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Cannabis Ordinance <br />November 20, 2018 <br />Page 2 <br />The proposed ordinance would require the City Manager to provide at least two reports to the City <br />Council each year on the revenues and expenditures from the Cannabis Fund. In addition, any <br />amendment, suspension or elimination of the Cannabis Fund would require the City Council to <br />make the same findings as required to access the City's Economic Uncertainty Account. This <br />process includes but is not limited to certain findings of a structural deficit and approval by a two- <br />thirds vote of the entire City Council. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's effort to meet Goal #2 — Youth, Education, Recreation; <br />Goal #5 — Community Health, Livability, Engagement and Sustainability, Objective #4 (Support <br />neighborhood vitality and livability). <br />FISCAL IMPACT <br />Upon adoption of the above -referenced Ordinance, there will be no impact to the FY 2018-19 <br />General Fund Budget. However, beginning in FY 2019-20 two-thirds of both Adult -Use Tax and <br />Commercial Tax revenues will be deposited to the Cannabis Fund forfunding appropriation related <br />to youth and enforcement service(s). <br />R bert 0. Cortez <br />er <br />City Manager's Office <br />Exhibit: 1. Cannabis Fund Ordinance <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Kathryn Downif, CPA <br />Executive Director <br />Finance and Management Services Agency <br />65B-2 <br />