Discussion Materials
Manteca Hat Ranch
Fiscal Impact Analysis —
City of Manteca
Prepared for:
City of Manteca
Prepared by:
Economic & Planning Systems, Inc. (EPS)
August 31, 2021
EPS #202113
Exhibit "B" ATTACHMENT 7
List of Tables
Table 1 Summary of Annual Surplus/Deficits................................................................ 1 Table 2A Estimated Annual Revenues and Expenditures –
Base Property Tax Allocation Scenario ............................................................. 2 Table 2B Estimated Annual Revenues and Expenditures -
Master Tax Sharing Allocation Scenario............................................................ 3 Exhibit "B" ATTACHMENT 7
DRAFT
Table 1
Manteca Hat Ranch
Fiscal Impact Analysis
Summary of Annual Surplus/Deficits (2020$)
Item
Annual Fiscal Impact
Annual General Fund Revenues $1,035,000
Annual General Fund Expenditures $993,000
Net General Fund Surplus/(Deficit) $42,000
Estimated Surplus/(Deficit) per Unit
Single Family Residential $18
sum
Source: EPS.
Estimated Annual
Revenues/Expenditures
(Rounded)
Base Allocation Scenario
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DRAFT
Table 2A
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual Revenues and Expenditures (2020$)
Item
Annual General Fund Revenues
Property Taxes $497,300
Property Tax In-Lieu of Vehicle License Fees $290,700
Real Property Transfer Tax $29,400
Sales and Use Taxes $129,600
Public Safety Sales and Use Tax $3,700
Transient Occupancy Tax $25,600
Licenses and Permits -
Business Licenses $16,100
Franchise Fees $42,800
Total General Fund Revenue $1,035,200
Annual General Fund Expenditures
General Government
Legislation and Policy $18,900
Legal Services $11,100
City Administration $9,600
Public Works Administration $1,900
Non Departmental $110,500
Human Resources $19,800
Fiscal and Revenue Management $10,700
Economic and Community Development $4,400
Fleet Maintenance $5,400
Subtotal General Government $192,300
Public Safety
Police Protection $447,500
Animal Services $4,800
Fire Protection $219,000
Subtotal Public Safety $671,300
Parks, Recreation, and Community Services
Parks Maintenance $79,300
Library $3,600
Recreational and Senior Services $26,900
Subtotal Parks, Recreation, and Community Svcs $109,800 Public Utilities
Storm Drainage $8,100
Subtotal Public Utilities $8,100
Transportation
Streets $11,400
Subtotal Transportation $11,400
Total General Fund Expenditures $992,900
Net General Fund Surplus/(Deficit) $42,300
det sum
Source: EPS.
Estimated Annual
Revenues / Expenditures
(Rounded)
Base Allocation Scenario
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DRAFT
Table 2B
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual Revenues and Expenditures (2020$)
Item
Annual General Fund Revenues
Property Taxes $248,700
Property Tax In-Lieu of Vehicle License Fees $290,700
Real Property Transfer Tax $29,400
Sales and Use Taxes $129,600
Public Safety Sales and Use Tax $3,700
Transient Occupancy Tax $25,600
Licenses and Permits -
Business Licenses $16,100
Franchise Fees $42,800
Total General Fund Revenue $786,600
Annual General Fund Expenditures
General Government
Legislation and Policy $18,900
Legal Services $11,100
City Administration $9,600
Public Works Administration $1,900
Non Departmental $110,500
Human Resources $19,800
Fiscal and Revenue Management $10,700
Economic and Community Development $4,400
Fleet Maintenance $5,400
Subtotal General Government $192,300
Public Safety
Police Protection $447,500
Animal Services $4,800
Fire Protection $219,000
Subtotal Public Safety $671,300
Parks, Recreation, and Community Services
Parks Maintenance $79,300
Library $3,600
Recreational and Senior Services $26,900
Subtotal Parks, Recreation, and Community Svcs $109,800 Public Utilities
Storm Drainage $8,100
Subtotal Public Utilities $8,100
Transportation
Streets $11,400
Subtotal Transportation $11,400
Total General Fund Expenditures $992,900
Net General Fund Surplus/(Deficit) ($206,300)
det sum
Source: EPS.
