Attachment I
Fiscal Impact Analysis
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FISCAL IMPACT ST UDY
NORTH CITY – UNIVERSITY DISTRICT,
SPECIFIC PLAN AMENDMENT
SAN MARCOS, CALIFORNIA
May 23 , 202 2
www.FinanceDTA.com 5000 Birch Street, Suite 6000
Newport Beach, CA 92660
FISCAL IMPACT STUDY
North City – University District, Specific Plan Amendment FI NAL
Prepared for:
City of San Marcos
1 Civic Center Drive
San Marcos, CA
Attention: Arthur Pinon, Senior Planner
TABLE
OF CONTENTS
SECTION
I EXECUTIVE SUMMARY ................................ ............ 1 A Purpose of the Report ................................ ................. 1 B Types of Fiscal Impacts Evaluated in this
Study ................................ ................................ ............... 1 C Fiscal Impact on City General Fund
(Existing Plan vs. Proposed Plan) ............................. 2 D Market Considerations ................................ ................ 2 II INTRODUCTION ................................ ..................... 6 A Scope and Methodology – Recurring
Fiscal Impacts ................................ ............................... 6 B Persons Served Calculation ................................ ....... 7 C Case Study Methodology ................................ ........... 9 D Limitations – Accuracy of Information .................. 9
III DESCRIPTION OF RECURRING FISCAL
REVENUES/COSTS ................................ ......................... 10 A Analysis of Recurring Revenues - Case
Study Method ................................ ............................. 10 B Analysis of Recurring Revenues –
Multiplier Method ................................ ...................... 13 C Analysis of Recurring Costs – Case Study
Method ................................ ................................ ......... 14 D Analysis of Recurring Costs – Multiplier
Method ................................ ................................ ......... 14 IV FISCAL IMPACTS TO THE CITY’S GENERAL
FUND ................................ ................................ ................. 17 A Total Recurring Revenues ................................ ........ 17 B Total Recurring Costs ................................ ............... 17 C Overall Net Fiscal Impact ................................ ......... 18 D Market Considerations ................................ .............. 19
APPENDICES
APPENDIX A FISCAL IMPACT REPORT
1 SECTION I
EXECUTIVE SUMMARY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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I EXECUTIVE SUMMARY
A Purpose of the Report
The objective of this Fiscal Impact Study (the “Study”) is to analyze the fiscal impacts to the City of San Marcos (the “City”) from the zoning and land use change proposed for North City University District, Specific Plan Amendment. (the “Project”).
The University District Specific Plan (also known as “North City”) is a 195-acre site located south of Route 78, north of Barham Drive and overlaps Twin Oaks Valley Road to the east and west. It is east of the Creek District and is envisioned as a “vibrant, urban and pedestrian friendly downtown area” near CSUSM. The site is surrounded by several retail locations, Cal State University, San Marcos and the Cal State San Marcos Light Rail Station. The University District Specific Plan (“UDSP”) was adopted in 2009 to create a downtown area centrally located within San Marcos with residential units, student housing units, hotel rooms, office space, retail/commercial space, civic/community spa ce, parks, trails/paths, habitat preservation and public streets.
The University District Specific Plan is being updated to amend building height regulations, mix of land uses, additions to the Specific Plan area and redistribution of housing units and commercial space (the “Proposed Plan”). This amendment includes requesting approval to develop: a 12-story mixed-use project with 484 apar tments and 20,000 square feet of commercial space, a 25,000-sf grocery store with 55,000 square feet of office space, a 5- story mixed use project with 73 apartments and 6,000 square feet of commercial space, a five-lot subdivision with 23 commercial condo units and three residential units and removal of two planned bridges from Johnson Lane over the SR-78 and over Discovery on the west side of the UDSP.
Currently, the Existing UDSP Plan (the “Existing Plan”) consists of 300,000 square feet of medical office, 652,000 square feet of general office, 700,000 square feet of mixed retail / commercial, 2,600 mixed use residential units, 800 student housing units, and 450 hotel rooms. If the proposed North University District, Specific Plan Amendment is adopted, the Proposed Plan will consist of 200,000 square feet of medical office, 920,000 square feet of general office, 345,000 square feet of mixed retail / commercial, 2,600 mixed use residential units, 800 student housing units and 250 hotel rooms. Consequently, the Study estimates the fiscal impacts of the Existing Plan and Proposed Plan (collectively, the “Scenarios”) and provides a side-by-side comparison of both Scenarios.
B Types of Fiscal Impacts Evaluated in this Study
The fiscal impacts identified in this Study include recurring municipal revenues and costs to the City General Fund that result from the Project. The recurring revenues to the City identified in this Study are generated from a variety of sources, including property taxes, sales taxes, licenses and permits, franchise fees, fines, and other revenues. Although these revenues vary from year to year, they occur on a regular basis and are part of the City’s budgeting plans on a yearly basis. The recurring General Fund expenditures for the City are 2 SECTION I
EXECUTIVE SUMMARY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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equally important in this analysis. These recurring costs are associated with a variety of other services including public safety, public works maintenance, and general government administrative services. Like the General Fund revenues, these are costs that the City must anticipate and plan for on a yearly basis.
