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TO: BOARD OF SUPERVISORS Contra s�`��-� ��°:
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CostaFROM: John Sweeten, COUNTY ADMINISTRATOR o
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y11 CountyJanua 25 2005 °sr9-eoU�;�DATE: ry
SUBE _ C.- a�
J CT. Estimated Revenue Adjustment General County
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE Appropriations Adjustment No. 5088 authorizing transfer of revenues between objects in
the amount of$80,523,011 for the ERAF III loss ($9,266,091), Motor Vehicle In Lieu Tax
($68,812,173), and In Lieu Sales and Use Tax ($2,444,747).
FISCAL IMPACT:
This action reallocates revenue estimates between objects with no net impact.
BACKGROUND:
This action transfers $80,523,011 in revenues between objects for the ERAF III loss, Motor Vehicle In
Lieu Tax, and In Lieu Sales.and Use Tax, as the State's impact on Contra Costa County's final FY
04/05 budget.
The three transactions are required as a result of the following budget actions by the State:
1. Frooertv Tax Revenues ($9,266,091)—The State's budget takes $1.3 billion in property tax
revenues statewide in each of two-year fiscal years (FY 04/05 and FY 05/06).
2. Vehicle License Fee Revenue ($68,812,173 —The State swapped $4.1 billion of property tax
dollars allocated to the State's Education Revenue Augmentation Fund (ERAF)for$4.1 billion
in Vehicle License Fee revenues. Contra Costa's share is being returned on the same basis
as the VLF dollars transferred by each county to the State.
3. Sales Tax Revenue ($2,444,747,)—With the March 2, 2004 passage of Proposition 57, the $15
billion bond measure designed to help the State refinance its debt, redirected one-quarter
percent of the local sales and use tax to the State and replaced the lost revenues on a dollar-
for-dollar basis with countywide property tax revenues shifted back from the Educational
Revenue Augmentation Fund (ERAF). The sales tax shifted to the State is dedicated to
repayment of the bond measure.
This estimated revenue adjustment aligns the County's budget with State actions, allows for tracking
of individual elements of the adjustment, and has no net impact on the approved County net budget.
CONTINUED ON ATTACHMENT: �� YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OPOSOARD COMMITTEE
� APPROVE OTHER
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SIGNATURE(S):
COO
ACTION OF BO ON JANUARY 25, ZOOS APPROVED AS RECOMMENDED XX OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT
COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES OF
XX UNANIMOUS(ABSENT NONE �
THE BOARD OF SUPERVISORS ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN:
Contact:
Cc: Angel Wilson,Auditor-Controller ATTESTED JANUARY 25, 2005
Lisa Driscoll County Administrator's Office JOHN SWEETEN,CLERK OF THE BOARD OFSUPERVISORS
BY: ,DEPUTY
FINAL APPROVAL NEEDED BY:
BOARD OF SUPERVISORS
❑ COUNTY ADMINISTRATOR
CONTRA COSTA COUNTY
ESTIMATED REVENUE ADJUSTMENT
T/C 24
ACCOUNT CODING IBUDGET UNIT: Revenue-General County(0005)
REVENUE
ORGANIZATION1 ACCOUNT REVENUE ACCOUNT DESCRIPTION INCREASE <DECREASE>
0005 9010 Property Tax Current Secured 99266,091 00
0005 9015 Property Tax Shieft-ERAF 111 9,266,091 00
0005 9016 Property Tax in Lieu of VLF 689812,0173 00
0005 9225 State Motor Vehicle In Lieu Tax 68,8129173 00
0005 9045 Sales and Use Taxes 29444,747 00
0005 9046 In Lieu Sales and Use Tax 2,444,747 00
TOTALS 8095239011 00 80,523-011, 00
APPROVED EXPLANATION OF REQUEST
AUDITOR- 5OLLER:
BY: DATE—//OJ/dP
Adjusted estimated general purpose revenues for ERAF III loss,
COUNT I TOR: LF swap,and in lieu sales&use tax.
DATE
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BY:
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BOARD OF ISS.
YES: SP��ISOWS,9101A,UILKEMA,
Q(EPHO,DESAULNIER,GLOVER
NO: NONE
John Sweeten,Clerk of the Board of
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Supervisors and County Administrator K*rg ** sr.Dpty County Admin 1/3/05 1N00KNM0WM0NNNWWA9�
NATURE TITLEATE
REVENUE ADJ. RAOO
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BY: DATE JANUARY
so ARY 5 2005 JOURNAL NO.