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11-30-16 Council Agenda Packet - amended
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11-30-16 Council Agenda Packet - amended
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Agenda Packet
CMO_Meeting_Date
11/30/2016
CMO_Effective_Date
7/15/2016
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CE,O|CFFS|M2016 <br />ITY OF UGENEREGON ONSERVATION INANCE EASIBILITY TUDY AY <br />5-year local option levy of $0.096 per $1,000 for park <br />Portland Metro5/21/2013 <br />$50,000,000 56% <br />improvement and operations and maintenance <br />5-year $0.39 per $1,000 assessed value property tax increase <br />Portland11/5/2002for park services, repairs, maintenance, and recreation $49,400,000 65% <br />programs <br />5-year $0.86 per $1000 tax rate for schools and youth <br />Eugene11/5/2002$29,200,000 54% <br />recreation <br />Eugene11/7/20002-year $3.5 million per year for recreation services$7,000,000 64% <br />Sources: The Trust for Public Land's LandVote Database, City of Eugene <br />Local options levies for operating purposes provide local governments with the possibility of <br />collecting additional operating dollars from property taxes beyond the permanent levy. Although <br />these collections are subject to Measure 50 compression, local option levies may present the most <br />21 <br />significant, efficient and equitable form of revenue raising options for local governments.Local <br />option levies for operating purposes may only extend for five years. <br />In November 2015, voters in the City of Eugene approved a five-year local option levy to fund <br />expanded Eugene Public Library services. The levy will raise $2.7 million annually for five years <br />(about $36 per year for a typical Eugene property tax statement, or about 17 cents per $1,000 <br />22 <br />assessed value). <br />In May 2016, LaneCounty voters passed a levy to fund Oregon State University Extension <br />Service's local programs. The levy will pay staff salaries and fund programs such as 4-H, Master <br />Gardener, Master Food Preserver and others over the next five years. Property owners countywide <br />will be charged a tax of 1.5cents per $1,000 of assessed value. The owner of a home assessed at <br />$200,000 will pay an extra $3 a year under the levy. The levy is projected to send an estimated <br />23 <br />$426,000 in tax revenue to the Extension Service in the first fiscal year, starting in July 2016. <br />Local option levies can be used for capital purposes. Levies for capital purposes can extend up to <br />the lesser of 10 years or the useful life of the financed capital items. Capital items can include any <br />capitalizable asset, including items that are specifically excluded from general obligation debt by <br />Measure 50.Capital local options levies are rarely seen in Oregon. Because the levy is subject to <br />the same voter approval requirement as GO bonds but the revenue stream is subject to the Measure <br />5 tax rate limits, municipalities tend to favor GO bond authority over the local option levy. <br />However, because general obligation bond proceeds are more limited in usage, some jurisdictions <br />have opted for local option levies to pay for things that would otherwise be disallowed under <br />24 <br />general obligation bond provisions (for example, supplies and equipment). <br />21 <br />League of Oregon Cities, Debt Issuance Manual, September 2007 <br />22 <br />https://www.eugene-or.gov/2984/FIVE-YEAR-LIBRARY-LOCAL-OPTION-LEVY <br />23 <br />City of Eugene, personal communication <br />24 <br />League of Oregon Cities, Debt Issuance Manual, September 2007 <br />18TTPL::CFD <br />HE RUST FOR UBLIC AND ONSERVATION INANCE EPARTMENT <br /> <br />
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