Title
Approval of an Ordinance setting 2025 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 2025 Excess Ad Valorem Tax on first and final reading.
Report
Issue:
Whether to approve the Ordinance setting the 2025 Excess Ad Valorem Tax on first and final reading.
Staff Contact:
Joan Lutz, Budget & Finance Manager, 360.753.8760
Presenter(s):
None -consent agenda 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, 2024. 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 2025 will be $1,096,236.49, which includes a refund levy of $49,236.49. 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:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City's budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item 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:
There is no financial impact resulting from this discussion. The current budget assumes $1,096,236.49 in collections for the fire station debt.
Options:
1. Approve the Ordinance setting the 2025 Excess Ad Valorem Tax on first and final reading.
2. Do not approve the Ordinance setting the 2025 Excess Ad Valorem Tax.
3. Tak...
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