Title
Public Hearing and Approval of an Ordinance setting 2026 Excess Ad Valorem Tax - First and Final Reading
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Hold a public hearing and move to approve, on first and final reading, the Ordinance setting the 2026 Excess Ad Valorem Tax.
Report
Issue:
Whether Hold a public hearing, and move to approve, on first and final reading, the Ordinance setting the 2026 Excess Ad Valorem Tax.
Staff Contact:
Joan Lutz, Senior Budget & Finance Manager, 360.753.8760
Presenter(s):
None - Consent Calendar Item
Background and Analysis:
The City must adopt a property tax levy ordinance and file a levy certification with Thurston County by November 30, 2025, for collection in 2026. In 2008, voters approved an excess levy to fund a fire station, fire training facility, and equipment, with bonds issued in 2009.
The 2026 levy will total $1,076,712.09, including a $25,712.09 refund levy, with an estimated rate of just under $0.10 per $1,000 of assessed value. Revenue from this levy will pay the debt service on the fire bonds, which are scheduled to be fully repaid by 2029.
Climate Analysis:
There are no anticipated climate impacts from setting the 2026 Excess Ad Valorem Tax.
Equity Analysis:
The City of Olympia has a goal of ensuring that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. Setting the 2026 Excess Ad Valorem Tax is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with City finances and fiscal governance.
Financial Impact:
The financial impact will be on Olympia property owners at approximately $0.10 per $1,000 of assessed value.
Options:
1. Hold a public hearing and move to approve, on first and final reading, the Ordinance setting the 2026 Excess Ad Valorem Tax.
2. Do not approve the Ordinance setting the 2026 Excess Ad Valorem Tax.
3. Take other action.
Attachments:
Ordinance
Presentation