TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Parcel Tax Fiscal Oversight Committee Measure VV/C1 Proceeds
BRIEFING ITEM
AGENDA PLANNING REQUEST: ?
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, 2024.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
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, 2024, show Measure VV/C1 tax receipts of $30.0 million to the District.
BACKGROUND/RATIONALE:
On June 22, 2016, the Board of Directors adopted Resolution No. 16-024 placing Measure C1 on the ballot. Measure C1 extended the existing Measure VV parcel tax of $96 per parcel per year in Special Transit Service District No. 1 through June 30, 2039. Like Measure C1's predecessor Measures AA, BB, and VV, 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. The fiscal oversight committee that was originally formed for Measure AA and has continued following the approval of subsequent measures.
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 14, 2024, staff presented Staff Report 24-540 regarding FY 2023-24 Measure VV/C1 Tax proceeds for AC Transit Special District ...
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