Item 4: Adoption of Resolution 5023 Calling a City Election on May 17, 2011, on a Temporary City Income Tax to Raise Funds for Local Schools

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May 2011 November 2011 Implementation Should provide sufficient time to Will not provide sufficient time to of Tax implement tax so that 2011 tax year implement tax so that 2011 tax year returns can be filed and payments returns can be filed and payments made by January 1, 2012 made by January 1, 2012 (or maybe not even by April 15, 2012). In order to implement the tax for the 2011 tax year, it might be necessary for the school districts to pay for some implementation activities prior to knowing the results of the election. An alternative would be to make the tax effective as of January 1, 2012, which would leave sufficient time for implementation activities. Cash Flow/ School districts would need to This would depend on when the tax Bridging Issues explore bridging strategies, such as becomes effective, and whether it can for Schools spending reserves or using tax be implemented in time for 2011 tax anticipation notes, in order to year collections. minimize reductions in teaching positions and furlough days in 2011- 12, in anticipation of receiving the revenue. Boards may need to use conservative estimates regarding revenue projections until actual revenue levels are determined. Other Measures Many special district board positions; Nothing currently scheduled; on the Ballot potential bond measures for both 4J deadline to file is late August/early and Bethel school districts September