The purpose of this report is to request the City Council to consider a public hearing to increase the City�s Transient Parking Tax (TPT) from 11% to 12%.

As presented in the initial study session for next year�s budget (Fiscal Year 2005-06) on April 19, 2005, the City�s Five Year Forecast currently shows an increasing budget gap between recurring revenue and expenditures.  At this meeting, Council Member Golonski requested looking at raising the TPT an additional 1% beginning July 1, 2005.  Staff recommends using the additional TPT revenues to unfreeze two Police Officer positions.  This report serves as the first step in a one-step, two-step process to consider whether or not to proceed with another public hearing to increase the tax.

RECOMMENDATION

It is staff�s recommendation that the Council provide direction on whether to proceed with holding another public hearing on increasing the Transient Parking Tax from 11% to 12%.

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