FIN-5.03 - FY 2006-07 Tax Levy

BCP-FIN-5.03

The Council finds:

1. The FY 2006-07 Budget for the City was adopted and appropriations made by the Council on June 22, 2006 by ordinance.

2. On November 5, 2002, voters in the City approved a five-year local option levy in support of children’s programs, approving a tax rate of $0.4026 per $1,000 of assessed value.

3. On November 5, 2002, voters in the City approved a five-year local option levy in support of parks’ operations and improvements, approving a tax rate of $0.3900 per $1,000 of assessed value.

4. The City has approved tax increment collection, which will be used to pay urban renewal debt service requirements.

5. In no case will an urban renewal district receive more than the amount of increment revenue allowed under the statutory formula outlined in ORS 457.440.

6. In addition to the Notice of Property Tax and Certification of Intent to Impose a Tax, Fee, Assessment, or Charge on Property (Form LB-50), the Department of Revenue has issued a Notice to Assessor (Form UR-50), on which the City is required to categorize urban renewal levies by option selected: 1, 2, 3, Window, or New. Form UR-50 also requires the City to certify the Amount from Division of Tax and the Special Levy Amount.

7. Collection of tax levy revenues is contingent on the actual assessed value.

8. The City will certify and collect property tax revenues based upon the assessed values as determined by the respective County Assessors of Multnomah, Clackamas, and Washington Counties.

NOW, THEREFORE, the Council directs:

a. Taxes are hereby categorized and levied for municipal purposes for the fiscal year beginning July 1, 2006, on all taxable property, both real and personal, within the corporate limits of the City as follows:

i. For General Government, the permanent tax rate of $4.5770 per $1,000 of assessed valuation.

ii. For General Government, to be credited to the Fire and Police Disability and Retirement Fund, the amount of $86,550,497.

iii. For General Government, a voter-approved local option children’s levy taxing rate of $0.4026 per $1,000 of assessed valuation.

iv. For General Government, a voter-approved local option parks’ levy taxing rate of $0.3900 per $1,000 of assessed valuation.

v. Excluded from Limitation, for bonded indebtedness the estimated amount of $7,942,946.

b. The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify on Form LB-50 the tax levies made in Section 1.a of this ordinance to the Assessors of Multnomah, Clackamas, and Washington Counties.

c. In order to continue the City's active urban renewal districts and provide for potential future tax revenue for obligations of the Waterfront Renewal Bond Sinking Fund, the Central Eastside Industrial District Debt Fund, the Airport Way Debt Service Fund, the South Park Block Redemption Fund, the Convention Center Area Debt Service Fund, the Lents Town Center Urban Renewal Area Debt Redemption Fund, the River District Urban Renewal Area Debt Redemption Fund, the Interstate Corridor Debt Service Fund, the North Macadam Urban Renewal Area Debt Redemption Fund, the Willamette Industrial Urban Renewal Area Debt Service Fund, and the Gateway URA Debt Redemption Fund, the Assessors of Multnomah, Clackamas, and Washington Counties are hereby requested to implement the procedures specified in ORS 457.420 through ORS 457.440 and other applicable state law relative to tax increment financing of urban renewal indebtedness, subject to the certifications contained in Section 1.d of this ordinance.

d. The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify that the City requests that tax increment revenue be collected for urban renewal bonded indebtedness and other indebtedness in FY 2006-07 for Airport Way, Central Eastside Industrial District, Convention Center, South Park Blocks, Downtown Waterfront, Lents Town Center, River District, North Macadam, Interstate Corridor, Willamette Industrial Area, and Gateway Regional Center debt service requirements as outlined below.  On Form UR-50, the following amounts will be certified for urban renewal collections:

e. Collection of the tax increment revenues is contingent on actual assessed value growth. The City will certify and collect the tax increment revenues only if the increase in assessed value is sufficient to allow the tax increment collection without forcing the City's other levies into compression under the $10 limit.

The Council declares that an emergency exists because it is necessary to certify the above amounts to the county assessors by July 15, 2006; therefore, this ordinance shall be in full force and effect from and after July 1, 2006. 

Ordinance No. 180257, passed June 22, 2006 and effective July 1, 2006.