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Vesely also stated staff' will provide an unaudited actual to Committee in December as well as <br /> the l n quarter report to provide a current financial status to the Committee. <br /> 2. Discussion Regarding Sales Tax Revenue <br /> Vesely stated that as a result of the November 4, 2010 elections, the City anticipates annual <br /> revenue of up to $4 million for the next 7 years. Unfortunately, the City will not see that revenue <br /> for the current fiscal year as the State Board of Equalization has informed staff that the new <br /> Sales Tax of 0.25% will not take affect until April 1, 2011. Vesely reminded the Committee that <br /> Council has requested that $1 million be allocated to build reserves back up. <br /> Councilmember Prola stated that we must remember what was promised the citizens. <br /> 3. Discussion Regarding Government Finance Officers Association (GFOA) Distinguished <br /> Budget Award <br /> Finance Director Vesely stated that the Finance staff submitted the Fiscal Year 2010 -11 Budget <br /> Document to GFOA and received notice that the document met the requirements to qualify for <br /> the Distinguished Budget Award. <br /> Councilmembers Prola and Souza congratulated staff and recommended posting on the City <br /> website as well as sending a notice to all Homeowner Associations for their individual <br /> newsletters. Assistant to the City Manager Diaz stated that she would send the notice. <br /> 4. Committee Member Comments <br /> None <br /> 5. Public Comments <br /> None <br /> 6. Adjourn <br /> The meeting was adjourned at 4:58 p.m. <br /> • <br /> 2 <br />