RECOMMENDATION(S):
APPROVE Revenue Adjustment No. 5023 in the amount of $273,846,200, to increase accuracy of tracking, by moving the revenue from the Sales and Use Taxes account and Department 0013 to a new account called Sales Tax Measure X in Department 0005.
FISCAL IMPACT:
No fiscal impact, the adjustment is for tracking purposes only.
BACKGROUND:
On November 16, 2021 and December 14, 2021, the Board of Supervisors adopted revenue adjustments RA0005012 and RAOO5021 respectively, to support appropriation adustments for Measure X. Since that time, the Auditor-Controller has been able to establish a unique revenue code to track Measure X Revenues. The attached revenue adjustment (RAOO5023) corrects adjustments RA0005012 and RAOO5021 to use the new account entitled "Sales Tax Measure X". The revenue will continue to be deposited into Department 0005 - General Purpose Revenue. Appropriations and expenditures will continue to be tracked in Department 0013 - Measure X General Purpose Allocations. This action is administrative and has a net zero impact.
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