AGENDA CAPTION:
Title
Hold a discussion on allocation of Best Buy generated revenue for fiscal year 2018, and provide direction to the City Manager.
Body
Meeting date: May 29, 2018
Department: Finance Department
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Background Information:
In 2016 the City signed an economic development agreement where the City would rebate 75% of the sales tax revenue generated by sales from the Best Buy call center. The City received the first revenue from the call center in September 2017. During the FY18 budget process, Council directed that the City's portion of the revenue generated be excluded from revenue and that the budget would be amended to appropriate the revenue as it was received. To date the City has received $1,431,000 in sales tax revenue. The first budget amendment to fund The Village Main project totaling $432,000, was approved earlier this year. This leaves $999,000 that can be allocated to one-time programs/expenses, fund balance, or recurring expenses. The City will review a list of possible uses for this revenue as part of this discussio...
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