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Council creates stormwater and flooding improvement fund; assessment rates to be set later
Summary
Council and staff established a new stormwater and flooding improvement fund to account for a non ad valorem assessment and related costs; final assessment rates will be set at a later council action, with a final budget hearing on Sept. 18.
Finance Director Steven Kaplan told the council he created a new stormwater and flooding improvement fund in the tentative budget to account for a non ad valorem assessment and its costs. "Moving on to the stormwater and flooding improvement fund, and this is a this is a brand new fund that we created for the upcoming budget year," Kaplan said.
Kaplan and council members said they will set the final stormwater and flooding improvement assessment rates later in the meeting and again at the final budget hearing. The new fund is intended to segregate the assessment revenue and related project expenses for clearer budgeting and project planning.
