Title
Staff Report: Fiscal Year 2025 License Tax Report
Body
Issue/Request:
License Tax Review Committee Annual Report for FY2025
Key Issues:
• City Ordinance 4592, Sections 28-175 through 28-123 in Code of Ordinances, requires an Annual License Tax Report
• FY25 year end fund balance was $4.42 million
• The License Tax Fund will support US-50/M-291 North Interchange project as programmed into the FY27 CIP
• The license tax fund is projected to rebuild a balance that would be sufficient to support projects within two to six years
Background:
The attached report and presentation provide a summary, as required by ordinance, of the License Tax activity for Fiscal Year 2025, which is July 1, 2024 through June 30, 2025. More detailed background information is included in the License Tax Review Report.
As part of the License Tax Review Committee consideration of the FY24 Annual License Tax Report, the Committee recommended no changes in the rates for FY26.
The committee re-affirmed programming $6.0 million of the license tax fund into the Capital Improvement Plan (CIP) for the US 50 and M291 North interchange improvements project. Based on cash flow projections, this funding was programmed in the current FY26 Capital Improvement Plan (CIP) through the end of construction in FY27.
Presenter
Michael Park, Director of Public Works
Recommendation:
Recommended by committee 4/6/26