Title
Report: Submittal of License Tax Review Committee Annual Report for FY2024
Body
Issue/Request:
License Tax Review Committee Annual Report for FY2024
Key Issues:
• City Ordinance 4592, Sections 28-175 through 28-123 in Code of Ordinances, requires an Annual License Tax Report
• FY24 year end fund balance was $4.39 million
• The License Tax Fund will support projects as programmed into the FY26 CIP
Background:
The attached report and presentation provides a summary, as required by ordinance, of the License Tax activity for Fiscal Year 2024, which is July 1, 2023 through June 30, 2024. 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 FY24 Capital Improvement Plan (CIP) over the next four years through FY27 towards local matching funds needed for this project. The funding remains programmed and proposed in the FY26 CIP.
Presenter
Michael Park, P.E., PTOE / Director of Public Works