Title
Adoption of Resolution Calling an Election in the City of Alameda to be Consolidated with the City's Next General Municipal Election on November 6, 2018, and Submitting to the Electors A Ballot Measure, "City of Alameda Essential Services Protection Measure," Seeking Enactment of a One-Half of One Percent Transactions and Use (Sales) Tax by Amending the Alameda Municipal Code by Adding "Chapter 3-63, Transactions and Use Tax," Establishing the Policies and Procedures for such an Election and Requesting that the County of Alameda Conduct such an Election. (City Manager 2110)
Body
NOTE: The report was revised on July 2, 2018 and is attached as "Staff Report - REVISED"
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Acting City Manager
.Title
Re: Adoption of Resolution Calling an Election in the City of Alameda to be Consolidated with the City's Next General Municipal Election on November 6, 2018, and Submitting to the Electors A Ballot Measure, "City of Alameda Essential Services Protection Measure", Seeking Enactment of a One-Half of One Percent Transactions and Use (Sales) Tax by Amending the Alameda Municipal Code by Adding "Chapter 3-63, Transactions and Use Tax", Establishing the Policies and Procedures for such an Election and Requesting that the County of Alameda Conduct such an Election
BACKGROUND
While the City of Alameda has a history of taking proactive measures aimed at fiscal discipline and is currently meeting its policy of a 25% General Fund available reserve, significant financial challenges exist. The General Fund is projected to be in deficit in five years. As shown in the chart below, which was a part of the City Council's June 19 budget adoption, the City's budget is projected to be in deficit by $4.7 million annually by Fiscal Year (FY) 2021-22, in part due to unfunded liabilities. Liabilities include those resulting from California Public Employees Retirement System's (CalPERS) recent changes to ...
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