Revenues that are considered non-recurring to the City such as various permitting fees are excluded from this Study. The reason for excluding them is because new development is generally required to pay specific fees such as grading and building prior to the construction of a project. As these are considered one-time revenues, there is no expectation that new development will need to pay these fees a second time. In addition, expenditures resulting from the Project that are considered to be non-recurring are also excluded from the Study.
C Fiscal Impact on City General Fund ( Existing Plan vs. Proposed Plan) The following table displays the annual net fiscal impact to the City under the Existing Plan and the Proposed Plan.
T able ES - 1 : Annual Net Fiscal Impact (City General Fund) Fiscal Impact Existing Plan Proposed Plan
Total Recurring General Fund Revenues $13,126,852 $11,259,012 Total Recurring General Fund Expenditures ($5,675,335) ($5,670,742) Net Fiscal Impact $7,451,517 $5,588,270
Revenue to Expense Ratio 2.31 1.99
As indicated in Table ES - 1 above, under the Existing Plan the overall fiscal impact to the City General Fund, resulting from revenues generated by development and the recurring costs associated with the Project, is an annual recurring fiscal surplus of $7,451,517. This total is based on $13,126,852 in recurring annual revenue and $5,675,335 in recurring annual costs. In this analysis, the total annual revenue-to-cost ratio is projected to equal 2.31, which represents a positive impact to the City.
Under the Proposed Plan, the overall fiscal impact to the City General Fund, resulting from revenues generated by the Project and the recurring costs associated with this area is a recurring fiscal surplus of $5,588,270. This amount is based on $11,259,012 in recurring annual revenues and $5,670,742 in recurring current annual costs (expenditures). In this analysis, the total annual revenue-to-cost ratio is projected to equal 1.99, which also represents a positive impact to the City.
D Market Cons iderations
The results summarized above assume build-out and f ull occupancy for each Scenario.
According to the Zonda Report, the adoption of the zoning and land use change proposed for North University District, Specific Plan Amendment resulted in a number of Key findings.
The main advantages for redistribution are as follows: (1) The introduction of more Mixed Use Residential will create a true Town Center. It should be noted that though the high density and large massing of the 12-story apartment may be somewhat premature relative to the existing densities on campus, this is somewhat mitigated by the attractive design 3 SECTION I
EXECUTIVE SUMMARY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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which pulls back on the upper floors; (2) The denser Residential in turn allows for the densification of the Central Commercial Core Neighborhood, creating a true sense of place at the nexus of Campus Way and North City Drive. The critical residential mass has been altered most significantly by the proposed 12-story apartment with 484 units and is an essential element of support for the planned Retail infrastructure, which is sizeable. The 25,000 square foot Grocery should be welcomed at ground level beneath the proposed 73 apartments; (3) The introduction of significant Office space will create a daytime population for the restaurant and service-based retail components – however, the proposed increase in General Office (which has suffered during the pandemic and is not recovering as smartly as other commercial sectors), may produce an oversupply. In contrast, Medical Office Buildings (which have been reduced the UDSP) are currently in high demand. Coworking Office Condos are achieving very high rents around the campus $10 per square foot compared with $4.50 or less elsewhere). However, Zonda advised caution on the appetite for this land use in large quantities; and (4) according to Zonda, the reduction in the number of hotel rooms from 450 to 250 makes sense. Smaller scale hotels of between 120 and 150 units are customary in North County, and one on either side of Twin Oaks Valley Road of this size should do well. Please refer to the Zonda Analysis for a summary of the market considerations associated with the Existing Plan and Proposed Plan.
4 SECTION I
EXECUTIVE SUMMARY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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($6,000,000)
($4,000,000)
($2,000,000)
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$13,126,852
($5,675,335)
$7,451,517
Total Recurring General Fund
Revenues
Total Recurring General Fund
Expenditures
Net Fiscal Impact
Figure 1 : Net Fiscal Impact (City General Fund) – Existing Plan
5 SECTION I
EXECUTIVE SUMMARY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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($6,000,000)
($4,000,000)
($2,000,000)
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$11,259,012
($5,670,742)
$5,588,270
Total Recurring General Fund
Revenues
Total Recurring General Fund
Expenditures
Net Fiscal Impact
Figure 2 : Net Fiscal Impact (City General Fund) – Proposed Plan
6 SECTION II
INTRODUCTION
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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II INTRODUCTION
The objective of this Fiscal Impact Study (the “Study”) is to analyze the fiscal impacts to the City of San Marcos (the “City”) from the zoning and land use change proposed for North City University District, Specific Plan Amendment. (the “Project”).
The University District Specific Plan (also known as “North City”) is a 195-acre site located south of Route 78, north of Braham Drive and overlaps Twin Oaks Valley Road to the east and west. It is east of the Creek District and is envisioned as a “vibrant, urban and pedestrian friendly downtown area” near CSUSM. The site is surrounded by several retail locations, Cal State University, San Marcos and the Cal State San Marcos Light Rail Station.
The University District Specific Plan (“UDSP”) was adopted in 2009 to create a downtown area centrally located within San Marcos with residential units, student housing units, hotel rooms, office space, retail/commercial space, civic/community space, parks, trails/paths, habitat preservation and public streets.
