Laserfiche WebLink
Council Memorandum • Pa,e 2 <br />be used to offset debt service, resulting in an amount needed from the 2009/10 tax levy of <br />$1,182,383. The calculation of the tax rate to be applied uses assessed value information provided <br />by the County Auditor-Controller. The assessed value used for setting the rate allows for a 3.5% <br />delinquency factor and anticipates an 8% reduction in assessed value from the prior year's total. <br />The calculation yields an adjusted assessed value amount of $20,496,187,955. This translates into <br />a tax rate of $.00577 per every $100 of assessed value, or $5.77 per $100,000 of assessed value. <br />FISCAL IMPACT: <br />The tax levy will generate approximately $1,182,383 of revenue, anticipated in the budget process <br />to fund principal and interest payments due in February and August 2010. <br />Prepared by: Paul C. Sundeen, Assistant City Manager/CFO <br />Approved by: Paul C. Sundeen, Assistant City Manager/CFO <br />For Bradley J. Hudson, City Manager <br />Approved as to form: Gregory P. Priamos, City Attorney <br />Attachments: <br />1. Resolution Ascertaining and Fixing the Amount Necessary to Pay Debt Service on <br />General Obligation Fire Bonds <br />2. Resolution Fixing the Rate of Taxes to be Levied for Bonded Indebtedness <br />35-2 <br />