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Measure J revenues show early gains; staff warns of project-driven deficit
Summary
City staff reported Measure J sales-tax receipts are about $8.0 million year-to-date (a 6% increase) and total revenue of about $8.9 million, but staff said heavy project spending means the fund could run a deficit this fiscal year and that planned debt issuance will reimburse Measure J for design cashflows.
City finance staff told the Measure J Oversight Commission that sales-tax receipts tied to Measure J are up about 6% year-to-date and that the fund is supporting a range of community projects and deferred-maintenance work, even as project spending creates a near-term gap.
"Our year to date number... is a little over 8,000,000. That's a 6% increase over the prior year," Chris said during the Feb. 19 meeting. Staff reported total Measure J-related revenue of about $8.9 million to…
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