Estimated Annual
Revenues / Expenditures
(Rounded)
Master Tax Sharing
Agreement Allocation
Scenario
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APPENDICES:
Appendix A: General Assumptions
Appendix B: General Fund Revenue Analysis
Appendix C: General Fund Expenditure Analysis
Appendix D: Supporting Tables for
Revenue and Expenditure Analysis
Exhibit "B" ATTACHMENT 7
APPENDIX A:
General Assumptions
Table A-1 General Assumptions ........................................................ 4 Table A-2 Total and Occupied Project Land Uses ................................. 5 Table A-3 Estimated Persons Served ................................................. 6 Table A-4 Land Use Assumptions ...................................................... 7 Exhibit "B" ATTACHMENT 7
DRAFT
Table A-1
Manteca Hat Ranch
Fiscal Impact Analysis
General Assumptions
Item Assumption
General Assumptions
Fiscal Year FY 2020-21
General Demographic Characteristics
City of Manteca
Population [1] 84,800
Employees [2] 21,000
City of Manteca Persons Served [3] 95,300
gen assumps
Source: California Department of Finance; EDD; U.S. Census LED; EPS. [3] Persons served is defined as total population plus half of total employees. Used to estimate specific revenues and expenditures that are assumed to be impacted by growth in resident and employment populations and to avoid double counting of employees who reside in the City.
City of
Manteca
[1] Based on population estimates from the California Department of Finance (DOF) data for January 1, 2020.
[2] US Census Onthemap.ces.census.gov estimated a total of 18,767 jobs in Manteca, CA in 2018.
California EDD reports an annual average growth rate of 0.95% since 2018 for the Stockton-Lodi MSA.
EPS adjusted the 2018 employment figure to arrive at a 2020 employment estimate using this growth rate and further increased the total by 10% to account for self-employed workers. Estimate is rounded to the nearest hundred employees.
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DRAFT
Table A-2
Manteca Hat Ranch
Fiscal Impact Analysis
Total and Occupied Project Land Uses
Land Use Acres
Total
Dwelling
Units
Vacancy
Rate
Occupied
Dwelling
Units
Development Projections in Current City Limits
Residential Land Uses
Single Family Detached 93 635 6.0% 597
Single Family - Half Plex 4 104 6.0% 98
Subtotal Residential 97 739 695
Total All Land Uses 97 739 695
lu
Source: J.B. Anderson Land Use Planning; EPS.
Project Land Uses
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DRAFT
Table A-3
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Persons Served
Assumption
Land Use [1]
Project Residents
Residential Land Uses PPH
Single Family Detached 3.30 1,970
Single Family - Half Plex 3.30 323
Subtotal Residential Land Uses 1,970
Total Resident Population 2,294
Project Persons Served 2,294
pop
Source: California Department of Finance; EPS.
Estimated
Population
[1] For persons per household and square feet per employee assumptions, refer to Table A-4.
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DRAFT
Table A-4
Manteca Hat Ranch
Fiscal Impact Analysis
Land Use Assumptions
Persons per
Estimated Property Household/
Assessed Turnover Vacancy Sq. Ft. per
Land Use Value [1] Rate [2] Rate [3] Employee [4]
Residential Land Uses
Single-Family Residential per Unit
Single Family Detached $515,000 14.30% 6.0% 3.30
Single Family - Half Plex $450,000 14.30% 6.0% 3.30
lu assum
Source: J.B. Anderson Land Use Planning; US Census; California Department of Finance; EPS. [1] Assessed value based on the rounded estimated average market value per unit for similar projects within the area. Due to the unavailability of comparable prototype data, half plex assessed value is an initial value assumption. [2] Owner-occupied residential assumed to turn over once every 7 years.
City of
Manteca
[3] Residential vacancy rates obtained from the US Census American Community Survey, 2019 estimates, for the City of Manteca [4] Persons per household figures obtained from the California Department of Finance Table E-5, current as of 01-01-2021.