The UDSP is being updated to amend building height regulations, mix of land uses, additions to the Specific Plan area and redistribution of housing units and commercial space (the “Proposed Plan”). This amendment includes requesting approval to develop: a 12-story mixed-use project with 484 apartments and 20,000 square feet of commercial space, a 25,000 square foot grocery store with 55,000 square feet of office space, a 5- story mixed use project with 73 apartments and 6,000 square feet of commercial space, a five-lot subdivision with 23 commercial condo units and three residential units and removal of two planned bridges from Johnson Lane over the SR-78 and over Discovery on the west side of the UDSP.
Currently, the Existing UDSP Plan (the “Existing Plan”) consists of 300,000 square feet of medical office, 652,000 square feet of general office, 700,000 square feet of mixed retail / commercial, 2,600 mixed use residential units, 800 student housing units, and 450 hotel rooms. If the proposed North University District, Specific Plan Amendment is adopted, the Proposed Plan will consist of 200,000 square feet of medical office, 920,000 square feet of general office, 345,000 square feet of mixed retail / commercial, 2600 mixed use residential units, 800 student housing units and 250 hotel rooms. Consequently, the Study estimates the fiscal impacts of the Existing Plan and Proposed Plan (collectively, the “Scenarios”) and provides a side-by-side comparison of both Scenarios.
A Scope and Methodology – Recurring Fiscal Impacts
Fiscal impacts arising from a land development plan can be broadly categorized as one of two types: one-time impacts or recurring impacts. Each of these types may, in turn, be divided into a revenue component and a cost component. In this Study, it is assumed that one-time revenues would directly offset one-time costs; thus, the fiscal impacts considered focus on ongoing, or recurring, fiscal impacts of the Project on the City General Fund. Revenues that are generated outside of the City’s General Fund (e.g., special district revenues) or costs are incurred by the City outside of the General Fund 7 SECTION II
INTRODUCTION
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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(e.g., costs financed through a special district) are not included in the fiscal impact analysis.
The fiscal impact analysis presented in this Study utilizes two specific methods of analysis: The Multiplier approach (consisting of three separate methodologies, specifically “Per Capita”, “Per Employee”, and “Per Capita/Employee”) and the Case Study approach. Notably, the primary Multiplier approach used in this Study is the Per Capita/Employee methodology, which recognizes the fact that the exact relationship of service demands and revenue generating potential between residents and employees is difficult to quantify. In order to address this challenge, several assumptions are employed.
B Persons Served Calculation
DTA has determined that utilizing a Per Capita/Employee, or Persons Served population, comprised of all residents and 50% of employees is common fiscal practice in quantifying the impact of a new development in a given service area. This number suggests that a resident generally has twice the fiscal impact of an employee. This methodology involves calculating the average City-wide revenues/costs per Persons Served, utilizing the City’s Operating Budget for fiscal year (“FY”) 2020-2021 (the “City Budget”), and applying these revenue/cost actors to the specific number of Persons Served projected for the Project.
According to information provided by the California Department of Finance Housing and Population Information and the State of California Employees Development Department (EDD), as of 2021, the City of San Marcos has a resident population of 96,302 and an employee population base of 32,700 persons. Given the assumptions presented in the previous paragraph; the City population of 96,302 plus the employee base of (32,700 x 50%), results in a current Persons Served population of 112,652 for the City of San Marcos.
Table 1: Persons Served (Existing Plan)
Land Use Residents Direct
Employees Persons Served
Hotel 497 249
Medical Office 827 414
General Office 1,880 940
Mixed Retail / Commercial 573 287
Mixed Use Residential 6,396 6,396
Student Housing 1,600 1,600
Total 7,996 3,777 9,886
Both Existing and Proposed plans presented in this report will generate a Persons Served total, which will be used to calculate recurring fiscal revenue and expenditures to the City General fund. As indicated earlier, the Existing Plan consists of 952,000 square feet of 8 SECTION II
INTRODUCTION
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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combined office, 700,000 square feet of mixed retail / commercial, 2,600 mixed use residential units, 800 student housing units, and 450 hotel rooms.
As illustrated in Table 1 above, this scenario projects 7,996 residents and 3,777 x (50%) new office, mixed retail / commercial and hotel employees resulting in an additional 9,886 persons served. The persons served total presented in this table are used in the following sections of the report to generate both revenue and expenditures totals to the City’s General Fund as a result of the implementation of the Existing Plan scenario.
In contrast, the Proposed Plan scenario consists of 1.12 million square feet of combined office space, 345,000 square feet of mixed retail / commercial space and 2,600 mixed use residential units, 800 student housing units, and 250 hotel rooms and as indicated in Table 2 below, generates 9,878 persons served. The persons served total presented in both of these tables are used in each of the following sections of this report to generate both revenue and expenditures totals to the City’s General Fund due to the implementation of the Proposed Plan scenario.
Table 2 : Persons Served ( Proposed Plan )
Land Use Residents Direct
Employees Persons Served
Hotel 276 138
Medical Office 551 276
General Office 2,652 1,326
Mixed Retail / Commercial 283 142
Mixed Use Residential 6,396 6,396
Student Housing 1,600 1,600
Total 7,996 3,762 9,878
If necessary, DTA will also use the Per Employee methodology to project recurring fiscal factors based on employment only, in areas such as business license revenues. Similarly, DTA will use the Per Capita methodology where appropriate to project recurring fiscal factors based on population only. Again, the Per Employee methodology or Per Capita methodology, involve calculating the average City-wide revenues/costs per employee or per capita, utilizing the City Budget, and applying these factors to the specific number of residents or employees, respectively, projected under each Scenario.
