07-14-2009 CC RPT 17 - Laserfiche WebLink

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Council Memorandum • Page 2 At the end of each year, a calculation is performed and any remaining balance stays with the District and serves to reduce subsequent years' assessments. This year no excess is projected. The Engineer's Report has calculated the annual assessment for the 2009/10 fiscal year to be $80.46 per residential parcel. The District formation process allows for an annual increase up to a cap calculated using the cumulative Consumer Price Index ("CPI") factor, with that factor limited to a maximum increase of 10% in any one fiscal year. The maximum allowed assessment for 2009/10 is $80.46 ($58.00 base year multiplied by cumulative factor of 1.3872 or 138.72%). The procedures of the Lighting and Landscaping Act of 1972 require a Public Hearing prior to the adoption of a resolution levying the annual assessments. FISCAL IMPACT: The cost of maintaining the parcels within the District will be assessed to the property owners within the District. Assessments are based on actual and projected expenditures and will not exceed the amount established in 1997/98 with the District formation, adjusted for cumulative changes in the CPI (cumulatively, 138.72%). The 2009/10 estimated budget for Landscape Maintenance District 88-1 is $95,105; the assessment per residential parcel will be $80.46. Prepared by: Paul C. Sundeen, Assistant City Manager/CFO Approved by: Paul C. Sundeen, Assistant City Manager/CFO For Bradley J. Hudson, City Manager Approved as to form: Gregory P. Priamos, City Attorney Attachments: 1. Resolution 2. 2009/10 Landscape Maintenance District 88-1 Engineer's Report 17-2