Title
Public Hearing and Approval of an Ordinance setting 2027 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 the Ordinance setting the 2027 Excess Ad Valorem Tax on first and final reading.
Report
Issue:
Whether to hold a public hearing to approve the Ordinance setting the 2027 Excess Ad Valorem Tax on first and final reading.
Staff Contact:
Joan Lutz, Senior Finance Manager, 360.753.8760
Presenter(s):
Mike Githens, Finance Director
Background and Analysis:
The City is required to adopt a property tax levy ordinance and file a levy certification with Thurston County by November 30, 2026, for collection in 2027. In 2008, voters approved an excess levy to pay for a fire station, fire training facility and equipment. Bonds were issued in 2009.
This levy for 2027 will be $1,062,589.16, which includes a refund levy of $14,839.16. The estimated excess levy rate per $1,000 of assessed value is $0.09.
The tax levy is used to pay the debt service on the fire bonds. The bonds will be paid in full in 2029.
Climate Analysis:
There are no anticipated climate impacts from setting the 2027 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 2027 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.
Options:
1. Hold a public hearing and move to approve the Ordinance setting the 2027 Excess Ad Valorem on first and final reading.
2. Hold a public hearing and do not approve the Ordinance setting the 2027 Excess Ad Valorem Tax.
3. Take other action.
Financial Impact:
The financial impact will be on Olympia property owners at approximately $0.09 per $1,000 of assessed value.
Attachments:
Ordinance
Presentation