HomeMy WebLinkAboutAgenda Report - August 19, 1987 (94)I
1987-88 TAX RATE
ESTABLISHED FOR
BOND INTEREST
AND REDEMPTION
RES. NO. 87-106
CC -6
CC -?77
CITY COUNCIL MEETING
AUGUST 19, 1987
Council was apprised that it will be necessary to set a
property tax rate for 1987-88 in order to return sufficient
funds to pay City of Lodi's annual debt service. The debt
service is for the bonds authorized by the voters in 1965.
The 1987-88 net secured roll for Lodi is estimated to be
8:,360,905.21. The tax rate needed to generate sufficient
funds for bond deht service is calculated to be 5.02.81 per•
5100 of assessed value. The rate remains unchanged from
the previous year.
Council adopted Resolution No. 87-106 - "Resolution
Establishing the 1987-88 Tax Rate for Bond Interest. and
Redemption" as set forth above.
COUNCIL COMMUNICATION
TO: THE CITY COUNCIL NO
FR^,AA, THE CITY MANAGER'S OFFICE August 19, 1181 j
SUBJECT: 1
ESTABLISH 1987-88 TAX RATE FOR BOND INTEREST AND REDEMPTION
RECOMMENDED ACTION: That Council adopt Resolution No. 87-105 -
Resolution Fixing Tax Rate For The City of Lodi For Fiscal Year
1987-88.
It will be necessary to set a property tax rate for 1987-88 in order to
return sufficient funds to pay City of Lodi's annual debt service. The
debt service is for the bonds authorized by the voters in 1965.
The 1987-88 net secured roll for Lodi is estimated to be
$1,360,905,121. The tax rate needed to generate sufficient funds for
bond debt service is calculated tJ be $.0281 per $100 of assessed
value. The rate remains unchanged from the previous year.
Robe H. Holm
Finance Director
RHH/ss
enc.
C1TY COUtiCIL
EVELYN tit OLSnti. hlavcx
JOHN R (Randy) SNIDER
Mayot Pro Tempore
DAVID M HINCHh4AN
1AMES W, PINKERTON. Ir
FRED M REID
THONAAS,\. PETERSON
�f�j City iManager
CITY OF _. ALtCE M REIMCHE
CITY HALL, 221 WEST PINE STREET City Clerk
CALL BOX 3E06 RONALD JM STEIN
L ODI, !:ALiFORNIA 95241.1910 Citv Attorney
(209) 334-5634
TILKONIR (?041 333 6795
August 20, 1987
Mr. Paul Heurlin
County Auditor/Controller
County Courthouse, Room 101
222 East Weber Avenue
Stockton, CA 95202
Dear Mr. Heurlin:
Enclosed herewith please find certified copy of Resolution No. 87-106 -
Resolution Fixing Tax Rate For The City Of Lodi For Fiscal Year 1987-88
which was adopted by the Lodi City Council at its August 19, 1987
council meeting.
Very truly yours,
Alice M. Reimche
City Clerk
AMR:JJ
Enc.
CITY OF LODI
TAX RATE CALCULATION
1987/1988
Secured Roll $1,360,905,121 X .95 $1,291,859,864
Homeowner Exemption 60,196,077
Growth (10%) 129,295,986
Unsecured Roll $83,660,593 X .95 79,477,563
TOTAL ESTIMATE TAXABLE $1,561,819,490
439,440: $1,561,819,490 = $.0281
--------------
$100
REVENUE SHARING FUNDS
City Hall Mod/Expansion
1987/88 Estimated Revenue
Fund Balance 6/30/87
969,710.49
83,510.00
.39,007.83
TOTAL FUNDS 51,192,228.?2
Property Acquisition 1987/88 CIP - 500,000.00
BALANCE AVAILABLE 5 692,228.00
Work In Proqress
MSC Covered Storage Design S 6,000.00
Public Information Bulletin Board 3,000.00
Outdoor Lighted Play Area 15,096.44
Park & Rec. Site Master Plan 10,645.45
1987-88 WIP Project $34,741.89
REVSHAR/TXTA.01V
P
RESOLUTION NO. 87-106
-RESOLUTION FIXING TAX RATE FOR THE CITY OF LODI FOR
FISCAL YEAR 1987-88
THAT, in accordance with the State of California
Constitution, Article XIII (A), Section I (b), the sum of Four Hundred
Thirty -Nine Thousand, Four Hundred Forty ($439,440.00) 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 1987-88.
NOW, THEREFORE, 6E IT RESOLVED that the City Council
of the City of Lodi does hereby establish that the
tax rate for the City of Lodi for each One Hundred
Dollars of assessed valuation is hereby set for the
fiscal year 1987-88 as follows
General obligation bond indebtedness, interest and
redensption, $.0281 per $1001'AV or a rate sufficient
to generate $439,440.00 based on the most recent
assessment r,11.
This rate is it addition to the I4 rate per Proposition 13
which allows the tax rate to exceed lb for voter approved indebtedness
and further permits the City to set a tax rate to recover the amount of
bond debt service.
Dated: August 19, 1987
I hereby certify that Resolution No. 87-106 was
passed and adopted by the City Council of the City
of Lodi in a regular meeting held August 19, 1987
by the following vote:
Ayes: Council Members - Hinchman, Pinkerton, Reid,
and Olson (Mayor)
Noes: Council Members - None
Absent: Council Members - Snider
4
Alice M. Reimche
City Clerk
87-106
CITY OF LODI
TAX RATE CALCULATION
1987/1988
Secured Roll $1,360,90.5,121 X .95
Homeowner Exemption
Growth (10p)
Unsecured Roll $83,660,593 X .95
TOTAL ESTIMATE TAXABLE
439,440 $1,561,819,490 = $.0281
--------------
_-$100
$1,291,859,864
60,196,077
129,295,986
79,477,563
$1,561,819,490
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