Title
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:
Move to approve the Ordinance setting the 2026 Excess Ad Valorem Tax on first and final reading.
Report
Issue:
Whether to approve the Ordinance setting the 2026 Excess Ad Valorem Tax on first and final reading.
Staff Contact:
Joan Lutz, Senior Budget & Finance Manager, 360.753.8760
Presenter(s):
None - Consent Calendar Item
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, 2025, for collection in 2026. 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 2026 will be $1,076,712.09, which includes a refund levy of $25,712.09. The estimated excess levy rate per $1,000 of assessed value is a little less than $0.10.
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 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. Approve the Ordinance setting the 2026 Excess Ad Valorem on first and final reading.
2. Do not approve the Ordinance setting the 2026 Excess Ad Valorem T...
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