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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2000 - 155 (1051) <br /> RESOLUTION OF THE CITY OF SAN LEANDRO <br /> APPROVING BUDGET AMENDMENT NO. 1 TO THE 2000 -2001 ADOPTED BUDGET <br /> FOR AN ALTERNATIVE BUDGET SUBJECT TO PASSAGE OF MEASURE G, <br /> THE INITIATIVE TO REPEAL THE REAL PROPERTY TRANSFER TAX <br /> Recitals <br /> On November 7. 2000, the voters of San Leandro will consider Measure G. the initiative to <br /> repeal the Real Property Transfer Tax. If approved, this would result in a permanent Toss of revenue <br /> to the General Fund of the City of San Leandro. For fiscal year 2000 -2001, the revenue projected <br /> from the Real Property Transfer Tax was estimated at $3.500.000 <br /> The loss of this revenue would go into effect on November 8, 2000 and would have a <br /> significant impact on the ability of the City of' San Leandro to provide certain programs and services. <br /> The estimated loss of revenue for the remainder of fiscal year 2000 -2001 would be 52.300.000, which <br /> would require expenditure reductions of a corresponding amount. The subsequent, ongoing, annual <br /> impact would be a permanent $3,500,000 reduction in expenses and services. <br /> The City Council formed the Citizens Budget Review Committee to review the impacts of the <br /> Toss of anticipated revenue from the Real Property Transfer Tax. Said committee heard presentations <br /> on an alternative budget with reduced services from all affected departments. After reviewing the <br /> feedback from the Citizens Budget Review Committee, the Finance Committee provided its input on <br /> the issue. A public hearing was held to solicit community input on an alternative budget. <br /> • <br />