Finally, certain revenues and expenditures for which the Multiplier methodology was utilized, were not expected to increase one-to-one with new development. Therefore, in order to accurately account for this, DTA applied a series of discount rates to specific revenues/costs. Generally, if needed, a discount rate would be applied to revenues or expenditures to exclude an administrative/overhead component of the revenue or expenditure that would likely not increase one-to-one with population or employment growth.
9 SECTION II
INTRODUCTION
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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C Case Study Methodology
While most recurring revenues analyzed in this Study are projected using the Multiplier methodology, some major revenue sources, including Property Taxes and Sales Taxes, were calculated using a Case Study methodology that involves calculating marginal revenues to be specifically generated by a particular land use, instead of applying an average City-wide revenue factor. For purposes of this Study, all recurring revenues and costs are stated in current (un-inflated) 2021 dollars, based on the assumption that the relative impacts of inflation in future years will be the same for both of these fiscal impact categories.
D Limitations – Accuracy of Information
The fiscal models in this Study contain an analysis of revenues, service costs (expenditures), and impacts to the City resulting from the Project. These models are based on both (i) information provided to DTA by Ci ty staff, and (ii) certain DTA assumptions compiled by DTA from various sources in cluding previous fiscal impact studies prepared by the firm. The sources of information and basis of the estimates calculated in the Study are stated herein. While DTA is confident that the sources of information are reliable, DTA does not express an opinion or any other form of assurance on the accuracy of such information.
Furthermore, the analysis of fiscal impacts contained in this Study is not considered to be a “financial forecast” or a “financial projection;” as technically defined by the American Institute of Certified Public Accountants. The word “projection” used within this Study relates to broad expectations of future events and/or market conditions. Since the analysis contained herein is based on estimates and assumptions that are inherently subject to uncertainty and variation depending on evolving events, DTA cannot represent that such estimates will definitely be achieved. Some assumptions inevitably will not materialize, and unanticipated events and circumstances may occur. Therefore, the actual results achieved may vary over time from the projections stated throughout this Study.
10 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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III DESCRIPTION OF RECURRING FISCAL REVENUES/COSTS
This section presents recurring revenue and service cost (expenditure) impacts to the City General Fund for both the Existing Plan and the Proposed Plan, along with the methodology and assumptions utilized to project these impacts. Detailed numerical analyses of anticipated revenue and service cost (expenditure) impacts are contained in Appendix A.
A Analysis of Recurring Revenues - Case Study Method
Property Taxes – Secured and Unsecured
Secured property tax revenues are projected based on the City’s estimated share of the general one percent (1%) property tax levy. Notably, the Project consists of APNs located in Tax Rate Areas (“TRAs”) 13109 and 13233. To determine total projected secured property tax revenues to the City, DTA used the average of both TRA’s and estimated 14.63% of the basic 1% property tax levy for both Tax Rate Areas. Please refer to Table 1 on the next page and Exhibit 5 of Appendix A for details regarding the secured and unsecured property tax assumptions utilized in the fiscal impact analysis.
Unsecured property taxes collected in the City are levied on tangible personal property that is not secured by real estate. Examples of unsecured property include trade fixtures (e.g., manufacturing equipment and computers), as well as airplanes, boats, and mobile homes on leased land. In generating the fiscal impact models for this Study, DTA has assumed that unsecured property values average 2.75% of the secured value for residential land uses and 10.00% of the secured value for non- residential land uses. Unsecured property tax revenue generated for both the Existing Plan and Proposed Plan are presented in
Exhibit 5 of Appendix A.
Property Transfer Tax
Per California Revenue & Taxation Code §11901 et seq. and the San Marcos Municipal Code §3.12.030, sales of real property are taxed by the County of San Diego (the “County”) at a rate of $1.10 per $1,000 of property value. For property located in the City, the property transfer tax is divided equally between the City and the County, with the City receiving $0.55 per $1,000 of transferred property sale or resale value, excluding assumed liens or encumbrances. Per typical baseline assumptions, DTA assumes that residential development changes ownership at an average rate of 10% per year. DTA also assumes that non-residential development changes ownership at an average rate of 5% per year, and that continuing liens and encumbrances are insignificant.
Property Taxes in - Lieu of Vehicle License Fees (VLF)
The passage of Proposition 1A in California in 2004 enacted a constitutional amendment that introduced a new methodology to calculate property taxes in-lieu of VLF. Per California Revenue and Taxation Code §97.70, the property tax in-lieu of VLF amount now grows in proportion to the growth rate of gross assessed valuation 11 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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in a city or county. Property taxes in-lieu of VLF revenues are projected to grow with the change in the City-wide gross assessed valuation of taxable property from the prior fiscal year.
Property tax in-lieu of VLF revenues constitute an addition to other property tax apportionments and were calculated for purposes of this Study at $0.67 per $1,000 increase in assessed valuation on a City-wide basis.
Table 3 presents details
regarding the property tax assumptions utilized in the fiscal impact analysis.
