Title
Approval of Resolution Setting the 2021 Olympia Metropolitan Park District (OMPD) Ad Valorem Tax
Recommended Action
Board Treasurer Recommendation:
Move to approve the OMPD Ad Valorem Tax and authorize board members to sign the Resolution.
Report
Issue:
Whether to set the OMPD Ad Valorem Tax in the amount of $4,403,173.
Staff Contact:
Nanci Lien, OMPD Board Treasurer, 360.753.8465
Presenter(s):
Nanci Lien, OMPD Board Treasurer, 360.753.8465
Background and Analysis:
The Olympia Metropolitan Park District (OMPD) is required to adopt a property tax levy resolution and file a levy certification with the County by November 30, 2020. If a certification is not filed, the County will assess the 2020 levy amount.
A public hearing on revenue sources, including property tax, was held on October 20, 2020. The proposed OMPD 2021 revenue only includes property tax. Notice of the hearing was published on October 6 and October 13. The levy is based on the budget, which includes amounts to be paid to the City of Olympia and administrative costs.
The proposed levy amount is $4,403,173. Based on the most current assessed valuation of the District the projected levy rate per $1,000 assessed value is $0.5463824. The final levy rate will be set by the Thurston County Assessor.
Once a levy is set there may be adjustments made which lower the amount of taxes to be collected, e.g. lower assessed valuations. The amount not collected due to adjustments can be added to the next year’s levy as a refund levy.
Neighborhood/Community Interests (if known):
The proposed budget of $4,403,173 would result in an estimated 2021 levy rate of approximately $.5463824 per $1,000 assessed value. That is a slightly lower levy rate than the rate of $.550735277200 assessed in 2020. The annual cost on a single-family home valued at $375,000 would be approximately $205 per year or $17.07 per month.
Options:
1. Approve and sign the Ad Valorem Tax Resolution in the amount of $4,403,173. The City of Olympia will include this revenue in the 2021 Operating and Capital Budgets.
2. Do not approve the Ad Valorem Tax Resolution.
Financial Impact:
Provides $4,403,173 in property tax revenue to the Olympia Metropolitan Park District for Parks’ capital and operational use.
Attachments:
Resolution