Laserfiche WebLink
City of Tukwila My WebLink |HelpSearch Tips |About |Sign Out
�.• <br />TO: <br />FROM: <br />BY: <br />City of Tukwila <br />INFORMATIONAL MEMORANDUM <br />Finance Committee <br />Peggy McCarthy, Finance Director <br />Vicky Carlsen, Deputy Finance Director <br />Aaron Williams, Fiscal Coordinator <br />CC: Mayor Ekberg <br />DATE: November 6, 2018 <br />SUBJECT: 2019 Property Tax Levy <br />ISSUE <br />Approval of ordinances increasing the regular levy from the previous year and adopting the <br />general and excess property tax levies for 2019 by November 30, 2018. <br />Allan Ekberg, Mayor <br />BACKGROUND <br />A Public Hearing for adoption of the 2019 property tax levy is required by RCW 84.55.120. The <br />Hearing is scheduled for November 13, 2018. <br />The City was notified on October 23, 2018 that the assessed value for Tukwila for 2019 is <br />projected to be $6,709,378,301. <br />The ordinance to set the general tax levy also includes the excess levy related to the Public Safety <br />Plan that voters approved on the November 8, 2016 general election. The City sold $36.5 million <br />of bonds in 2016 and debt service repayment began in 2017. The excess levy will be assessed <br />for as long as the bonds are outstanding; the final payment is scheduled for December 2036. The <br />total excess levy requirement for 2019 is $2,840,000 with an approximate levy rate of $0.43 per <br />thousand. <br />The budget proposed to Council for the 2019-2020 biennium is based, in part, on a property tax <br />revenue increase of 1% plus new construction. <br />DISCUSSION <br />Levy Amount <br />The assessed value and the allowable levy are subject to change until final levy rate <br />determination. A levy amount of $16,100,000 will be used for the ordinance. If the final allowable <br />levy is less than the ordinance amount, King County Department of Assessments will adjust the <br />ordinance amount to the final allowable levy amount and no further action by the Council will be <br />required. <br />Also included in the tax levy ordinance is an excess levy in the amount of $2,840,000 for debt <br />service related to the unlimited tax obligation bonds that were sold at the end of 2016. Total <br />bonds issued was $36.5 million. <br />55 <br />