FRESNO, Calif. (KSEE/KGPE) - The Fresno City Council announced their approval of a historic city-county tax-sharing agreement which they say will ensure resources are distributed fairly to benefit all residents. According to officials, key provisions of the agreement, the Memorandum of Understanding, include: A balanced distribution of property and sales tax revenues between the city and county to ensure vital public services are sustainably funded. Clear guidelines for annexations to prevent inefficiencies and ensure effective delivery of services. Provisions for sharing revenues from industrial and commercial projects, fostering economic opportunities across the region. A commitment to joint planning and legislative advocacy to address shared challenges such as infrastructure and public services. Now, how will this agreement exactly benefit residents? According to the city council, the "wins" for the City of Fresno are the following: Equitable Revenue Allocation: The city will receive a 51% share of property tax revenues in the Southeast Development Area (SEDA), compared to the county’s 49%. This equitable split will generate significant additional revenue if SEDA is approved by the Fresno CityCouncil. Additionally, for areas outside of SEDA, the city will receive a 40% shareof property tax revenue. Funding for Public Services: The agreement ensures resources are available to enhance public safety, parks, and critical infrastructure, improving the quality of life for all Fresno residents. Strengthened Fiscal Stability: Over the next decade, the agreement is expected to generate millions in property and sales tax revenues for the city, allowing for strategic investments in community needs. Job Creation and Economic Activity: Provisions for industrial and commercial projects are projected to create thousands of new jobs and boost the local economy by millions annually. The agreement will now proceed to the Fresno County Board of Supervisors for final approval.