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Measure X collections lag early budget assumptions; city to propose midyear reduction
Summary
City staff reported Measure X receipts of $27.5 million for the first four months of the fiscal year and described a year-over-year shortfall that will be included in a midyear budget adjustment; staff cited a projected reduction of roughly $2.7 million to the Measure X revenue estimate.
City finance staff told the Measure X Citizen Oversight Committee the city has received $27.5 million in Measure X remittances for the first four months of the fiscal year and that a true-up payment process explains recent monthly spikes in remittances.
"As you can see there, we've collected 27,500,000.0 so far and this is for the first 4 months of the fiscal year," staff said…
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