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w <br />For Board Meeting of December ~$, 1997 <br />Agenda Item # H. 2. b. <br />MEMO TO: BOARD OF DIRECTORS ~ <br />FROM: THOMAS A. WOLFGRAM `~ ~ ~~-~ <br />~_ - ~ <br />BUSINESS S ES M AGER <br />THRU: R. G. ANDERSE -WYCKOFF, GENERAL MANAGER <br />SUBJECT: ACTUAL PROPERTY TAX REVENUE <br />UNDER MEASURE 50 <br />Issue <br />Information only <br />Background <br />At the time the District prepared the 1997-98 budget the State could not give us <br />the exact calculation for property tax revenue under Measure 50. <br />Facts and Findinqs <br />1. The 1997-98 tax base amount is $6,254,000 and is the amount included in the <br />budget document for 1997-98. <br />2. In the 10-year plan we took the 1996-97 tax base, increased it by 6%, and <br />reduced the amount by 17% to estimate the tax revenues under Measure 50. <br />3. The District has received information from both counties as to the actual <br />amount we will receive for the 1997-98 year. Detail by county follows: <br />Marion County $ 4,768,915 <br />Polk County 604,251 <br />Total $ 5,373,166 <br />4. The Districts' tax revenues have been reduced by $880,833 rather than the <br />$1,063,180 that was projected in the 10-year plan. We gained $182,347 in <br />revenues over our estimated amount. <br />5. If the District applies the actual amount to the 10-year plan we are able to <br />operate one (1) additional year. The 10-year plan projected that the District <br />would run short the end to the 10"' year, using the actual amount the District <br />would n.m short the end of the 11"' year. <br />6. The budget has a transfer to the Operation Reserve fund of $4,460,750, which <br />was based on the full tax base amount. This amount will be reduced by the <br />actual loss from Measure 50. <br />169 <br />