Table 3: Property Tax Assumptions
Property Tax Assumptions Existing
Plan
Proposed
Plan
Assessed Valuation
Residential $1,380,000,000 $1,480,000,000
Non-residential $785,600,000 $598,500,000
Unsecured Property Tax (Assumptions apply to both Scenarios) (As a Portion of the 1% General Property Tax Levy)
TRA 13109 City of San Marcos 8.920% 8.920%
TRA 13109 Fire District 6.386% 6.386%
TRA 13233 City of San Marcos 7.020% 7. 020%
TRA 13233 Fire District 6.940% 6.940%
Unsecured Property Tax (Assumptions apply to both Scenarios) Residential 2.75% 2.75%
Non-residential 10.0% 10.0%
Property Transfer Tax (Assumptions apply to both Scenarios) Residential Property Turnover Rate 10.0% 10.0%
Non-residential Property Turnover Rate 5.0% 5.0%
Transfer Tax as a % of Assessed Value 0.11% 0.11%
Property Transfer Tax Passed through to the City 50.0% 50.0%
Property Tax in - Lieu of Vehicle License Fee (VLF)
(Assumptions apply to both Scenarios)
Total San Marcos Gross Assessed Value (VLF Base year) $7,756,621,947 $7,756,621,947 Total City Property Tax In-Lieu of VLF Revenues $5,191,930 $5,191,930 Property Tax In-Lieu of VLF Increase per $1,000 of AV $0.67 $0.67 Sales Taxes
Direct sales tax revenues are generated by retail sales from businesses within City 12 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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limits, with 1.00% of taxable sales receipts passed through to the City. Exhibit 6 of Appendix A reflects estimated taxable sales per square foot for each on-site, non- residential land use type, based on data from the Urban Land Institute’s Dollars & Cents of Shopping Projects (2008) publication and total estimated taxable sales for the Project, based on development assumptions provided by the City and the Zonda Analysis.
Indirect sales tax revenues, as also summarized in
Exhibit 6 of Appendix A , are
projected based on estimated purchases made by residents and employees of the Project within the City. Based on information outlined in the International Council of Shopping Centers’ Office-Worker Retail Spending in a Digital Age (2012), DTA assumed that each on-site employee spends approxima tely $5,872 within the City and Residents spend approximately $12,314. For the purpose of this analysis, student income and spending is assumed to be zero. The assumed capture rate for employee spending in the City is 50%. Sales tax assumptions presented in this Study are summarized in Table 4 below.
Table 4: Sales Tax Assumptions
Sales Tax Assumptions Existing
Plan
Proposed
Plan
Percentage of Sales Tax Passed through City of San Marcos 1.00% 1.00% Local Employee Spending $5,872 $5,872
Local Residential Spending $12,314 $12,314
Student Spending $0.0 $0.0
Capture Rate of Retail Spending (within the City) 50% 50% Displacement Rate (existing taxable sales within the City) 20% 20% Taxable Sales Per Square Foot – Mixed Use Retail $300 $300 Community Facilities District (“CFD”) Special Tax Revenue The Project is currently located in five (5) separate Community Facilities Districts (collectively, the “CFDs”) and will be subject to the applicable special tax for each CFD based on the land uses anticipated under each Scena rio. Notably, revenues generated from CFD No. 98-02 and CFD No. 2011-01 wi ll not be deposited in the City’s General Fund and have therefore been excluded from this analysis. Table 5 below and Exhibit 7 of Appendix A summarize the CFD assumptions utilized for the Existing Plan and the Proposed Plan.
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DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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Table 5: CFD Assumptions
Community Facilities Existing Proposed Fund
District Plan Plan Designation
CFD 98 - 01 IA 1
General Fund Commercial (Per Acre) $1,260.31 $1,260.31 Office (Per Acre) $2,520.62 $2,250.62
Residential (Per Unit) $180.04 $180.04
CFD 98 - 02 (Zones A - E)
Non-General Fund Commercial (Per Acre) $1,105.32 $1,105.32 Office (Per Acre) $1,105.32 $1,105.32
Residential (Per Unit) $247.60 $247.60
CFD 98 - 02 (Zone F)
Non-General Fund Commercial (Per Acre) NA NA
Office (Per Acre) NA NA
Residential (Per Unit) NA NA
CFD 2001 - 01
General Fund Commercial (Per Acre) $1,165.03 $1,165.03 Office (Per Acre) $2,330.07 $2,330.07
Residential (Per Unit) $166.43 $166.43
CFD 2011 - 01
Non-General Fund Commercial (Per Sq. Ft.) $0.372 $0.372 Office (Per Sq. Ft.) $0.372 $0.372
Residential (Sq. Ft.) $640.16 $640.16
B Analysis of Recurring Revenues – Multiplier Method
Utilizing the Multiplier methodology discussed in Section II (A) of this Study, the multipliers presented in this section and illustrated in Table 6 below quantify the marginal increase in revenue for each specific revenue category as a result of the proposed development Scenario(s). Additional details on each revenue category are also provided below.
