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TITLE: THREE-YEAR SERIAL LEVY T~ PARTIALLY RESTORE MEASURE <br />47 LASSES <br />QUESTIUN: Shall Eugene Levy $10,900,000 for 3 years outside tax base and Article ~I, <br />section 11 g, for operations, starting 1997-98? <br />SUMMARY: Prior to Measure 47's passage, Eugene had authority to levy $48,500,00D in <br />property taxes for f scat year beginning July 1, 1997 tFY9S}. The State <br />estimates that Measure 47 causes Eugene to lose approximately $10,000,000 <br />in FY98. For FY99 and FY20oD, estimated Toss grows to $12,OOD,D00 and <br />$14,OOD,DOD, for total loss over three years of $36,000,000. <br />Voter approval of this $32,700,000 levy will partially restore the $36,000,000 <br />in taxes lost from Measure 47. During April and May, the Council will <br />complete its revenue reduction strategies which will identify what services <br />will not be funded if the levy fails, and how the Council will address the <br />smaller reduction which will occur even if the levy passes. <br />The actual loss due to Measure 47 is uncertain. If the loss is less than current <br />estimates, the Council will not levy more than is necessary to replace the loss <br />for the next 3 years. 7f Measure 47 is voided, the Council will not levy any <br />portion. <br />This levy is subj ect to the other governmental purposes limits of section 11 b, <br />Article ~I of the Oregon Constitution, but is not subject to the limits of <br />Article XI, section 11 g. <br />Exhibit 1 <br />