2017 Level Property Tax
The Level Property Tax generates about $8.5 million a year and is used to primarily fund projects via issuance of debt, with bonds issued and paid off over multiple years. As projects become completed and debt gets paid off, more “headroom” becomes available, allowing for new projects to be bonded and paid for. The current tax will sunset when the last bond payments are made, which is presently expected to occur in 2031.
To address the current headroom available, as well as to plan for the future, City Council voted to put the continuance of the Level Property Tax on the ballot and to identify projects to be funded by these continued revenues.
Although capital needs have historically been the focus of the Level Property Tax, the 2017 proposed continuation and new project package includes the capability to address ongoing needs as well – such as the lifecycle replacement of police cars and fire engines and the staffing for new facilities, such as fire stations or infrastructure, such as storm sewers.
The City does not currently have a funding source for most of its lifecycle replacement needs. In order to ensure ongoing revenue to meet some of these replacement needs and also to support additional public safety staff for new facilities, the measure does not include a sunset. the Level Property Tax collections and expenditures will be overseen by the Citizens Sales Tax Oversight Committee (CSTOC). The committee currently reviews and monitors the collection of the Hotel-Motel Tax revenues, the 1/4-cent Capital Improvements Sales Tax revenues, the 1/8-cent Transportation Sales Tax revenues, and the 3/4-cent Police and Fire Fighters Pension Fund Sales Tax revenues.