Department: Resource Management
Staff Contact: Dianna Wright
Subject: Presentation of the Street Maintenance Sales Tax (SMST) Finance Oversight Committee 2018 Annual Report by Chair Anne Oswald.
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Item Description:
title
Presentation of the Street Maintenance Sales Tax (SMST) Finance Oversight Committee 2018 Annual Report by Chair Anne Oswald..
Body
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Summary:
On November 12, 2013, the citizens of Olathe approved a 10-year, 3/8 cent Street Maintenance Sales Tax, which the City began collecting on April 1, 2014. The purpose of the sales tax revenue is to finance the cost of repairing, rebuilding, rehabilitating, upgrading, and improving streets in the City of Olathe.
On February 18, 2014 the City Council enacted Resolution No. 14-1020 that adopted the charter creating the Street Maintenance Sales Tax Finance Oversight Committee. The Street Maintenance Sales Tax (SMST) Finance Oversight Committee is an advisory body tasked with the annual review of the 3/8 cent sales tax-related revenues and expenditures during its term.
The Committee’s specific duties include annually reviewing the SMST income and expenditures to ensure the SMST revenues were expended consistently with the voter-approved street maintenance sales tax referendum. The committee is charged with preparing and presenting an independent report (Exhibit A) to the City Council regarding the revenue and expenditures of the Street Maintenance Sales Tax.
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Financial Impact:
In 2018, $11,632,788 was collected in SMST revenue which is dedicated for the street preservation program. Interest income for the year totaled $128,396 for a grand total of $11,761,184 in revenue. The SMST funded $13,127,000 of the 2018 Street Preservation Program.
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Action Needed:
Accept the report.
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Attachment(s):
Exhibit A - 2018 SMST Annual Report by the SMST Finance Oversight Committee