HomeMy WebLinkAboutAgenda Report - August 17, 1983 (44)1983-84 TAX RATE
Fm CITY OF LCDI
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CITY COUNCIL MEETING
AUGUST 17, 1983
Following introduction of the matter by City M
Council, on motion of Council Member Pinkerton
second, adopted Resolution No. 83-94 fixing th
the City of Lodi for Fiscal Year 1983-84
R1�. ISD. 83-94
1 �
CITY COUNCIL � HENRY A GLAVES. Ir
OyMayor City h.
anager
JOHN R. (Randy) SNIDER CITY OF LODI ALICE M REIN%CHE
City Clerk
Mayor Pro Tempore CITY HALL, 221 WEST PINE STREET
ROBERT G. MURPHY POST OFFICE BOX 320 RONALD M STEIN
JAMES W PINKERTON. Jr LODI. CALIFORNIA 95241 City Attorney
iRED M REID (209) 334-5634
August 19, 1983
Mr. Paul Heurlin
County Auditor -Controller
County Courthouse, Room 101
222 East Weber Avenue
Stockton, CA 95202
Dear Mr. Heurlin:
Enclosed herewith please find a certified copy of City of
Lodi Resolution No. 83-94 - "Resolution Fixing Tax Rate
for the City of Lodi for Fiscal Year 1983-84" which was
adopted by the Lodi City Council at its August 17, 1983
Council Meeting.
Very truly yours,
Alice M. Reimche
City Clerk
r,
RESOLUTION NO. 83-94
RESOLUTION FIXING TAX RATE FOR THE CITY
OF LODI FOR FISCAL YEAR 1983-84
THAT, in accordance with the State of California
Constitution Article XIII (A), Section 1 (b), the sum of
Four Hundred Thirteen Thousand, Six Hundred Three
($413,603.00) Dollars is hereby fixed as the amount of
revenue from property taxes necessary to support the
general obligation indebtedness for the City of Lodi for
the fiscal year of 1983-84.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Lodi as follows:
That the tax rate set for the City of Lodi for each
one hundred dollars of Assessed Valuation is hereby set
for Fiscal Year 1983-84 as follows:
General Obligation Bond Indebtedness
Interest and Redemption $.0478 per $100./
or a rate sufficient to generate $413,603.00 based
on the most recent Assessment Roll.
These rates are to be lev—d in addition to the regular
$4.00 rate purusant to Section 1 (b) of Article XIIIA of
the -State Constitution.
Datedt August 17, 1983
I hereby certify that Resolution No. 83-94 was
passed and adopted by the City Council of the
City of Lodi in a regular meeting held August 17,
1983 by the following vote:
Ayes: Council Members - Murphy, Pinkerton,
Snider, and Olson (Mayor)
Noes: Council Members - None
Absent: Council Members - Reid
Alice M. Re mche
City. Clerk
MEMORANDUM
TO: Alice M. Reimche, City Clerk
FROM; Robert H. Holm, Finance Director
DATE: August 11, 1983
SUBJECT: 1983-84 Tax Rate for Bond Interest and Redemption of $.G478/$100 Assessed Value
We will need to set a tax rate for 1983-84 sufficient to return $413,602.52 for the City
of Lodi Bond Debt Service. On the basis of the secured property values as reported
to the City on 8/11/83 of $893,671,372 and a collection rate of 97%, more or less, an
imposition of $.0478 per $100 of value will generate $414,360.
The calculations are as follows:
1983-84 Bond Debt Service Requirement $457,070
Less: Excess Tax Collected in 1982-83
1982-83 Requirements $459,195.00
1982-83 Tax Collected 475,166.07
Excess Adjustment (15,971.07),
Requirement to be Rained. . . . . . . . . . ... . . . . . $441,098.93
Less: 1982-83 Secured Tax Rate ($.0530/$100)
times 1983-84 Unsecured AV ($54,610,543)
times 95% (27,496.41)
Amount to be Raised on Secured AV. . . . . . . . . . . .$413,602.52
Divided by 97% Secured AV ($893,671,372) 866 861,231
TAX RATE $.0478 $100AV
Robert H. Holm
Finance Director