Title
Receive a report on the Road Fund revenue sources, including an update on the FY 2017-18 forecast incorporating actual expenditures and revenues received through October 2017, as well as the recently released FY 2017-18 Countywide Cost Allocation Plan (COWCAP) allocations.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive a report on the revenue sources in the Road Fund, Fund 002, including a discussion on forecasted revenues and expenditures for FY 2017-18 based on actuals through October 2017, as well as the recently released FY 2017-18 Countywide Cost Allocation Plan (COWCAP) allocations.
SUMMARY:
On October 10, 2017, the Board of Supervisor's received the First Quarter Update to the FY 2017-18 Adopted Budget from the County Administrative Office (CAO). That report identified pressing community unfunded needs totaling $1,836,879 including: a temporary homeless shelter; safe parking program; enhancements to general assistance grants; and an additional three (3) Full Time Equivalents (FTEs) to complete Office of Employment Training (OET) reorganization.
Funding options presented to the Board for consideration included decreasing the Transient Occupancy Tax (TOT) allocation to the Road Fund from $5.5 million to $4.1 million, citing that $4.1 million meets the minimum required Maintenance of Effort (MOE), as calculated for the newly passed tax initiatives for Measure X and Senate Bill 1 (SB1). The option also highlighted the passing of two new tax initiatives, which were perceived to offer sizeable new road fund revenue streams, and an opportunity to revisit the TOT formula, especially in a constrained environment. While this option did not receive a majority vote by the Board, the Resource Management Agency (RMA) was asked to return to the Board to present an overview of the revenue sources within the Road Fund and identify what impact a reduction to the TOT allocation would have on the Road Fund in FY 2017-18.
The FY ...
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