TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Parcel Tax Fiscal Oversight Committee Measure VV Proceeds
BRIEFING ITEM
RECOMMENDED ACTION(S):
Title
Consider receiving a report from the District Parcel Tax Fiscal Oversight Committee on Measure VV/C1 tax proceeds for the year ended June 30, 2021.
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STRATEGIC IMPORTANCE:
Initiative - Financial Efficiency and Revenue Maximization
Goal - Financial Stability and Resiliency
Public oversight of the District’s parcel tax measure and funding is critical to maintaining the public’s trust of the District as a fiscally responsible agency.
BUDGETARY/FISCAL IMPACT:
Audited statements for the Fiscal Year ending June 30, 2021 show Measure VV/C1 tax receipts of $30.1 million to the District.
BACKGROUND/RATIONALE:
On July 23, 2008, the Board of Directors adopted Resolution No. 08-044 placing Measure VV on the ballot. Like Measure VV’s predecessor Measures AA and BB, the resolution required that an independent fiscal oversight committee of community representatives review the use of the funds and provide an annual report to the Board. Upon the passage of Measure VV, the Board adopted Resolution No. 08-064 establishing the Alameda-Contra Costa Transit District Parcel Tax Oversight Committee.
The committee is required to meet at least once per year to determine that funds generated by the parcel tax measure have been expended in accordance with the intentions of the voters. In addition, the Committee shall provide a written report and/or resolution regarding its findings to the Board of Directors.
On November 9, 2021, staff presented Staff Report 21-504 regarding FY 2020-201 Measure VV /C1 Tax proceeds for AC Transit Special District 1 to the Committee. The report included the Measure VV/C1 Schedules with the Independent Accountant’s Report for the Year Ended June 30, 2021. Fiscal Year 2020-21 Measure VV/C1 proceeds totaled approximately $30.1 million and were applied to expenditures in District 1. The Committee received, reviewed, and approved the report and attested that Measure VV funds received in FY 2020-21 have been spent in accordance with the intent of the Measure by adopting Resolution 21-001.
It is recommended that the Board acknowledge receipt of Resolution 21-001 from the Committee for the Fiscal year ended June 30, 2021. The Committee Agenda and accompanying packet of information from the meeting of November 9, 2021 are attached.
ADVANTAGES/DISADVANTAGES:
The receipt of the annual Measure VV/C1 Audit Financial Statements and the supporting Alameda- Contra Costa Transit District Report for FY 2020-21, along with verification by the Committee, ensures that the funds generated by the parcel tax measures are expended in accordance with the intentions of the voters.
ALTERNATIVES ANALYSIS:
There are no practical alternatives to presenting the results of the Parcel Tax Fiscal Oversight Committee to the Board of Directors.
PRIOR RELEVANT BOARD ACTION/POLICIES:
Staff Report 21-504, November 9, 2021, Report from the Parcel Tax Fiscal Oversight Committee on measure VV/C1 Financial Statement
ATTACHMENTS:
1. Resolution 21-001 adopted by the Parcel Tax Oversight Committee on November 9, 2021
2. Staff Report 21-504
3. Draft Minutes of the Parcel Tax Fiscal Oversight Committee
Prepared by:
Kenneth Myers, Acting Controller
Approved/Reviewed by:
Chris Andrichak, Chief Financial Officer