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Staff member recommends 10.5¢ operating levy increase at annual levy hearing
Summary
A staff member recommended the district adopt a 10.5¢ increase to the operating levy and maintain the debt service ceiling at 1.0875 at the statutorily required annual levy hearing; the recommendation is listed under new business for board approval.
A staff member presenting the annual levy review recommended the board approve a 10.5¢ increase in the district's operating levy and said the debt service ceiling should remain at 1.0875. The presenter said the recommendation reflects changes in assessed value and additional Prop C revenue. "So we're recommending that to to go ahead and do that 10¢. It's actually a 10.5¢ exactly, increase," the staff member said.
The presenter explained the interaction between assessed value (AV) and the Hancock adjustment, noting that when AV rises the operating levy ceiling calculated by the state auditor's office falls, and when AV falls the Hancock mechanism increases the levy. The presenter also said collection rates were reduced slightly because last year was a difficult collection year, which makes this year's projected operating tax revenue slightly lower than last year despite the higher levy. The recommended levy increase is listed on the meeting agenda under new business for board consideration and possible approval later in the session. No formal motion or vote occurred during the presentation.