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APPENDIX B:
General Fund Revenue Analysis
Table B-1 Revenue-Estimating Procedures Based on
City of Manteca FY 2020-21 Budget .................................... 8 Table B-2 Estimated Annual General Fund Revenues ........................... 9 Table B-3 Estimated Annual Property Tax Revenues .......................... 10 Table B-4 Real Property Transfer Tax .............................................. 11 Table B-5 Estimated Annual Taxable Sales and Use Tax Revenue ........ 12 Table B-5A Estimated Annual Taxable Sales from Proposed Development, Market Support Method............................... 13 Exhibit "B" ATTACHMENT 7
DRAFT
Table B-1
Manteca Hat Ranch
Fiscal Impact Analysis
Revenue-Estimating Procedures Based on City of Manteca FY 2020-21 Budget (2020$) FY 2020-21 FY 2020-21
Budgeted Budgeted
Estimating Case Study General Fund Offsetting Net General Service Revenue Item Procedure Reference Revenues [1] Revenues Fund Revenues Population [2] Multiplier General Fund Revenues
Property Taxes Case Study Table B-3 $10,600,345 - $10,600,345 NA - Property Tax In-Lieu of Vehicle License Fees Case Study Table B-3 $7,228,240 - $7,228,240 NA - Real Property Transfer Tax Case Study Table B-4 $678,590 - $678,590 NA - Sales and Use Taxes Case Study Table B-5 $11,770,857 - $11,770,857 NA - Public Safety Sales and Use Tax Case Study Table B-5 $340,315 - $340,315 NA - Transient Occupancy Tax Persons Served - $1,062,469 - $1,062,469 95,300 $11.15 Licenses and Permits Persons Served - $252,635 ($252,635) - 95,300 - Business Licenses Persons Served - $667,000 - $667,000 95,300 $7.00 Franchise Fees Persons Served - $1,777,125 - $1,777,125 95,300 $18.65 Excise Tax [3] - $450,000 - $450,000 NA -
Intergovernmental [3] - $1,746,492 ($295,000) $1,451,492 NA - Charges for Services [3] - $8,699,849 ($4,940,845) $3,759,004 NA - Fines and Forfeitures Persons Served - $304,980 ($304,980) $0 95,300 - Use of Money & Property [3] - $920,000 - $920,000 NA -
All Other Revenue [3] - $57,650 - $57,650 NA -
Total General Fund Revenues $46,556,547 ($5,793,460) $40,763,087 Fund Reserves $8,315,434
Total General Fund Revenues (Incl. Reserves) $54,871,981 rev pro
Source: City of Manteca FY 2020-21 Final Budget including Midyear Budget Amendments (Current as of March 10, 2021); EPS. [1] Includes midyear budget amendments as provided by City staff, current as of March 10, 2021. [2] Refer to Table A-1 for details.
[3] This revenue source is not expected to be affected by anticipated development and therefore is not evaluated in this analysis.
City of
Manteca
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DRAFT
Table B-2
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual General Fund Revenues (2020$)
Case Study
Revenue Category Reference
General Fund Revenues
Property Taxes Table B-3 $497,300
Property Tax In-Lieu of Vehicle License Fees Table B-3 $290,700 Real Property Transfer Tax Table B-4 $29,400
Sales and Use Taxes Table B-5 $129,600
Public Safety Sales and Use Tax Table B-5 $3,700
Transient Occupancy Tax - $25,600
Licenses and Permits - -
Business Licenses - $16,100
Franchise Fees - $42,800
Fines and Forfeitures - -
Total General Fund Revenue $1,035,200
rev
Source: City of Manteca FY 2020-21 Adopted Budget; EPS.
Estimated
Annual Revenue
(Rounded)
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DRAFT
Table B-3
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual Property Tax Revenues (2020$)
Assumption/
Item Source Formula
Assessed Value of Project Table D-2 a $373,825,000
Property Tax Revenue (1% of Assessed Value) 1.0000% b = a * 1.00% $3,738,250 Estimated Property Tax Allocation [1]
City of Manteca General Fund 13.3035% c = b * 13.30% $497,317 Other Agencies/ERAF 86.6965% d = b * 86.70% $3,240,933
Total City of Manteca General Fund Property Tax e = c $497,317 Property Tax In-Lieu of Motor Vehicle In-Lieu Fee Revenue (VLF) Total Citywide Assessed Value [2] l $9,295,356,393
Total Assessed Value of Project m $373,825,000
Total Assessed Value n = l + m $9,669,181,393
Percent Change in AV o = m / l 4.02%
Property Tax In-Lieu of VLF [3] $7,228,240 p = o * $7,228,240 $290,693 prop tax
Source: City of Manteca; San Joaquin County Auditor-Controller; EPS. [2] Reflects Assessed Valuation for FY 2020-21. Includes Citywide secured, unsecured, homeowner exemption, and public utility roll.
