Loading...
HomeMy WebLinkAbout1988-08-02; City Council; 9551; Tax Rates Library & Sewer General Obligation BondsCI%OF CARLSBAD — AoGENDVZ4BILL 1,qe0 T TLE: �- ESTABLISHING THE TAX RATES FOR DEPT. HD MTG. 8/2/88 FISCAL YEAR 1988-89 FOR LIBRARY CITY A AND SEWER GENERAL OBLIGATION BONDS DEPT. FIN CITY MGR. 81ECOMMENDED ACTION'. Adopt Resolution No. ff-,K//and Noo/-a� setting the general obligation tax rate for 1988-89 and fixing the amount of revenue to be received from taxes. ITEM EXPLANATION: The City is required to set annually the amount of the revenue and tax rates necessary to meet the general obligation bored debt service requirements for the Sewer and Library Bonds. These tax rates must be submitted to the County Assessor by no later than September 1, 1988, to be effective for the 1988-89 fiscal year. The following general obligation bond issues are currently outstanding: Final Original Current Efective 1988-89 Issue Payment Principal outstanding Interest Debt Service Date Term Due Purpose Amount Principal Rate (appr) Required 1964 25, yrs. 1988 Sewer (Sers.A) $ 675,000 $ 50,000 3.5% $ 50,875 1965 27 yrs. 1991 Sewer (Sers.B) 11000,000 320,000 3.6% 50,800 ,1966 26 yrs. 1991 Sewer (Sers.C) 447,000 100.000 3.7% 28,281 $2,122,000 $470,000 $129,956 1968 25 yrs. 1992 Library $ 295,000 $ 80,000 4.S% $ 18.600 Debt service requirements for Sewer Bonds ($129,956) and Library Bonds ($18,600) can be met by establishing tax rates of 0.00316% for Sewer Bonds and 0.00041% for Library Bonds. The computation of these rates are shown on Exhibits A and B. Tax rates for City Debt Service payments have declined by 37% during the past five years from 0.00569% to 0.003579.. © TAX RATES W 00 LIBRARY BOND SEWER BOND TOTAL at TAX RATE TAX RATE TAX RATE % CHANGE 1984-85 -0- .00569% .00569% (14.4)% 1985-86 .00069% .00501% .00570% ( 0.2)% 1986-87 .00069% .00393% .00462% (18.9)% 1987-88 .00047% .00318% .00365% (21.0)% Z 1988-89 .00041% .00316% .00357% ( 2.2)% O N QThe tax rate of 0.00357% is equal to a tax of $3.57 on each $100,000 of assessed value, C� Z O C� / Page 2 of AB # FISCAL IMPACT: The City is required to set tax rates for the repayment of General Obligation Bonds. The revenue raised by those tax rates is restricted to the repayment of this debt. No other use is allowed. The proposed tax rates will provide a total of $117,636 for the payment of 1988-89 debt service costs. t EXHIBITS: ✓ 1. Resolution No.`�� Mixing the amount of revenue required from property i taxes. 1 ✓2. Resolution No. oa-ogs-f"'setting the 1988-89 tax rates for the Library and Sewer Bonds. ✓ 3. Exhibit A - Sewer Bond tax rate computations. r 4. -Exhibit B - Library Bond tax rate computations. i ,AW, EXHIBIT A City of Carlsbad DEBT SERVICE REQUIREMENTS 1988 -89 SEWER GENERAL OBLIGATION BONDS TAXABLE PROPERTY VALUE (Values in million dollars) 1988-89 1987-88 % Change Secured Property (County Assessed)` Secured Property (State $ 2,753 $ 2,45112% Assessed)' Total Secured Property 398 $ 3,151 395 1% Unsecured Property $ 2,846 11% Total Taxable Property $ 3107 89 $ 2,935 ,258 11% 11% DEBT SERVICE REQUIREMENTS (Value in dollars) Sewer Bonds Principal 1988-89 1987-88 % Change Interest $115,000 $105,000 10% Total Payments Due 14,956 1129,956 _18,903 $123,903 (21)% 5% Funds Available for Debt Service: Tax Revenue from Unsecured Property 2 Interest Earnings $ 3,403 $ 4,154 118)% Amount Provided from Reserves 2,000 25 ,000 1,74 % Net Tax Revenue Required $ 9 , $ 9 96326 1% 8 (3)% TAX RATE CALCULATION Tax Rate = Net Tax Revenue Required Total Secured Assessed Valuation _ $99_,553 $3.151 billion _ .00316%3 FISCAL IMPACT 1988-89 Beginning Fund Balance $ 103,276 Add: Revenue from Taxes: Secured 99,553 Unsecured Interest 3,403 Less: Debt Service Payments 2,000 (129,956) Ending Fund Balance $ 78,276 State assessed property values have be available until late August. been estimated. Actual values will not 2 Unsecured property for 1988-89 is taxed at the 1987-88 tax rate, 3 A tax rate of 0.00316% is equal to $3.16 per year on each $100,000 of assessed value. ° Adjusted for the impact of Redevelopment. 