July 19, 2023
Finance Department
DATE: July 19, 2023
TO: Mayor Martinez and Members of the City Council
FROM:
Nickie Mastay, Deputy City Manager, Internal Services
Mubeen Qader, Deputy Director of Finance
Antonio Banuelos, Accounting Manager
Subject:
Tax Rate for Tax Override Pension Fund
FINANCIAL IMPACT: The tax levy on the taxable and personal property located within the Taxing Districts is expected to yield $25.7
million to the City of Richmond’s Pension Tax Override
Fund. The tax rate is unchanged from the prior year and the revenue is projected to stay the same. The revenue is tied to the changes in Assessed Valuations for
Richmond properties.
PREVIOUS COUNCIL
ACTION:
N/A
STATEMENT OF THE
ISSUE:
The proposed ordinance sets the tax rate for the Tax
Override Pension Fund for Fiscal Year 2023-2024 at 0.14 percent, which is unchanged from the prior fiscal year.
RECOMMENDED ACTION: ADOPT an ordinance (second reading) setting the tax rate for the Tax Override Pension Fund for Fiscal Year
2022-2023 at 0.14 percent. – Finance Department
(Mubeen Qader/ Antonio Banuelos 620-6741).
AGENDA
REPORT
July 19, 2023
DISCUSSION:
The proposed ordinance is prepared pursuant to Section 13.16.010 of the Municipal Code of the City of Richmond, which requires the City Council to fix the rate for each Taxing District of the City annually.
The tax rate for the Tax Pension Override upon all taxable real and personal property assessed in the City of Richmond, County of Contra Costa, State of California, for the fiscal year beginning July 1, 2023, and ending June 30, 2024, will be set at 0.14 percent. This rate is unchanged from prior years and is consistent with bond covenants that require the City to charge a maximum rate of 0.14 percent. Proceeds in excess of the bond repayment requirements are applied to relieve the City of qualified pension costs paid by the City’s General Fund.
DOCUMENTS ATTACHED:
Attachment 1 – Ordinance