COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jill Olsen, Administrative Services Director
SUBJECT:Title
Adopt Resolution No. 18-3245 Adopting Lake Havasu City Improvement District No. 4 (McCulloch Median) Property Tax Levy for Fiscal Year 2018-19 (Jill Olsen)
Body
FUNDING SOURCE:
N/A
PURPOSE:
To adopt Fiscal Year 2018-19 property tax levy for Improvement District No. 4.
BACKGROUND:
In accordance with state budget law process, City Council is required to adopt the property tax levy no later than the third Monday in August and forward a certified copy of the Resolution to the County Board of Supervisors’ office for acceptance of the tax rate. The tax rate of $0.5040 per $100 assessed value was included in the final budget that was adopted by City Council on June 26, 2018.
State law also requires a period of at least 14 days between the expenditure and tax levy public hearing, and the adoption of the tax levy. The expenditure and tax levy public hearing was held 14 days ago on June 26, 2018.
COMMUNITY IMPACT:
Improvement District No. 4 is the McCulloch Median and includes the maintenance of Wheeler Park, median landscaping on McCulloch Boulevard from Smoketree Avenue to Lake Havasu Avenue, and associated electricity and water service.
FISCAL IMPACT:
$0.5040 rate per $100 assessed value, resulting in an estimated $57,004 levy for Fiscal Year 2018-19.
ATTACHMENTS:
Resolution No. 18-3245
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 18-3245 adopting the Lake Havasu City Improvement District No. 4 (McCulloch Median) property tax levy rate at $0.5040 per $100 assessed value for Fiscal Year 2018-19.