'Awl EXHIBIT B City of Carlsbad DEBT SERVICE REQUIREMENTS 1988-89 LIBRARY GENERAL OBLIGATION BONDS TAXABLE PROPERTY VALUE Secured Property (County Assessed)' Secured Property (State Assessed)' Total Secured Property Unsecured Property Total Taxable Property DEBT SERVICE REQUIREMENTS Sewer Bonds Principal Interest Total Payments Due (Values in million dollars) 1988-89 1987-88 % Change $ 4,083 $ 3,520 16% 398 410 3% $ 4,481 $ 3,930 14% 110 104 6% $ 4,591 $ 4,034 14% (Value in dollars) 1988-89 1987-88 $ 15,000 $ 15,000 3,600 4,276 $ 18,600 $ 19,276 Funds Available for Debt Service: Tax Revenue from Unsecured Property 2 $_ 517 $ 923 Net Tax Revenue Required $ 18,083 $ 18,353 TAX RATE CALCULATION Tax Rate = Net Tax Revenue Required Total Secured Assessed Valuation = $18,083 $4.481 billion = .00041%3 FISCAL IMPACT 1988-89 Beginning Fund Balance $ 7,107 Add: Revenue from Taxes: Secured 18,083 Unsecured 517 Less: Debt Service Payments (18,600) Ending Fund Balance $ 7,107 % Change (16%) (4%) 1 State assessed property values have been estimated. Actual values will not be available until late August. 2 Unsecured property for 1988-89 is taxed at the 1987-88 tax rate. 3 A tax rate of 0.0041% is equal to $.41 per year on each $100,000 of assessed value. ' Adjusted for the impact of Redevelopment. 11, u I RESOLUTION NO. 88-254 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF C.aRLSBAD, CALIFORNIA. FIXI"NIG THE AMOU11 i OF REVENUE 3 FROM PROPERTY TAXES NECESSARY TO PAY THE BONDED INDEBTEDNESS OF THE 111962 SEWER BONDS, SERIES A. 4 B. AND C." AND "1966 LIBRARY BONDS" FOR FISCAL YEAR 1988-89. 5 WHEREAS, the City Council of the City of Carlsbad annually fixes the 6 7 amount of revenue required from property taxes to fund the City debt service funds; and 8 WHEREAS, the annual revenue requirements within each bond fund are 9 10 dependent upon the beginning balance of each fund and the Debt Service payment schedule for each bond issue; and 11 12 WHEREAS, revenue of approximately $99,553 will be necessary to fund the 13 Sewer Bond requirements for the 1988-89 fiscal year; and 14 WHEREAS, revenue of approximately $18.083 will be necessary to fund the 15 Library Bond requirements for the 1988-89 fiscal year; 16 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad as follows: 17 18 Section 1: The City Council of the City of Carlsbad, pursuant to Section 19 51508 of the Government Code of the State of California, does hereby fix the 20 amount of revenue from property taxes necessary to pay the bonded indebtedness 21 of the "City of Carlsbad, 1962 Sewer Bonds, Series A, B, and C" for the fiscal 22 year commencing July 1, 1988, and ending June 30, 1989, to be in th,-:::ount of $99,553. 23 24 Section 2: The City Council of the City of Carlsbad, pursuant to Section 25 51508 of the Government code of the State of California, does hereby fix the 26 amount of revenue from property taxes necessary to pay -the bonded indebtedness 27 of the "City of Carlsbad, 1966 Library Bonds" for the fiscal year commencing 28 July 1, 1988, and ending June 30, 1989, to be in the amount of $18,083. 1 2. