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Item 7.f.
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| City Council Regular | |
| Date: | 09/12/2022 |
| Title: | Public Hearing and Resolution for Park District 1 Assessment |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
| Legal Review | No |
RECOMMENDATION
Staff recommends the City Council hold a public hearing and approve the resolution setting the assessment for Park District 1 for Fiscal Year 2023.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The FY23 budget was adopted based upon the Park District 1 assessment generating $3,611,597 to fund FY23 operations. Per City Council direction, this is a 16.88% increase in revenue over the prior year. This resolution establishes the FY 23 Park District 1 assessment at 1.597% of taxable value, resulting in $3,611,597 in revenue, consistent with the adopted FY23 budget. The FY 22 assessment was 1.3875% of taxable value. The assessment list for each parcel is available at the City Clerk's office.
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve
FISCAL EFFECTS
Applied to a median home with a $228,000 market value, the 1.597% of taxable value would result in an assessment of approximately $49 per year. This is an increase of approximately $8 per year, over the prior year median home.