Table 6 : General Fund Revenues (Multiplier Method)
Revenue Category Amount Methodology Discount
Franchise Fees $37.06 Persons Served 0%
Licenses and Permits $11.72 Persons Served 0%
Fines and Forfeitures $2.70 Persons Served 0%
Franchise Fees
The City receives franchise fee revenue from a variety of sources including utility companies (e.g. electricity, water, trash, etc.), pipelines that run under the City’s streets, cable TV, taxi, and from companies that operate in the City’s right-of-way to provide services for residents (e.g. tow trucks and solid waste haulers). Some 14 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
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franchise taxes (fees) are set dollar amounts that increase each year according to changes in some index, such as the Consumer Price Index. Other franchise fees are based on a percentage of utility revenues.
Using the
Per Capita/Employee Multiplier approach, DTA has projected Franchise fees at $37.06 per persons served. This number represents the marginal increase in revenue per additional persons served in this category.
Licenses and Permits
Although Licenses and Permits made up only a small portion of the City’s revenue in FY 2020-2021, it is considered an important source of income to the City’s General Fund. In addition to business licenses, the city imposes fees on a variety of permits including building, electrical, plumbing, grading, construction, and many other areas.
DTA projects Licenses and Permits at $11.72 per persons served using the Per
Capita/Employee Multiplier approach .
Fines and Forfeitures
To ensure the payment of various licenses and fees, the City’s Municipal Code empowers the City to impose penalties and to collect fines in several areas. Among the significant categories in this section are parking fines, traffic fines, and forfeitures/ penalties for business licenses and franchises. After a careful review of this revenue source, Fines and Forfeiture have also been projected using the Per Capita/Employee Multiplier approach, at $2.70 per persons served.
C Analysis of Recurring C osts – Case Study Method
General Government
According to the City Budget, the percentage of recurring General Government overhead (percentage of total recurring General Fund expenditures) to the City General Fund non-government expenditures, is 24.17% . This is based on total general government expenditures of $15,647,420 and non-general government expenditure of $64,751,439. General Government costs are generated from several areas including City Council, Administration, Economic Development, City Attorney, City Clerk, Human Resources/Risk Management, Finance/Information Systems, and Real Property Services. Non-general government cost s include Public Works, Development Services, Public Safety, Parks and Recreation, and other Financing Sources.
D Analysis of Recurring C osts – Multiplier Method
Table 7 below quantifies the marginal increase in expenditures for specific expenditure category as a result of the proposed development Scenario(s). A detailed description of each category is also provided below.
15 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COSTS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
www.FinanceDTA.com
Table 7: General Fund Costs (Multiplier Method)
Categories Amount Methodology Discount
Public Works $91.45 Persons Served 0%
Development Services $28.91 Persons Served 0%
Public Safety $308.54 Persons Served 0%
Parks and Recreation $6.45 Persons Served 0%
Other Financing Sources $0.00 Persons Served 90%
Public Works
The Public Works Department is responsible for the design, construction, maintenance and management of the City’s vital municipal infrastructure system. It is composed of two divisions, Operations and Engineering. The Operations divisions includes administration, right-of-way maintenance, facilities maintenance, fleet maintenance, and parks and landscape maintenance, a nd is responsible for the maintenance and repair of City streets, buildings, flood control, storm drains, street lights, traffic signals, public places, parks, special districts, vehicles and equipment.
The Engineering division administers and coordinates the capital improvement program, traffic engineering, stormwater maintenance, and construction inspection and management.
The Department also oversees the drafting and execution of related contracts and agreements; coordination with outside agencies; preparation and administration of capital grant funding; management of City-owned ass et data; and provides inspection and acceptance services for development and public infrastructure improvements in the City.
DTA projects the combined Public Works Department m ultiplier at $91.45 per persons served using the
Per-Capita/Employee Multiplier approach . Again, this
represents the marginal increase in expenditures per additional persons served in this category.
Development Services
The duties of the Development Services Department range from project entitlement approvals to approvals of construction permits and City ordinances related to land use and development. The department is made up of four divisions: (1) the Building Division that enforces laws, codes and ordinances for all building and parking activities in the City; (2) the Planning Division that administers the City’s General Plan and various zoning and environmental regulation by analyzing and recommending measures to protect existing resources; (3) the Land Development Engineering Division that ensures compliance with City codes and ordinances, as well as the Subdivision Map Act, National Pollutant Discharge Elimination System (“NPES”) permit, and Federal Emergency Management System (“F EMA”) floodplain requirements; and (4) the Housing Division that provides programs that include the development of new affordable housing units, the Do wn Payment Assistance 16 SECTION III
DESCRIPTION OF RECURRING
FISCAL REVENUES/COS TS
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
www.FinanceDTA.com
Program and the Homeowner Rehabilitation Program.
Notably, DTA projects the combined Development Services multiplier at $28.91 per persons served using the
Per-Capita/Employee Multiplier approach .
Public Safety
The Public Safety division discussed in this section is made up of both Law Enforcement and Fire services. According to the City Budget, this division accounts for the City’s largest General Fund expenditure (over 50.0% of the City’s annual General Fund expenditure). The City currently has a contract for police services with the San Diego County Sherriff’s Department. The City contract for law enforcement services includes patrol, traffic, community-oriented policing, gang and narcotics details, detectives, and clerical and supervisory personnel. In contrast, the City operates its own Fire Department, which provides services to over 100,000 residents in the 33 square mile San Marcos Fire Protection District (“SMFPD”). The City itself, comprises 24 square miles of the SMFPD.
