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INFORMATIONAL MEMO <br />Page 2 <br />Also included in the tax levy ordinance is an excess levy in the amount of $3,602,975 for debt <br />service related to the unlimited tax obligation bonds that were sold at the end of 2016 and in <br />2019. All voter -approved bonds have now been issued. <br />Levy Limit <br />RCW 27.12.390 allows for a maximum statutory levy rate for cities at $3.60 less the actual regular <br />levy made by a library district. RCW 41.16.060 also allows for an additional levy of $0.225 if a <br />city has a firemen's pension fund. The maximum allowable levy for 2021 is estimated to be <br />$3.50180. However, due to the 1% limitation, the Levy Limit Worksheet received from King <br />County estimates the City's preliminary levy rate for 2021 at $2.15655. <br />RECOMMENDATION <br />The City Council is being asked to approve the ordinance adopting the General Tax Levy, the <br />ordinance for the Limiting Factor (IPD) and the ordinance showing the dollar and percent increase <br />from the previous year at the November 09, 2020 Committee of the Whole meeting and <br />subsequent November 16, 2020 Regular Meeting. A public hearing has also been scheduled at <br />the November 09, 2020 Committee of the Whole. <br />ATTACHMENTS <br />Draft Ordinances (3) <br />Preliminary Levy Limit Worksheet -2021 Tax Roll <br />38 https://tukwilawa.sharepoint.com/sites/mayorsoffice/cc/CC Docs/01d W/2020 CAS/Info Memo - 2021 Taxes with Excess levy.docx <br />