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22- 23 24 25 26 27 28 Section s: That the total amount of revenue from property taxes necessary for all purposes pursuant to Section 51508 of the Government Code of the State of California, and of Sections 1 and 2 above is $117,636. Section 4: The City Clerk shall certify to the passage of this resolution and cause the same to be published, as required by Section 36936.1 of the Government Code, once within fifteen (15) days of its passage in a newspaper of general circulation. PASSED, APPROVED AND ADOPTED at a regular ►neeting of the City Council of the City of Carlsbad on the 2nd day of August 1988, by the following - vote, to wit: AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Pettine NOES: None ABSENT: None I ATTEST: Ilz� ALETHA L. RAUTENKRANZ, City Clerk Z� ,O 46- �61 CLAIDE A. LEWIS, Mayor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION N0. NS-255 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD. CALIFORNIA, SETTING THE TAX RATE FOR THE 1988-89 FISCAL YEAR. WHEREAS, the City Council of the laity of Carlsbad annually fixes the property tax rates for the City debt service funds, and WHEREAS, the 1966 Library Bond fund shall require a tax rate of 0.00041% for fiscal year 1988-89 for debt payments, and WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of 0.00316% for fiscal year 1488-89 for debt payments, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, as follows: Section 1: For the fiscal year 1988-89, commencing July 1, 1988, there is hereby assessed, levied, and ordered collected upon the full assessed value of taxable property within general tax District No. 1, (County Fund Number 6010- 50) which consists of all taxable property within the City of Carlsbad except the taxable property in general District No. 2 as described below, taxes in the following listed amounts and for the following listeu purposes: FUND RATE Library Bond Interest and Redemption 0.00041% Sewer Bond Interest and Redemption 0.00316% Total Tax Rate, General Tax District No. 1 0.00357% The total tax rate for general tax District No. 1 shall be the amount of 1 0.00357% levied against full assessed valuation on all taxable property in said district. Section 2: For the fiscal year 1988-89, commencing July 1, 1988, there is hereby assessed, levied, and ordered collected upon the full assessed value of taxable property within general tax District No. 2 (County Fund Number 6010- 51), being the La Costa annexation as described in Ordinance No. 1173 of the a 1 City of Carlsbad, taxes in the following listed amounts and for the following listed purposes: 3 FUND RATE 4 Library Bond Interest and Redemption 0.00041% 5 Total Tax Rate, General Tax District No. 2 0.00041% 6 The total tax rate for general tax District No. 2 shall be in the amount 7 0.00041% levied against full assessed valuation on all taxable property in said 8 district. 9 Section 3: This resolution is a resolution fixing the rates of taxes to 10 be levied in the City of Carlsbad for the fiscal year 1988-89 pursuant to the 11 provisions of Section 51511 of the Government Code of the State of California 12 and for providing the County Auditor, as required by said section annually 13 before September 1, 1988, the rates of taxes to be adopted. 14 Section 4: The City Clerk shall certify to the passage of this resolution 15 and cause the same to be published, as required by Section 36936.1 of the 16 Government Code, once within fifteen (15) days of its passage in a newspaper of 17 general circulation, and shall furnish two certified copies of this resolution 18 to the County Auditor of the County of San Diego pursuant to Government Code 19 Section 51511. 20 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of 21 the City of Carlsbad on the 2nd day of August , 1988, by the following 22 vote, to wit: 23 AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson 24 NOES: None 25 ABSENT: None 26 ATTEST: CLAUDE A. LEWIS, Mayor 27 28 ALETHA L. RAUTENKRANZ, City Cl k