[3] Property tax in-lieu of VLF amount derived from the City of Manteca FY 2020-21 Annual Budget. Refer to Table B-1 for details.
[1] Refer to Table D-1 for details.
Estimated
Property Tax
Revenues
Prepared by EPS 8/30/2021
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DRAFT
Table B-4
Manteca Hat Ranch
Fiscal Impact Analysis
Real Property Transfer Tax (2020$)
Assumption/
Description Source
Rate per $1,000 of AV $0.55
Project Assessed Value Table D-2
Single Family Residential $373,825,000
Total Assessed Value $373,825,000
Turnover Rate
Single Family Residential 14.30%
Annual Transfer Tax Revenue [1]
Single Family Residential $29,401
Total Annual Transfer Tax Revenue $29,401
transfer
Source: City of Manteca; San Joaquin County Auditor-Controller; EPS.
Estimated Annual
Property Transfer Tax
Revenue
[1] Formula for Transfer Tax = Assessed Value/$1,000 * Rate per $1,000 of Assessed Value * Turnover rate.
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DRAFT
Table B-5
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual Taxable Sales and Use Tax Revenue (2020$) Item Formula
Estimated Annual Taxable Sales
Annual Taxable Sales from Market Support (Residents) a $12,957,750 Annual Taxable Sales from New Development b = a $12,957,750 Annual Sales Tax Revenue
Bradley Burns Local Sales Tax Revenue c = b * 1.0000% 1.0000% $129,578 City of Manteca Prop 172 Public Safety Sales Tax Revenue [1] d = c * 2.8912% 2.8912% $3,746 sales
Source: City of Manteca; California State Board of Equalization; EPS.
Source/
Assumptions
Annual Sales
Tax Revenue
[1] Calculated as the ratio of Proposition 172 Public Safety Tax revenue to total sales tax revenue based on the FY 2020-21 Budget. Any variation in the relationship between Proposition 172 Public Safety Tax revenue and total sales tax revenue affecting the estimate of this revenue source is estimated to be nominal.
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DRAFT
Table B-5A
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual Taxable Sales from Proposed Development, Market Support Method (2020$) Annual Taxable Sales from Market Support Assumption
Annual Taxable Sales from New Residents
Residential Development Table A-2 Occupied Dwelling Units Single Family Detached 597
Single Family - Half Plex 98
Total Residential Development 695
Taxable Retail Expenditures per Household [1] Taxable Retail Expenditures Single Family Detached $25,000 $14,925,000
Single Family - Half Plex $24,000 $2,352,000
Total Taxable Retail Expenditures $17,277,000
Estimated Citywide Capture from New Households [2] 75% $12,957,750 Total Annual Taxable Sales from Market Support $12,957,750 sales a
Source: Costar; Gregory Group; Bureau of Labor Statistics; City of Manteca; EPS. [1] For details pertaining to resident and employee estimates, refer to Table A-3.
Estimated Annual
Taxable Sales
[2] Represents the portion of household and employee retail expenditures estimated to take place within the City of Manteca.
Prepared by EPS 8/30/2021
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APPENDIX C:
General Fund Expenditure Analysis
Table C-1 Expenditure-Estimating Procedures Based on
City of Manteca FY 2020-21 Budget .................................. 14 Table C-2 Estimated Annual General Fund Expenditures ..................... 15 Exhibit "B" ATTACHMENT 7
DRAFT
Table C-1
Manteca Hat Ranch
Fiscal Impact Analysis
Expenditure-Estimating Procedures Based on City of Manteca FY 2020-21 Budget (2020$) FY 2020-21 FY 2020-21 Population
Estimating Budgeted Less Offsetting Net City or Persons FY 2020-21 Adjustment Net FY 2019-20 Item Procedure Expenditures [1] Revenue Expenditures Served Avg. Cost Factor [2] Avg. Cost General Fund Expenditures
General Government