Based on the City Budget, DTA projects the combined Public Safety multiplier at $308.54 per persons served using the
Per Capita/Employee Multiplier approach .
Parks and Recreation
The Parks and Recreation department is responsible for providing programs and services at the City’s parks and recreation facilities. Among the specific elements of the department’s work, are pre-school and youth pro gramming, holiday celebrations, special events, cultural and performing arts activities, parks and trails planning, as well as aquatics and other programs. Additionally, the department oversees 17 neighborhood/community parks, 12 mini parks, and more than 60 miles of trails. Based on the City Budget, DTA projects the Parks and Recreation multiplier at $6.45 per persons served using the Per Capita/Employee Multiplier approach .
Other Financing Services
The Other Financial Services category is comprised of Transfers Out, Annual Replacement, and Rehab Transfers. In FY 2020-21 it is projected to have a combined multiplier of $0.00 per persons served using the Per Capita/Employee Multiplier approach as no other financing sources were reported in the 2021-2022 budget .
However, as explained in the earlier Scope and Methodology section, a discount rate of 90% would have been applied to this expenditure to exclude an administrative/overhead component of the expenditure that would not increase one-to-one with population or employment growth.
17 SECTION IV
FISCAL IMPACTS TO THE CITY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
www.FinanceDTA.com
IV FISCAL IMPACTS TO THE CITY
A T otal Recurring Revenues
Under the Existing Plan, total annual incremental recurring revenues are projected to total $13,126,852. Notably Direct and Indirect Sales Tax revenue makes up the largest percentage total (39.2%). As shown in the table below, Secured Property Tax (24.1%) also make up significant portions of the revenue to the City.
Under the Proposed Plan, annual incremental recurring revenues total $11,259,012. As illustrated below in
Table 8 , the largest percentage of revenue generated under the Proposed Plan is also attributed to Direct and Indirect Sales Tax revenue (38.8%). Other areas making up a significant portion of the revenue to the City include Secured Property Tax (25.7%), Property In-Lieu of Vehicle License Fee (10.5%), and CFD Revenue (11.8%).
Exhibits 1 and 11, in Appendix A provide additional details regarding all recurring revenues and the assumptions used in their derivation.
Table 8 : Recurring Fiscal Revenues (City General Fund) Revenue Category
Existing Plan Proposed Plan
Amount Percent Amount Percent
Secured Property Tax $3,168,998 24.1% $2,895,208 25.7% Unsecured Property Tax $170,493 1.3% $143,114 1.3%
Property Transfer Tax $43,208 0.3% $32,918 0.3%
Property In-Lieu of Vehicle License Fee $1,310,395 10.0% $1,185,160 10.5% Direct and Indirect Sales tax $5,151,848 39.2% $4,366,608 38.8% Transient Occupancy Fee $1,432,443 10.9% $795,802 7.1% Franchise Fees $366,375 2.8% $366,079 3.3%
Licenses and Permits $115,864 0.9% $115,770 1.0%
Fines and Forfeitures $26,692 0.2% $26,671 0.2%
CFD Revenue $1,340,535 10.2% $1,331,682 11.8%
Total Revenues $13,126,852 100.0% $11,259,012 100.0% B Total Recurring C osts
As illustrated in Table 9 below, under the Existing Plan, the total annual incremental recurring costs are projected to be $5,675,335 per year. Public Safety (53.7%), Public Works (15.9%) and General Government (24.2%) make up the largest cost percentages in this category. Under the Proposed Plan, the total annual recurring costs are projected to be $5,670,742 per year. Like the Existing Plan, the largest annual costs are expected to be Public Safety, General Government, and Public Works. Exhibits 1 and 12 , in Appendix A provide additional details about all recurring costs and the assumptions used in their derivation.
18 SECTION IV
FISCAL IMPACTS TO THE CITY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
www.FinanceDTA.com
Table 9: Recurring Fiscal Costs (City General Fund)
Categories Existing Plan Proposed Plan
Amount Percent Amount Percent
Public Works $904,075 15.9% $903,343 15.9%
Development Services $285,804 5.0% $285,573 5.0%
Public Safety $3,050,226 53.7% $3,047,758 53.7%
Parks and Recreation $63,765 1.1% $63,713 1.1%
Other Financing Sources $0 0.0% $0 0.0%
General Government $1,371,465 24.2% $1,370,355 24.2%
Total Revenues $5,675,335 100.0% $5,670,742 100.0%
C O verall N et Fiscal Impact
Table 10 presented below, under the Existing Plan the overall fiscal impact to the City General Fund, resulting from revenues generated by development and the recurring costs associated with the Project, is an annual recurring fiscal surplus of $7,451,517. This total is based on $13,126,852 in recurring annual revenue and $5,675,335 in recurring annual costs.
In this analysis, the total annual revenue-to-cost ratio is projected to equal 2.31, which represents a positive impact to the City.
Under the Proposed Plan, the overall fiscal impact to the City General Fund, resulting from revenues generated by the Project and the recurring costs associated with this area is a recurring fiscal surplus of $5,588,270. This amount is based on $11,259,012 in recurring annual revenues and $5,670,742 in recurring current annual costs (expenditures). In this analysis, the total annual revenue-to-cost ratio is projected to equal 1.99, which also represents a positive impact to the City.
