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8.C. - Page 4 <br /> It should be noted that the Chamber Board supported the Business License Tax <br /> proposal that was submitted to the voters in 2009. Also, in a Chamber membership <br /> survey conducted in January of this year 56% of the 111 members who participated in <br /> the survey supported raising the business license tax to help close the City's budget <br /> deficit. <br /> Staff also has made two presentations to the Downtown Business Group, and a <br /> presentation to the Sunrise Rotary Club. At that time neither group took a formal <br /> position on these measures. <br /> FISCAL IMPACT <br /> The outcome of these ballot measures will impact the City's ability to provide essential <br /> services in the future. <br /> The FY 2011-12 budget projects annual TOT revenue in the General Fund at $3.2 <br /> million. Based on this revenue level, if the voters approve the proposed increase — <br /> changing the rate from 10% to 12% - it will raise an estimated $640,000 annually in <br /> additional funds. An increase in the TOT approved by the voters this November would <br /> result in additional revenue beginning around January, 2012. <br /> The FY 2011-12 budget projects annual Business License Tax revenues in the General <br /> Fund at $1.4 million. Based on this revenue level, if the voters approve the proposed <br /> Business License Tax increase, it will raise an estimated $825,000 annually in <br /> additional funds, by FY 2014-2015. <br /> ALTERNATIVES <br /> 1. Direct staff not to proceed with the revenue enhancement measures proposed for <br /> the November 8, 2011 ballot; <br /> 2. Direct staff to propose revenue enhancement measures in different amounts. <br /> ATTAC H M E N TS <br /> None <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br /> BRIAN PONTY <br /> FINANCE DIRECTOR <br /> ROBERT B. BELL <br /> CITY MANAGER <br />