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HomeMy WebLinkAbout1991-08-06; City Council; 11281; ESTABLISHING THE TAX RATES FOR FISCAL YEAR 1991-92 FOR LIBRARY AND SEWER GENERAL OBLIGATION BONDS3 > 3 t~ 2 .. z o 6 4 6 z 3 0 0 Final Original Current Effective 1991-92 Issue Payment Principal Outstanding Interest Debt Service - Date - Term Due Purpose Amount Principal Rate (appr) Required 1965 27yrs. 1991 Sewer (Ser. B) $1,000,000 $100,000 3.6% $ioi,aoo 1966 26yrs. 1991 Sewer (Ser. C) 447,000 25,000 3.7% 25,469 $1,447,000 $1zs,000 $127,269 1968 25 yrs. 1992 Library $ 295,000 $ 25,000 4.5% $26,124 Debt service requirements for Sewer Bonds ($127,269) and Library Bonds ($26,1: can be met by establishing tax rates of 0.00042% for Sewer Bonds and 0.00016% Library Bonds. The total tax rate for both Sewer and Library Bonds is 0.0005; which is equal to $.58 on each $100,000 of assessed value. The computation of th rates are shown on Exhibits A and B. Because of surplus funds collected in prior years, about $28,000 in 1991-92 secur: taxes is needed to complete the debt service requirements on the Sewer and Libr: Bonds. The tax rates have been set to collect $25,940 because property transfers a increased property valuations will likely result in higher collections than calculated current assessed valuations. Since it is not possible to compute exactly the amoui that will be received from property taxes, staff recommends that any surplus or defj be transferred to the General Fund upon final payment on the bonds. e 0 Page No. 2 of Agenda Bill No. 11, gL&l FISCAL IMPACT: The City is required to set tax rates for the repayment of General Obligation Bon In past years, setting the tax rates for debt service on the Sewer and Library Bonds using current assessed valuation resulted in higher than anticipated property receipts. Since this is the final year for the bonds, surplus funds should be avoid Staff has estimated that an additional $2,000 will be collected due to increa! property valuations. The General Fund will absorb amounts collected in excess $2,000 or less than $2,000. The proposed tax rates should provide a total $153,393 for the payment of 1991-92 debt service costs. EXHIBITS: 1. Resolution N0.91 -A , fixing the amount of revenue required from property tar 46 2, Resolution NO.~I*~’~ , setting the 1991-92 tax rates for the Library and Sea Bonds. 3. Exhibit A - Sewer Bond tax rate computations. 4. Exhibit B - Library Bond tax rate computations. 4. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 l6 17 0 0 RESOLUTION NO. g 1 - 2 4 8 c A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, FWNG THE AMOUNT OF REVENUE FROM PROPERTY TAXES NECESSARY TO PAY THE BONDED INDEBTEDNESS OF THE "1962 SEWER BONDS, SERIES B AND C," AND "1966 LIBRARY BONDS" FOR FISCAL YEAR 1991-92 WHEREAS, the City Council of the City of Carlsbad annually fixes t amount of revenue required from property taxes to fund the City debt semi funds; and WHEREAS, the annual revenue requirements within each bond fund a dependent upon the beginning balance of each fund and the Debt Servi payment schedule for each bond issue; and WHEREAS, revenue of approximately $16,933 Will be necessary to fur the Sewer Bond requirements for the 1991-92 fiscal year; and WHEREAS, revenue of approximately $9,007 will be necessary to fund tl l8 19 20 21 22 23 24 25 26 27 20 1 Library Bond requirements for the 1991-92 fiscal year; 1 WHEREAS, unknown deficit or surplus funds may result from tax revenu collected for Sewer and Library Bond requirements; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City ( Carlsbad as follows: /// /// ' /// ~ /// I 1 I I I1 1 1 2 3 4 5 6 7 8 9 lo 11 12 13 14 15 16 17 18 19 20 21 22 23 24 e 0 Section 1: The City Council of the City of Carlsbad, pursuant to Secti 51508 of the Government Code of the State of California, does hereby fix 1 amount of revenue from property taxes necessary to pay the bonded indebtedni of the "City of Carlsbad, 1962 Sewer Bonds, Series B and C" for