| | | | | | | | REPORT TO SHASTA COUNTY BOARD OF SUPERVISORS
BOARD MEETING DATE: August 22, 2017
CATEGORY: Consent - General Government-2.
SUBJECT:
Fiscal Year 2017/2018 Property Tax Rates
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| | | | | | | | | DEPARTMENT: | Auditor-Controller
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| | | | | | | | Supervisorial District No. : All
DEPARTMENT CONTACT: Brian Muir, Auditor-Controller, (530)225-5541
STAFF REPORT APPROVED BY: Brian Muir
Vote Required?
Simple Majority Vote | General Fund Impact?
No General Fund Impact |
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| | | | | | | | RECOMMENDATION
Adopt a resolution which approves the Fiscal Year 2017-18 Countywide Tax Rate, Unitary Debt Service Rate, and the tax rates for bond sinking funds, voter-approved debt and tax overrides. |
| | | | | | | | SUMMARY
Tax rates are computed by the Auditor-Controller’s Office in order to raise sufficient funds to cover current required payments on voter approved obligations.
The following are the steps used to calculate the rates for each bond, loan, voter approved debt or tax override: 1. The annual required funding is reduced by all other applicable revenue sources such as unitary debt service, interest earned, and cash balances; 2. The remaining current amount required for each bond, loan, voter approved debt or tax override is divided by the assessed valuation within the respective District; 3. This rate is then applied to the secured tax bill for the assessments within each District.
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| | | | | | | | DISCUSSION
The approval of these tax rates is necessary in order to satisfy voter-approved liabilities in the form of bond sinking funds, debt service, or tax override obligations.
Also, the approval of the Countywide Tax Rate provides funding for the continued operation of the County and all other agencies, which are entitled to current tax receipts.
Annual approval of these rates by the Board of Supervisors is required pursuant to Government Code Section 29100.
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| | | | | | | | ALTERNATIVES
The Board could decline to adopt the proposed rates; however that would result in the County violating Government Code section 29100, which requires that each county adopt a countywide property tax rate and rates for any applicable voter-approved indebtedness to be levied on the secured property tax roll.
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| | | | | | | | OTHER AGENCY INVOLVEMENT
The Tax Collector will collect the taxes.
The Auditor-Controller is the director for most of the debt service funds; however some agencies manage their own funds and are responsible for issuing the bond payments.
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| | | | | | | | FINANCING
No financial impact on the General Fund.
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