SLED Opportunity · CALIFORNIA · CITY OF TORRANCE
AI Summary
The City of Torrance seeks qualified firms for sales and property tax consulting services to maximize revenues, ensure accurate reporting, support budget forecasting, and aid economic development from 2026 to 2031.
Sales tax constitutes one of the City's most significant revenue sources totaling $84.8 million during Fiscal Year 2025. The City currently receives sales tax allocations under the Bradley-Burns Uniform Local Sales and Use Tax Law, as well as revenues from the transactions and use tax (Measure SST) administered by the California Department of Tax and Fee Administration (CDTFA).The City is seeking qualified firms to provide professional sales tax consulting and analysis services to maximize lawful sales tax revenues, ensure accurate reporting by the CDTFA, identify economic development opportunities, and support the City's annual budget and multi-year financial forecasting processes.Property tax is among the City's most significant general fund revenue sources totaling $68.4 million in Fiscal Year 2025 within the General Fund. Under Proposition 13 (Article XIIIA of the California Constitution) and the Property Tax Administration provisions of the Revenue and Taxation Code, property tax revenues are assessed and collected by the County Assessor and Auditor-Controller, then allocated to the City and other taxing entities according to the AB 8 statutory formula. The City also receives property tax in-lieu of vehicle license fees (VLF), Redevelopment Property Tax Trust Fund (RPTTF) distributions as a successor agency, and supplemental and escaped assessments.Given the complexity of California's property tax system, the City seeks qualified firms to provide professional property tax consulting and analysis services. The goal is to ensure the City receives all property tax revenues to which it is lawfully entitled, to maintain accurate forecasting for budget and financial planning purposes, and to support the City's economic development and land use decision-making. Pre-Bid Meeting Information: No Online Q&A: Yes Location Information: Department: Purchasing Address: 3031 Torrance BlvdTorrance, California90503 County: Los Angeles
SLED stands for State, Local, and Education. These are solicitations issued by state governments, counties, cities, school districts, utilities, and higher education institutions — as opposed to federal agencies.
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