Legislation and Policy Persons Served $1,569,362 - $1,569,362 95,300 $16.47 50% $8.23 Legal Services Persons Served $920,326 - $920,326 95,300 $9.66 50% $4.83 City Administration Persons Served $1,276,411 ($475,458) $800,953 95,300 $8.40 50% $4.20 Public Works Administration Persons Served $1,709,398 ($1,554,893) $154,505 95,300 $1.62 50% $0.81 Non Departmental Persons Served $9,181,518 - $9,181,518 95,300 $96.34 50% $48.17 Human Resources Persons Served $1,644,221 - $1,644,221 95,300 $17.25 50% $8.63 Fiscal and Revenue Management Persons Served $1,713,751 ($822,631) $891,120 95,300 $9.35 50% $4.68 Economic and Community Development Persons Served $365,978 - $365,978 95,300 $3.84 50% $1.92 Fleet Maintenance Persons Served $450,675 - $450,675 95,300 $4.73 50% $2.36 Subtotal General Government $18,831,640 ($2,852,981) $15,978,659 Public Safety
Police Protection [3] Persons Served $19,436,258 ($840,780) $18,595,478 95,300 $195.13 100% $195.13 Animal Services Persons Served $450,319 ($252,635) $197,684 95,300 $2.07 100% $2.07 Fire Protection [3] [4] Persons Served $10,890,170 ($1,792,064) $9,098,106 95,300 $95.47 100% $95.47 Subtotal Public Safety $30,776,747 ($2,885,479) $27,891,268 Parks, Recreation, and Community Services
Parks Maintenance Per Capita $2,988,546 ($55,000) $2,933,546 84,800 $34.59 100% $34.59 Library Per Capita $133,160 - $133,160 84,800 $1.57 100% $1.57 Recreational and Senior Services Per Capita $996,298 - $996,298 84,800 $11.75 100% $11.75 Subtotal Parks, Recreation, and Community Svcs $4,118,004 ($55,000) $4,063,004 Public Utilities
Storm Drainage Persons Served $671,420 - $671,420 95,300 $7.05 50% $3.52 Subtotal Public Utilities $671,420 - $671,420
Transportation
Streets Persons Served $474,170 - $474,170 95,300 $4.98 100% $4.98 Subtotal Transportation $474,170 - $474,170
Total General Fund Expenditures $54,871,981 ($5,793,460) $49,078,521 exp
Source: City of Manteca FY 2020-21 Final Budget including Midyear Budget Amendments (Current as of March 10, 2021); EPS. [1] Includes midyear budget amendments as provided by City staff, current as of March 10, 2021. [2] An adjustment factor may be used to reflect the fact that new employees may not increase certain General Fund department expenditures at a 1:1 ratio. This analysis does not assume an adjustment at this time. [3] Police and Fire protection expenditures included reflect only City General Fund Police expenditures and excludes any Measure M funded expenditures (Fund 320) for one-time capital expenditures included in the public safety endowment fund (Fund 330).
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DRAFT
Table C-2
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Annual General Fund Expenditures (2020$)
Expenditure Category
General Fund
General Government
Legislation and Policy $18,884
Legal Services $11,074
City Administration $9,638
Public Works Administration $1,859
Non Departmental $110,482
Human Resources $19,785
Fiscal and Revenue Management $10,723
Economic and Community Development $4,404
Fleet Maintenance $5,423
Subtotal General Government $192,272
Public Safety
Police Protection $447,521
Animal Services $4,757
Fire Protection $218,956
Subtotal Public Safety $671,234
Parks, Recreation, and Community Services
Parks Maintenance $79,341
Library $3,601
Recreational and Senior Services $26,946
Subtotal Parks, Recreation, and Community Svcs $109,888 Public Utilities
Storm Drainage $8,079
Subtotal Public Utilities $8,079
Transportation
Streets $11,411
Subtotal Transportation $11,411
Total Annual General Fund Expenditures $992,885
exp
Source: City of Manteca FY 2020-21 Adopted Budget; EPS.
Estimated Annual
Expenditures [1]
[1] Annual expenditure estimated on a per persons served or per capita basis.
Refer to Table C-1 for estimating procedure and Table A-4 for population estimates.
