Katelyn Baker
Well-Known Member
Shasta Lake's City Council on Tuesday will weigh the town's two-year budget, which may see medical marijuana sales tax revenue to grow by nearly $100,000 year-over-year.
That budget totals about $38 million in spending and anticipated revenue, including about $7 million for the general fund, for the next two fiscal years, said City Manager John Duckett.
That would leave the city with about $40,000 extra for the general fund, which can be allocated at the council's discretion.
Of that general fund revenue, about $360,000 will come from revenue from the city's medical marijuana dispensaries, he said. Voters approved a 10 percent tax on medical marijuana dispensary sales in 2014. It was expected to bring in $175,000 to $200,000 to city coffers initially. But in its first year it brought in about $365,000 - about the same it's expected to generate in the 2016-2017 year, Duckett said.
With a third dispensary opening, that number is likely to rise to $450,000, he said.
The fiscal news is not all good - costs for retiree health care rose 67.5 percent year over year, Duckett said. An analysis pointed to rising premiums driven by the Affordable Care Act as the main culprit, he said. sExploring the use of some cash from a retiree trust fund or having employees contribute are two options to offset costs mentioned in the agenda documents.
The general fund's account, a sort of rainy day fund, will end the 2016-2017 fiscal year with about $982,277 - about 14.42 percent of the general fund spending.
The council will also consider contracts with the International Brotherhood of Electrical Workers Local 1245 and the Teamsters' General
Teamsters Local No. 137. Raises are part of those contracts, according to agenda documents.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Shasta Lake Budget Expects Pot Revenue To Grow
Author: Joe Szydlowski
Contact: (530) 243-2424
Photo Credit: None Found
Website: Record Searchlight
That budget totals about $38 million in spending and anticipated revenue, including about $7 million for the general fund, for the next two fiscal years, said City Manager John Duckett.
That would leave the city with about $40,000 extra for the general fund, which can be allocated at the council's discretion.
Of that general fund revenue, about $360,000 will come from revenue from the city's medical marijuana dispensaries, he said. Voters approved a 10 percent tax on medical marijuana dispensary sales in 2014. It was expected to bring in $175,000 to $200,000 to city coffers initially. But in its first year it brought in about $365,000 - about the same it's expected to generate in the 2016-2017 year, Duckett said.
With a third dispensary opening, that number is likely to rise to $450,000, he said.
The fiscal news is not all good - costs for retiree health care rose 67.5 percent year over year, Duckett said. An analysis pointed to rising premiums driven by the Affordable Care Act as the main culprit, he said. sExploring the use of some cash from a retiree trust fund or having employees contribute are two options to offset costs mentioned in the agenda documents.
The general fund's account, a sort of rainy day fund, will end the 2016-2017 fiscal year with about $982,277 - about 14.42 percent of the general fund spending.
The council will also consider contracts with the International Brotherhood of Electrical Workers Local 1245 and the Teamsters' General
Teamsters Local No. 137. Raises are part of those contracts, according to agenda documents.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Shasta Lake Budget Expects Pot Revenue To Grow
Author: Joe Szydlowski
Contact: (530) 243-2424
Photo Credit: None Found
Website: Record Searchlight
