SR-213-001 (10)
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Santa Monica~ California~ August 14~ 1978
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TO:
FROM:
SUBJECT:
Mayor and City Council
Clty Staff
1978-79 Tax Rate for Parking and Business Improvement District
AUG 2 2 1978
Introduction
This report recommends the setting of the 1978-79 Tax Rate for the Downtown
Parking and Business Improvement District.
Background
Prior to September of each year~ the City must set the City's General and
Downtown Parking and Business Improvement District Tax Rates for that fiscal
year. Proposition 13 has already set the general tax rates at 1% of market
value or a combined County tax rate of $4.00 per $100 of assessed valuation.
Proposition 13~ though~ exempted payments for prlncipal and interest of
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municipal bonds that had been previously voted upon by the people. The
Downtown Parking and Business Improvement District is in this catagory.
As of thlS date~ the City has not received the assessed valuation from the
County and thus cannot set the tax rate. If it is not received prior to the
Council Meeting of August 22~ this report will be pulled and resubmitted at
the following meeting.
Recommendation
It is recommended that if the City receives the assessed valuatlon prior to
August 22~ Council approve a tax rate necessary to raise $247~OOO.
Prepared by: Robert H. Nash
Alan P. Melcher
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Attachment
AUG 2 2 1978