the fiscal ye commencing July 1, 1991, and ending June 30, 1992, to be in the amount $16,933. - Section 2: The City Council of the City of Carlsbad, pursuant to Secti 51508 of the Government code of the State of California, does hereby fix t amount of revenue from property taxes necessary to pay the bonded indebtednc of the "City of Carlsbad, 1966 Library Bonds" for the fiscal year commencing Ji 1, 1991, and ending June 30, 1992, to be in the amount of $9,007. Section 3: That the total amount of revenue from property taxes necessi for all purposes pursuant to Section 51508 of the Government Code of the St; of California, and of Sections 1 and 2 above is $25,940. Section 4: Upon final payment of debt service requirements, the Finan Director is directed to transfer any surplus on deficiency of funds to the Genei ~ Fund. /// /// /// I 1 /// I 25 : 26 27 28 it /// /// /// I 3 l. 2 3 4 5 6 7 * 9 10 11 12 13 14 15 16 17 18 0 0 Section 5: The City Clerk shall certify to the passage of this resolution a cause the same to be published, as required by Section 36936.1 of t Government Code, once within fifteen (15) days of its passage in a newspal of general circulation. - PASSED, APPROVED AND ADOPTED at a regular meeting of the CI , 19s Council of the City of Carlsbad on the 6th day of August by the following vote, to wit: AYES: Council Members Lewis, Kulchin, Larson and Stanton NOES: None ABSENT: Council M ATTEST: I 19i 20 21 22 23 24 25 26 27 28 m%iu&*& i ~ (SEAL) I i ' b 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 e 0 RESOLUTION NO. 91-249 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, SE'ITING THE TAX RATE FOR THE 1991-92 FISCAL YEAR WHEREAS, the City Council of the City of Carlsbad annually fixes t property tax rates for the City debt service funds, and WHEREAS, the 1966 Library Bond fund shall require a tax rate 0.00016% for fiscal year 1991-92 for debt payments, and WHEREAS, the 1962 Sewer Bond fund shall require a tax rate 0.00042% for fiscal year 1991-92 for debt payments, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City Carlsbad, as follows: Section 1: For the fiscal year 1991-92 commencing July 1, 1991, there hereby assessed, levied, and ordered collected upon the full assessed value taxable property within general tax District No. 1, (County Fund Number 601 j ' 50) which consists of all taxable property within the City of Carlsbad except t: taxable property in general District No. 2 as described below, taxes in t: 1 following listed amounts and for the following listed purposes: FUND RATE Library Bond Interest and Redemption 0.0001 6% I Sewer Bond Interest and Redemption 0.00042% ' 0.00058% Total Tax Rate, General Tax District No. 1 The total tax rate for general tax District No. 1 shall be the amount 0.00058% levied against full assessed valuation on all taxable property in sa district. i 1 2 3 4 5 6 7 0 9 10 11 12 13 l4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 e 0 Section 2: For the fiscal year 1991-92, commencing July 1, 1991, the is hereby assessed, levied, and ordered collected upon the full assessed value taxable property within general tax District No. 2 (County Fund Number 601 51), being the La Costa annexation as described in Ordinance No. 1173 of tl - City of Carlsbad, taxes in the following listed amounts and for the followii listed purposes: FUND RATE Library Bond Interest and Redemption Total Tax Rate, General Tax District No. 2 The total tax rate for general tax District No. 2 shall be in the amoui 0.00016% levied against full assessed valuation on all taxable property in sa district. 