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APPENDIX D:
Supporting Tables for
Revenue and Expenditure Analysis
Table D-1 Preliminary Property Tax Allocations ................................. 16 Table D-2 Cumulative Assessed Valuation ........................................ 17 Table D-3 Estimated Average Annual Household Income .................... 18 Exhibit "B" ATTACHMENT 7
DRAFT
Table D-1
Dutra Property
Fiscal Impact Analysis
Preliminary Property Tax Allocations for Annexation Areas Tax Code Entity 113-007 113-004 TRA 113-007 TRA 113-004 Total Formula a b e f g = e + f h i = h * $325,751 j = i / $979,447 Subject to Detachment
10001 County General 24.1396% 23.2717% $11,448 $216,897 $228,345 60% $195,451 19.95521% 10527 Road District 5 4.7286% 4.5630% $2,242 $42,529 $44,771 - $0 0.00000% 14901 Lathrop-Manteca Rural Fire 2.8380% 5.5030% $1,346 $51,289 $52,635 - $0 0.00000% 40200 City of Manteca 0.0000% 0.0000% - - - 40% $130,300 13.30347% Subtotal 31.7062% 33.3377% $15,036 $310,715 $325,751 100% $325,751 33.25868% Not Subject to Detachment
10618 County Library 1.9481% 1.8799% $924 $17,521 $18,445 - $18,445 1.88323% 12701 Ripon Unified Schools 20.2586% 19.5775% $9,607 $182,467 $192,074 - $192,074 19.61048% 13101 Yosemite Junior College 5.6653% 5.4767% $2,687 $51,044 $53,731 - $53,731 5.48581% 13201 County Office of Education 1.7727% 1.7161% $841 $15,994 $16,835 - $16,835 1.71882% 16001 Sjc Flood Control 0.1897% 0.1834% $90 $1,710 $1,800 - $1,800 0.18373% 21901 Sjc Mosquito Abatement 0.8531% 0.8233% $405 $7,673 $8,078 - $8,078 0.82475% 24601 South San Joaquin Irrigation 6.4382% 6.2124% $3,053 $57,901 $60,955 - $60,955 6.22336% 41100 ERAF 31.1681% 30.7930% $14,781 $286,998 $301,779 - $301,779 30.81114% Subtotal 68.2938% 66.6623% $32,387 $621,308 $653,696 0% $653,696 66.74132% Total 100.00000% 100.00000% $47,424 $932,023 $979,447 100% $979,447 100.00000% TRA
Source: San Joaquin County Auditor-Controller; EPS.
[1] Provided by the San Joaquin County Auditor-Controller. [2] Based on the most recent tax-sharing agreement between San Joaquin County and the City of Manteca dated November 2018 related to annexed areas to the City.
Base Allocation Scenario
Existing Tax Rate Area (TRA)
Post-ERAF Distribution [1]
Gross Revenue
(FY 2019-20) [1]
Property Tax
Sharing
Agreement [2]
Post Annexation Average
Base
Revenue
Post-ERAF
Distribution
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DRAFT
Table D-2
Manteca Hat Ranch
Fiscal Impact Analysis
Project Assessed Valuation (2020$)
Item
Development Projections in Current City Limits
Residential Land Uses per Unit
Single Family Detached $515,000 $327,025,000
Single Family - Half Plex $450,000 $46,800,000
Subtotal Residential $373,825,000
Total All Land Uses $373,825,000
av
Source: J.B. Anderson Land Use Planning; EPS.
[1] Refer to Table A-4 for details.
Rounded
Value per
Unit/Sq. Ft.
[1]
Total Assessed
Value (2020$)
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DRAFT
Table D-3
Manteca Hat Ranch
Fiscal Impact Analysis
Estimated Average Annual Household Income (2020$)
Taxable Annual Taxable
Estimated Total Annual Estimated Expenditures Expenditures Home Mortgage Household as a Percentage per Household
Residential Land Use Value [1] or Rent [2] Income [3] of Income [4] (Rounded) Owner-Occupied Residential
Single Family Detached $515,000 $36,840 $110,000 23% $25,000 Single Family - Half Plex $450,000 $32,191 $90,000 26% $24,000 income
Source: J.B. Anderson Land Use Planning; Bureau of Labor Statistics; EPS. [1] See Table A-4 for detail on estimated values for residential units. [4] Based on household expenditures data from the Bureau of Labor Statistics, 2018 Consumer Expenditure Survey. [2] Based on a 5%, 30-year fixed-rate mortgage with a 20% down payment, $150 monthly Homeowner's association dues and 2% [3] Assumes 35% of income dedicated to housing costs (mortgage, taxes, insurance, and HOA dues) or rent payments. Rounded City of
Manteca
Prepared by EPS 8/30/2021 Z:\Shared\Projects\SAC\202000\202113 Manteca Hat Ranch Fiscal FIA\Models\202113 Manteca Fiscal m1 08.26.21 18 Exhibit "B" ATTACHMENT 7