|
Urban Renewal Agency
<br />Overview
<br />Division of Tax Impact on Overlapping Taxing Jurisdictions in FY11
<br />Estimate, Net of Discounts and Delinquencies
<br />Taxing District Type of Tax Downtown Riverfront Total
<br />School Taxes
<br />School District 4j Permanent Tax Rate $575,000 $205,000 $780,000
<br />School District 4j Local Option Levy 0 65,000 65,000
<br />Lane Community College Permanent Tax Rate 75,000 30,000 105,000
<br />Lane ESD Permanent Tax Rate 30,000 10,000 40,000
<br /> Total School Taxes $680,000 $310,000 $990,000
<br />General Government Taxes
<br />City of Eugene Permanent Tax Rate $850,000 $300,000 $1,150,000
<br />City of Eugene Library Levy0 10,000 10,000
<br />Lane County Permanent Tax Rate 150,000 55,000 205,000
<br /> Total General Government $1,000,000 $365,000 $1,365,000
<br />Bonded Debt Taxes
<br />City of Eugene Bonded Debt $40,000 $50,000 $90,000
<br />Lane County Bonded Debt 10,000 5,000 15,000
<br />School District 4j Bonded Debt 60,000 50,000 110,000
<br />Lane Community College Bonded Debt 0 10,000 10,000
<br /> Total Bonded Debt $110,000 $115,000 $225,000
<br /> Totals $1,790,000 $790,000 $2,580,000
<br /> Note: Although local property taxes to schools are reduced as a result of the division of taxes, school budgets are
<br />only minimally reduced, all else being equal, because schools are funded through a per pupil formula from
<br />the state, and any loss in local property taxes is made up by an increase in state fundinI. The chart does not
<br />take into account any effects of Measure 5 compression on school taxes.
<br /> Source: Lane County Assessment and Taxation, Table 4e, Detail of Urban Renewal Plan Areas by Taxing
<br />District, Tax Year 2010-11.
<br />
<br />
<br />Maximum Indebtedness Information
<br />
<br />Oregon Revised Statutes require that each urban renewal district that receives property tax revenue
<br />LQFOXGHD³PD[LPXPLQGHEWHGQHVV´limit in their urban renewal plaQ³0D[LPXPLQGHEWHGQHVV´LVD
<br />required spending cap for all property tax expenditureVRYHUDSHULRGRIWLPH³0D[LPXPLQGHEWHGQHVV´
<br />is not a legal debt limit. It is more like a spending limit.
<br />
<br />Adopting a maximum indebtedness figure does not authorize or obligate the Agency to spend money
<br />or enter into debt.
<br /> Within the maximum indebtedness limitation, the Agency Board has the ability to
<br />fund projects over time, either with cash or by issuing debt. Certain expenditures are included in
<br />maximum indebtedness and certain expenditures are excluded. For instance, interest on debt is
<br />excluded, but cash payments for projects and administrative expenses are included. Expenditures made
<br />from sources other than tax increment revenues are not included in the spending limit, such as
<br />Downtown Revitalization Loan Program funds. In addition, interest on debt is not included in
<br />maximum indebtedness, nor is the refinancing of existing indebtedness.
<br />
<br />Page 46
<br />
|