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Committee backs ordinances to set FY 2008/09 property tax rates and affirms city is under the Gann limit
Summary
The committee approved ordinances to set the city's FY 2008/09 property tax rate (1.163 per $100 of assessed value) and a resolution establishing the state constitutional appropriation (Gann) limit; staff said the rate reflects a 2% inflation adjustment plus bond-related increases and that the budget is $133 million under the Gann limit.
The Budget and Finance Committee approved ordinances to set several FY 2008/09 property tax rates and a resolution establishing the city's state constitutional (Gann) appropriation limit, sending the measures on with full recommendation.
Monique from the Controller's Office explained the citywide property tax rate is set by formula at 1.163, meaning approximately $1.16 per $100 of assessed value, about a 4% increase compared with the prior period. The increase reflects a 2% inflation adjustment permitted by state law plus roughly 2.2% tied to various general obligation bond indebtedness, including obligations for the college district, school district and BART. Monique said, "the property tax rate has been established by formula to be 1.163" and noted the rate is within its 20-year range (a recent high of $1.19 in 1998 and a low of $1.09 in 1989).
The Controller's Office also reported the Gann limit for FY 2008/09 at $2,343,000,000 and said the adopted budget is about $133,000,000 under that constitutional limit after standard adjustments. Staff recommended approval of the ordinances and the resolution; supervisors asked for bond payoff schedules and for staff to run hypothetical charts under different ballot outcomes; staff said they would provide that analysis on request. With no public comment, the committee sent items 1 through 4 and item 12 forward with full recommendation.
