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Oak Harbor council reviews local B&O tax options to fund marina repairs; no vote taken
Summary
City finance staff outlined three thresholds for a local business-and-occupation tax to generate revenue for marina repairs and other capital needs. Councilmembers discussed restricting revenues to the marina, impact on manufacturing, vendor costs and how the proposed tax would interact with a possible port district; staff will return with more
Oak Harbor city staff presented options for a local business-and-occupation (B&O) tax at a Feb. 25 council workshop as one possible source to fund marina repairs, future parks or other capital needs. The presentation outlined threshold options and estimated revenue ranges; councilmembers asked for more detail on implementation costs, industry impacts and how a B&O tax would intersect with a proposed port district.
Deputy City Administrator and Finance Director David Goldman told the council the city reviewed three threshold options used in other Washington cities: an exemption for the first $5,000,000 of gross receipts (impacting a small number of businesses), a $1,000,000 exemption (affecting more businesses), and a $100,000 exemption (affecting many businesses). Goldman summarized staff estimates for potential annual revenue before exemptions and deductions: roughly $800,000 for the $5,000,000 threshold, about $1.3 million for a $1,000,000 threshold, and an incremental $500,000 for…
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