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.
TitleTitle
Body
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 ...
Click here for full text