0.0001 6% 0.0001 6% Section 3: This resolution is a resolution fixing the rates of taxes to b levied in the City of Carlsbad for the fiscal year 1991-92 pursuant to th provisions of Section 51511 of the Government Code of the State of Californi 1 and for providing the County Auditor, as required by said section annually befoi i September 1, 1991, the rates of taxes to be adopted. /// /// /// /// /// /// /// /// /// I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 l8 19 201 21 22 23 24 25 26 27 28 e a Section 4: The City Clerk shall certify to the passage of this resolution ai cause the s&e to be published, as required by Section 36936.1 of tl Government Code, once within fifteen (15) days of its passage in a newspap of general circulation, and shall furnish two certified copies of this resolution the County Auditor of the County of San Diego pursuant to Government COC Section 51511. PASSED, APPROVED AND ADOPTED at a regular meeting of the Ci Council of the City of Carlsbad on the 6th day of August , 199 by the following vote, to wit: AYES: Council Members Lewis, Kulchin, Larson and Stanton NOES: None ABSENT: Council Memb ' ATTEST: I ~ a It! w R 1 ALETHA L. RAUTENKRANZ, City Clkrk (SEAL) EXHIBIT e e City of Carlsbad DEBT SERVICE REQUIREMENTS SEWER GENERAL OBLIGATION BONDS 1991-92 TAXABLE PROPERTY VALUE 1991-92 1990-91 % Change Secured Property (County Assessor)’ $ 4,008 $ 3,697 8% Secured Property (State Assessed)’ 22 10 100% Total Secured Property $ 4,030 $ 3,707 9% Unsecured Property 190 174 9% Total Taxable Property $ 4,220 $ 3,881 9% (Values in million dollars) DEBT SERVICE REQUIREMENTS Sewer Bonds (Value in dollars) 1991-92 1990-91 % ChanRe Principal $125,000 $1 15,000 9% Interest 2.269 6,626 (34%) Total Payments Due $127,269 $121,626 5% Funds Available for Debt Service: Tax Revenue from Unsecured Amount Provided from Reserves 104,000 25,000 316% Property3 $ 4,636 $ 5,095 (11%) Net Tax Revenue Required $ 16,933 $ 90,531 (81%) --- - Excess Property Tax 1,700 -0- TAX RATE CALCULATION Tax Rate = Net Tax Revenue Required Total Secured Assessed Valuation $4.03 billion = $16.933 = .0O042Yo4 FISCAL IMPACT 1991-92 Beginning Fund Balance $104,000 Add: Revenue from Taxes: Secured 16,933 Unsecured 4,636 Budgeted Excess Property Tax 1,700 Less: Debt Service Payments (127,269) Ending Fund Balance $ -0- ’ 2 3 4 Adjusted for the impact of Redevelopment. Utilities have been deleted from state-assessed property per legislation. Unsecured property for 1991-92 is taxed at the 1990-91 tax rate. A tax rate of .00042% is equal to $.42 per year on each $100,000 of assessed value. c EXHIBIT e 0 .. City of Carlsbad DEBT SERVICE REQUIREMENTS LIBRARY GENERAL OBLIGATION BONDS 1991 -92 TAXABLE PROPERTY VALUE (Values in million dollars) 1991 -92 1990-91 %char Secured Property (State Assessed)2 22 10 1009 Unsecured Property 199 182 9% Secured Property (County Assessor)' $ 5,694 $ 5,287 8% Total Secured Property $ 5,716 $ 5,297 8% Total Taxable Property $ 5,915 $ 5,479 8% DEBT SERVICE REQUIREMENTS Library Bonds (Value in dollars) 1991 -92 1990-91 %char Principal $25,000 $20,000 25% Total Payments Due $26,124 $22.026 19% Interest 1,124 2,026 (45% Funds Available for Debt Service: Tax Revenue from Unsecured Property3 $ 617 $ 804 (23% Amount Provided from Reserves 16,200 5,000 224% Excess Property Tax 300 -0- --- Net Tax Revenue Required $ 9,007 $16,222 (44% TAX RATE CALCULATION Tax Rate = Net Tax Revenue Required Total Secured Assessed Valuation $5.7 billion = $9,007 = .00016%4 FISCAL IMPACT 1991 -92 Beginning Fund Balance $16,200 Add: Revenue from Taxes: Secured 9,007 Unsecured 61 7 Budgeted Excess Property Tax 300 Less: Debt Service Payments (26,1241 Ending Fund Balance $ -0- ' 2 3 4 Adjusted for the impact of Redevelopment. Utilities have been deleted from state-assessed property per legislation. Unsecured property for 1991-92 is taxed at the 1990-91 tax rate. A tax rate of .00016% is equal to $.16 per year on each $100,000 of assessed value. August 8, 1991 San Diego County Auditor 1600 Pacific Highway San Diego, CA 92101 Re: Setting Tax Rate for 1991-92 Fiscal Year The Carlsbad City Council, at its meeting of August 6, 1991, adopted Resolu No. 91-249, setting the general obligation tax rate for 1991-92. Enclosed for your records are two certified copies of Resolution No. 91-24! A&* Assistant City lerk Encs. 1200 Carlsbad Village Drive - Carlsbad, California 92008-1 989 - (61 9) 434-2