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TRANSPORTATION AGENCY FOR MONTEREY COUNTY Memorandum | |
| | | | | | | | | To: | Board of Directors | | From: | Michael Zeller, Director of Programming & Project Delivery | | Meeting Date: | January 24, 2018 | | Subject: | Sales Tax Estimating and Revenue Capture Request for Proposals |
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| | | | | | | | | RECOMMENDED ACTION: | | APPROVE the release of a request for proposals for Sales Tax Estimating and Revenue Capture. |
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| | | | | | | | | SUMMARY: | | The proposed scope of work includes reviewing historical sales tax revenue generation, auditing sales tax collection, estimating future sales tax revenues and preparing revenue information necessary for any potential bond issuance for Measure X funds. |
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| | | | | | | | | FINANCIAL IMPACT: | | Measure X is estimated to generate $20 million annually from a three-eighths percent sales tax in Monterey County. One-percent of the revenues collected are eligible to be used for administrative expenses. The not-to-exceed amount for this contract is thirty thousand dollars ($30,000) over three years. |
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| | | | | | | | | DISCUSSION: | Transportation Agency staff is seeking to release a request for proposals to receive bids from consultants for Sales Tax Estimating and Revenue Capture. The proposed contract will provide the Transportation Agency with the following services:
- The consultant will establish a database containing all applicable Board of Equalization (BOE) registration data for each business within the sales tax district boundaries holding a seller’s permit account. Said database will also identify the quarterly sales, use and transactions tax allocations under each account for the most current and previous quarters where available.
- The consultant will provide updated reports each quarter identifying changes in allocation totals by individual businesses, business groups and by categories. Quarterly aberrations due to State audits, fund transfers, and receivables, along with late or double payments, will also be identified. Quarterly reconciliation worksheets to Transportation Agency staff with budget forecasting will also be included.
- The consultant will advise and work with Transportation Agency staff on planning and economic questions related to maximizing revenues, preparation of revenue projections and general information on sales, use and transactions tax questions.
These services will allow the Transportation Agency to better track the revenues collected by the Board of Equalization and ensure the Agency is receiving the accurate amount of remittances. In addition, the consultant will be able to provide revenue projections that will be necessary if the Agency decides to utilize debt financing in order to advance Measure X projects.
The following timeline is proposed for the Request for Proposals:
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Date/ Timeframe
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Task
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January 25, 2018
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Distribute RFP
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February 1, 2018
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Deadline for requests for clarification or exceptions
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February 22, 2018
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Proposals due
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March 1, 2018
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Review and rank proposals
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March 8, 2018
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Select top ranked consultant, negotiate contract
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March 28, 2018
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Present consultant contract to TAMC Board for approval
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The draft Scope of Work is included as Attachment 1 for Board review. |
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