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Consent-General Government # 23.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Adopt resolution establishing Yolo County Tax Rates for 2017-18. (No general fund impact) (Newens) |
| Recommended Action |
| Adopt resolution establishing the tax rates for the 2017-2018 fiscal year. |
| Strategic Plan Goal(s) |
| These tax rates ensure that there will be sufficient funds to service bonded indebtedness within the county jurisdiction while complying with state laws, thus contributing toward county strategic principle of providing accessible, fiscally sound, dynamic and responsive services. |
| Reason for Recommended Action/Background |
California Government Code Section 29100 et seq. requires the Board of Supervisors of the County to adopt by resolution the rates of taxes on the secured roll.
Article XIIIA of the California Constitution and Sections 93 and 100 of the Revenue and Taxation Code limit the property tax rate for local agencies at 1%.
Other rates are set for voter-approved indebtedness to produce the amount necessary to finance the current year's debt service requirement. Tax rates for bonded indebtedness are calculated by dividing the amount required for debt service by the net assessed value of the property within the jurisdiction. The calculated rate may be modified to reflect delinquencies, anticipated changes in the tax roll and cash flow requirements. |
| Collaborations (including Board advisory groups and external partner agencies) |
| Local jurisdictions surrounding Yolo County provided tax rates for overlapping areas. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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Explanation (Expenditure and/or Revenue) |
| Further explanation as needed: |
| It is estimated the local agencies rate will generate $265 million county wide from the secured and unsecured property tax rolls and from the Homeowners Property Tax Relief subvention. The County's General Fund is estimated to receive $19.3 million from these sources in fiscal year 2017-18, representing an increase of 5.2% from the prior year. This revenue is taken into account in the County's 2017-18 budget. |
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