“The only way to rectify a structural deficit is reduce <br />expenses, which we didn’t do, or increasing revenue,” <br />Froomin said. “Taking no action today means our next <br />bite of the apple is two years from now. Two years from <br />now … we’ll have spent $14 million, maybe, in reserves <br />between now and then.” <br /> <br />alyse@smdailyjournal.com <br />(650) 344-5200 ext. 102 <br />MORE INFORMATION <br />Foster City braces for budget <br />shortfall <br />Foster City explores business <br />tax hike <br />The Foster City Council is exploring <br />updates to its business license tax, <br />currently structured off a company’s <br />gross receipts and which mainta… <br />NATIONAL <br />Russia convicts <br />US journalist of <br />spying in a trial <br />widely seen as <br />politically <br />motivated <br />NATIONAL <br />Republicans <br />emerge from <br />their convention <br />thrilled with <br />Trump and <br />talking about a <br />blowout victory <br />STATE <br />Hot, inland <br />California cities <br />face the steepest <br />water cuts with <br />new <br />conservation <br />mandate <br />NATIONAL <br />Biden pushes <br />party unity as he <br />resists calls to <br />step aside, says <br />he'll return to <br />campaign next <br />week <br />COLUMNISTS <br />Free parking LOCAL NEWS <br />San Mateo <br />County <br />Independent <br />Civilian <br />Advisory <br />Commission <br />holds 1st <br />meeting <br />LOCAL NEWS <br />Redwood City to <br />vote on business <br />license tax for <br />ballot <br />LOCAL NEWS <br />San Mateo <br />County eyes <br />housing <br />measure <br />Post a comment Watch this discussion. <br />Want to join the discussion? <br />Only subscribers can view and post comments on articles. <br />Subscribe Today <br />Already a subscriber? 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