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| Feb. 23, 2016 Issue #17 Editor's NoteFor a PDF copy of the newsletter please visit the League's website. For more updates from the League, follow us on Twitter and like us on Facebook.Board of Equalization Acts to Reduce Variable Gas Tax RateLeague Urges BOE to Stabilize Gas TaxThe State Board of Equalization (BOE) today approved a 2.2 cent per gallon decrease, from 12 cents to 9.8 cents, in the state variable tax on gasoline for FY 2016-17. This action will result in yet another dramatic decrease in the variable gas tax revenues received by cities. The decrease is equivalent to the Department of Finance’s projected 2.2 cent reduction. The decrease will take effect July 1, 2016.Revenue and Taxation, Transportation Application Period Opens for League Board of Directors At-Large Position and Second Vice PresidentDeadline is April 29, 2016The League of California Cities® is now accepting nominations from elected officials interested in serving in one of six at-large board positions (two-year term), or as second vice president (one-year term).Board, Action Item Biennial OPEB Survey Will Help League City Managers Department Assess Unfunded LiabilitiesSurvey Open until March 16Unfunded Other Post-Employment Benefits (OPEB) continues to loom as a long-term financial challenge for public agencies at both the state and local levels. Fortunately, many cities have minimal OPEB obligations and many others have taken aggressive steps toward addressing those future obligations. However, there remains little comprehensive information available on the scope of OPEB challenges facing municipalities in California and how cities are effectively managing those obligations.Municipal Finance, Action Item League-Sponsored Bond Agency Issues $25,663,000 in Tax-Exempt Bonds for the Delta View ApartmentsSome of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA). This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued $25,663,000 in tax-exempt bonds for the Delta View Apartments in Antioch.Financial Solutions for CA Cities |
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