The city shall annually verify that the taxes owed under this chapter have been properly applied, exempted, collected, and remitted in accordance with this chapter, and properly expended according to applicable municipal law. The annual verification shall be performed by a qualified independent third party and the review shall employ reasonable, cost-effective steps to assure compliance, including the use of sampling audits. The verification shall not be required of tax remitters where the cost of the verification may exceed the tax revenues to be reviewed. The substance of the annual verification shall be reduced to writing and issued as a public report to be reviewed and analyzed by the Citizens' Finance Advisory Commission established per § 34.176, and ultimately received and filed by the City Council at a regularly scheduled public meeting. This annual public report shall directly and succinctly document the city's activity per this chapter, subject to limitation only per Cal. Revenue and Taxation Code §§ 7284.6 and 7284.7 and other applicable authority.
(Ord. 1539, passed 7-16-08; Am. Ord. 1578, passed 11-2-10)