CC 11-19-2024 Item No. 16 Adopt an allocation plan for funds uncommitted fron Sales Tax Pepayment reserve_Written Communications (2)CC 11-19-2024
Item No. 16
Adopt an allocation
plan for funds
uncommitted from the
Sales Tax Repayment
Reserve
Written Communications
From:Rhoda Fry
To:City Council; City Clerk
Subject:11/19/24 City Council #16 uncommitted Sales Tax Repayment Reserve please include under written
communications
Date:Tuesday, November 19, 2024 3:57:36 PM
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Dear City Council,
Dear City Clerk, please include under written communications 11/19/24 #16 uncommitted Sales
Tax Repayment Reserve
We have managed to not spend the money for many months.
Let’s not spend it.
The City knew as far back as 2006, if not earlier, that the Apple deal would go away.
The idea had been in the finance department to grow that money so that the City could be self-
sustaining.
There is NO way that the City will recover from this blow.
We need to be saving and not spending use the interest as income.
The budget only looks forward 10 years – after that we will fall off of a cliff without reserves.
If you care about Cupertino, please do not allocate any budget items to it.
PUT THE MONEY IN AN ECONOMIC UNCERTAINTY FUND
Here is the info from the 2006 budget.
Here is the link to the 2006 budget:
Budget 2006-2007 (cupertino.org)
Here is the text - - - snip is also attached. See the 25th page of the link above.
I will try to send another email showing how much we were making per capita on sales tax
before the time window closes to illustrate our dire straits.
Sincerely,
Rhoda Fry