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<br /> I . I <br /> ú>.ß-3 <br /> Fiscal Impact <br /> MBIA is proposing a 40% contingency fee for the Discovery and Audit Services. This one- <br /> time fee applies only to the net new revenue actually received by the City. Overall, there <br />- should be a net gain in revenue associated with this program, but more importantly, there <br /> will be a consistent method for ensuring compliance by all businesses. Due to the nature <br /> of the proposed audit, idertifying businesses that have not paid their business license <br /> taxe!;, staff is unable to develop a reasonable estimate of the amount of tax revenue that <br /> could te generated under thib proposal. <br /> Should Council proceed with this recommendation, staff will return to Council later this <br /> fiscal year with a recommended budget amendment and will be able to report to Council at <br /> that time how much additional revenue has been generated. <br /> :¡-- fr1~ ~ <br /> GI a I. del Rosario Brian J. Ponty Ed Everett <br /> Se ior AccountanU Director of Finance and City Manager <br /> Revenue Services Manager Financial Planning <br /> Attachment: Exhibit A - MBIA Professional Services Agreement and Business License <br /> Tax Compliance Services Exhibit <br />- <br />'- <br />