HomeMy WebLinkAboutAgenda Report - August 16, 1995 (57),� OF
CITY OF LODI COUNCIL COMMUNICATION
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AGENDA TITLE: 1995-96 Tax Rate for Bond Interest and Redemption
MEETING DATE: August 16, 1995
PREPARED BY: Finance Director
RECOMMENDED ACTION: That the City Council by resolution establish the 1995-96 tax
rate for bond interest and redemption at .0123 per $100 of
assessed valuation.
BACKGROUND INFORMATION: The City Council is required to set the property tax rate
for redemption of the Municipal Improvement Bonds
approved by the voters in 1965. The estimated debt
service for interest and redemption of principal in Fiscal
Year 1995-96 is $300,010.
The County Tax Assessor has estimated the net secured tax roll for Fiscal Year 1995-96 in Lodi
to be $2,260,957,057. Accordingly, the tax rate necessary to recover the principal and interest
of $300,010 has been calculated to be .0123/$100 AV ($100 of assessed value) as compared to
.0126/$100 AV for Fiscal Year 1994-95. This rate includes an allowance for delinquent
payments and growth in property values.
FUNDING: Approved by City Council in the 1995-96 Budget.
Vicky McAthie
Acting Finance Director
APPROVED:
IFAS A. PETEF
City Manager
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Debt Service Requirement 1995-96 Budget A
1994-95 1995-96
Series A Principal
Series A Interest
Series A Fees
Sub -Total
Series B Principal
Series B Interest
Sub -Total
280,000 290,000
19,950 10,150
250 250
300,200 300,400
0 0
Total 300,200 300,400
Debt Service Payments - (1994-95 Bank of America Fife) B
Series Date Claim Principal Interest Fees Total
A 9/19/94
1938 280,000 9,975
289,975
A 1/12/95
4894
575 575
A 3/15/95
6974 5,075
5,075
A 6/21/95
9922
168 168
Total 280,000 15,050 743 295,793
Property Tax Revenue - (1994-95 June Report) C
Actual Budget
1994-95 1995-96
41.0-82.0---002 12 6, 363
17.0-82.0---002 183,199
Total Revenues 309,562
Bond Debt Service - Calculation of Tax Rate
122,500
177,510
300,010
Estimated Property Tax Base
1995-96 Total Secured Net @ 100% 2,260,957,057
Plus Homeowners Exemption 64,997,269
Estimated Property Tax Base 2,325,954,326
Estimated Debt Service Requirement 300,010
1994-95 Unsecured @ 95% ($124,471,551. x 95 = $118,247,973.)
Less Estimated Collections from unsecured at 1993-94 Tax Rate
* ($118,247,973. x .000126) (14,900)
Total 1994-95 Debt Service Requirement 285,110
Tax Rate Calculation
Tax Rate Requirement ($285,110/52,325,954,326.) 0.00012258
Tax Rate Per $100 of Assessed Value 0.0123
Increase/(Decrease) from Previous Year = .0126 - .0123
** Law requires current year Unsecured to be taxed at prior year Tax Rate, per County Assessor
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RESOLUTION NO. 95-104
A RESOLUTION OF THE LODI CITY COUNCIL
FIXING TAX RATE FOR BOND INTEREST AND REDEMPTION
FOR THE CITY OF LODI FOR FISCAL YEAR 1995-96
WHEREAS, the Constitution of the State of California, Article XIII (A), Section 1
(b) permits the City to set the tax rate necessary to recover the amount of bond debt service,
and fees; and
WHEREAS, the citizens of the City of Lodi approved a Municipal Improvement
Bond of $6,240,000 in 1965; and
WHEREAS, the estimated debt service for Fiscal Year 1995-96 is $300,010.;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Lodi
does hereby establish the tax rate for the City of Lodi for each One Hundred Dollars
assessed valuation for Fiscal Year 1995-96 as follows:
General obligation bond indebtedness, interest and principal, as 1.23 cents
per $100 of Assessed Value which is in addition to the 1 percent rate per
Proposition 13 which allows the tax rate to exceed 1 percent for voter
approved indebtedness and further permits the City to set the tax rate in an
amount necessary to recover the amount of bond debt service.
Dated: August 16, 1995
I hereby certify that Resolution No. 95-104 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held August 16, 1995, by the following
vote:
AYES: COUNCIL MEMBERS - Pennino, Sieglock, Warner and Mann (Mayor)
NOES: COUNCIL MEMBERS - Davenport
ABSENT: COUNCIL MEMBERS - None
ABSTAIN: COUNCIL MEMBERS - None
JEbgZIFER M. PERRIN
City Clerk `
95-104