Consent-General Government # 26.
Board of Supervisors
Financial Services
- Meeting Date:
- 08/30/2022
- Brief Title
- 2022-23 Property Tax Rates
From:
Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact:
Tom Haynes, Assistant Chief Financial Officer, Department of Financial Services, x8162
Supervisorial District Impact:
Subject
Adopt resolution establishing Yolo County property tax rates for 2022-23. (No general fund impact) (Rinde/Haynes)
Recommended Action
Adopt resolution establishing property tax rates for 2022-23.
Strategic Plan Goal(s)
 |
In Support of All Goals (Internal Departments Only) |
Reason for Recommended Action/Background
California Government Code Section 291000 et. seq. requires the Board of Supervisors to adopt tax rates on the secured property tax roll. Article XIIIA of the California Constitution and Sections 93 and 100 of the Revenue and Taxation Code limit the property tax rate for local agencies at 1%.
Other tax rates are set for voter-approved indebtedness to produce the amount necessary to finance the current year's debt service requirement. Tax rates for bonded indebtedness are calculated by dividing the debt service payments by the net assessed value of the property within the applicable tax rate area. The calculated rate may be modified to reflect delinquencies, anticipated changes in the tax roll, cash flow needs and other reserve requirements. These tax rates ensure that there will be sufficient funds to make the annual debt service payments on bonded indebtedness while complying with state laws.
The County Chief Financial Officer will also enroll tax rates calculated by neighboring counties with overlapping jurisdictions as provided by those counties charged with the calculation of the tax rate, custody of funds, and payment of debt service.
Other tax rates are set for voter-approved indebtedness to produce the amount necessary to finance the current year's debt service requirement. Tax rates for bonded indebtedness are calculated by dividing the debt service payments by the net assessed value of the property within the applicable tax rate area. The calculated rate may be modified to reflect delinquencies, anticipated changes in the tax roll, cash flow needs and other reserve requirements. These tax rates ensure that there will be sufficient funds to make the annual debt service payments on bonded indebtedness while complying with state laws.
The County Chief Financial Officer will also enroll tax rates calculated by neighboring counties with overlapping jurisdictions as provided by those counties charged with the calculation of the tax rate, custody of funds, and payment of debt service.
Collaborations (including Board advisory groups and external partner agencies)
The Department of Financial Services collaborated with neighboring local jurisdictions to provide or receive assessed values and tax rates for overlapping areas.
Competitive Bid Process/Vendor Performance
N/A
Fiscal Impact
No Fiscal Impact
Fiscal Impact (Expenditure)
- Total cost of recommended action:
- $
- Amount budgeted for expenditure:
- $
- Additional expenditure authority needed:
- $
- On-going commitment (annual cost):
- $
Source of Funds for this Expenditure
- General Fund
Further explanation as needed:
There is no direct fiscal impact to Yolo County as a result of this action. However, this action approves the tax rates necessary to generate sufficient revenues to make the annual debt service payments for bonded indebtedness within various jurisdictions throughout the county.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Tom Haynes | Tom Haynes | 08/22/2022 12:03 PM |
| County Counsel | Hope Welton | 08/23/2022 11:10 AM |
| Phil Pogledich | Phil Pogledich | 08/25/2022 08:51 AM |
- Form Started By:
- Tom Haynes
- Started On:
- 08/15/2022 09:41 AM
- Final Approval Date:
- 08/25/2022