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File Number: 20-334 <br />Fiscal Impacts <br />If adopted by voters, staff estimates that the proposed measure would generate approximately $4 <br />million in additional revenue per year. <br />Budget Authority: <br />Funds were budgeted in account 010-11-031 in the FY 2020-2021 General Fund budget to <br />off-set the anticipated costs of the November 2020 General Municipal election. <br />Conclusion: <br />This report provides an overview of the proposed increase to the City’s Real Property Transfer <br />Tax for the November 3, 2020 election. If the City Council wishes to proceed to place the <br />measure on the ballot, then staff recommends that the City Council take two separate votes: <br />1) Approve by majority vote the resolution to place the measure on the ballot and direct staff <br />to take all necessary steps to do so; <br />2) Approve the text of the proposed ordinance for submittal to the County Board of <br />Supervisors and the Registrar of Voters to increase the real property transfer tax from its <br />current rate of $6 to the new rate of $11 per $1,000 in valuation. <br />PREPARED BY: Eric Engelbart, Deputy City Manager, City Manager’s Office <br />Page 4 City of San Leandro Printed on 7/15/2020 <br />375