HomeMy WebLinkAbout0393.094July 28, 1994
HONORABLE CITY COUNCIL
Palo Alto, California
He~bers of the Council:
.-
. : ,'.-
This is an informational report and no Council action is reqll,lred.
On June 17, 1994. the City received confirnatiQn from the ~jt~'te
Board. of Equalization that $1.1S37,9J9 in salas tax paid by -::lun
Hicrosyst(!ms over the perIod January 1991 to June 1992 wIll be
deducted fron: the city's quarterly sales tax re~ittances over a 36-
~onth periVd, ~ginnln9 with the remittance in September of 1994
and ending with the remittance J.n June 1997. The City accepted the
revised confirmation on July 6, 1994. The Finance Department had
already r~cordQd a reserve of $1,618,780 for potential loss in the
litigation associated \11th the reallocation. ConsequentlYI
$430,841 will be recorded as a one-time sales tax revenue
adjustment on the City's 1993-94 fin~nclal st~tements.
~:;;;t~'
Y HARRISON
Director of Finance
~ city Manager
CMR:393:94
.>r .