Table 10 : Annual Net Fiscal Impa ct (City General Fund) Fiscal Impact Existing Plan Proposed Plan
Total Recurring General Fund Revenues $13,126,852 $11,259,012 Total Recurring General Fund Expenditures ($5,675,335) ($5,670,742) Net Fiscal Impact $7,451,517 $5,588,270
Revenue to Expense Ratio 2.31 1.99
19 SECTION IV
FISCAL IMPACTS TO THE CITY
City of San Marcos – North City University District, Specific Plan Amendment May 23, 2022 Fiscal Impact Study
www.FinanceDTA.com
D Market Considerations
The results summarized above assume build-out and f ull occupancy for each Scenario.
According to the Zonda Report, the adoption of the zoning and land use change proposed for North University District, Specific Plan Amendment resulted in a number of Key findings.
The main advantages for redistribution are as follows: (1) The introduction of more Mixed Use Residential will create a true Town Center. It should be noted that though the high density and large massing of the 12-story apartment may be somewhat premature relative to the existing densities on campus, this is somewhat mitigated by the attractive design which pulls back on the upper floors; (2) The denser Residential in turn allows for the densification of the Central Commercial Core Neighborhood, creating a true sense of place at the nexus of Campus Way and North City Drive. The critical residential mass has been altered most significantly by the proposed 12-story apartment with 484 units and is an essential element of support for the planned Retail infrastructure, which is sizeable. The 25,000 square foot Grocery should be welcomed at ground level beneath the proposed 73 apartments; (3) The introduction of significant Office space will create a daytime population for the restaurant and service-based retail components – however, the proposed increase in General Office (which has suffered during the pandemic and is not recovering as smartly as other commercial sectors), may produce an oversupply. By contrast, Medical Office Buildings (which have been reduced the UDSP) are currently in high demand. Coworking Office Condos are achieving very high rents around the campus $10 per square foot compared with $4.50 or less elsewhere). However, Zonda advised caution on the appetite for this land use in large quantities; and (4) according to Zonda, the reduction in the number of Hotel rooms from 450 to 250 makes sense. Smaller scale hotels of between 120 and 150 units are customary in North County, and one on either side of Twin Oaks Valley Road of this size should do well. Please refer to the Zonda Analysis for a summary of the market considerations associated with the Existing Plan and Proposed Plan.
APPENDIX A
City of San Marcos
North City - University District Specific Plan Amendment Fiscal Impact Report
FISCAL IMPACT STUDY
RECURRING GENERAL FUND REVENUES1 AMOUNT % OF TOTAL AMOUNT % OF TOTAL SECURED PROPERTY TAX $3,168,998 24.1% $2,895,208 25.7%
UNSECURED PROPERTY TAX $170,493 1.3% $143,114 1.3%
PROPERTY TRANSFER TAX $43,208 0.3% $32,918 0.3%
PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE $1,310,395 10.0% $1,185,160 10.5% DIRECT AND INDIRECT SALES TAX $5,151,848 39.2% $4,366,608 38.8% TRANSIENT OCCUPANCY TAX (TOT) $1,432,443 10.9% $795,802 7.1% FRANCHISE FEES $366,375 2.8% $366,079 3.3%
LICENSES AND PERMITS $115,864 0.9% $115,770 1.0%
FINES AND FORFEITURES $26,692 0.2% $26,671 0.2%
CFD REVENUE $1,340,535 10.2% $1,331,682 11.8%
TOTAL RECURRING GENERAL FUND REVENUES $13,126,852 100.0% $11,259,012 100.0% RECURRING GENERAL FUND EXPENDITURES2 AMOUNT % OF TOTAL AMOUNT % OF TOTAL PUBLIC WORKS $904,075 15.9% $903,343 15.9%
DEVELOPMENT SERVICES $285,804 5.0% $285,573 5.0%
PUBLIC SAFETY $3,050,226 53.7% $3,047,758 53.7%
CULTURE AND RECREATION $63,765 1.1% $63,713 1.1%
OTHER FINANCING USES $0 0.0% $0 0.0%
GENERAL GOVERNMENT $1,371,465 24.2% $1,370,355 24.2%
TOTAL RECURRING GENERAL FUND EXPENDITURES $5,675,335 100.0% $5,670,742 100.0%
NET FISCAL IMPACT
TOTAL ANNUAL RECURRING GENERAL FUND SURPLUS/(DEFICIT)
TOTAL ANNUAL REVENUE/EXPENDITURE RATIO
APPROVED PLAN PROPOSED PLAN
EXHIBIT 1
CITY OF SAN MARCOS
FISCAL IMPACT SUMMARY
APPROVED PLAN PROPOSED PLAN
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
APPROVED PLAN PROPOSED PLAN
$7,451,517
2.31 $5,588,270
1.99
TOTAL BUILDING BUILDING PRICE TOTAL BUILDING BUILDING PRICE TOTAL
GROSS SPACE SPACE ESTIMATED PER ESTIMATED SPACE SPACE ESTIMATED PER ESTIMATED LAND USE TYPE ACRES ACRES1 SF1 VALUE/BSF2 UNITS1 UNIT 3 VALUE2 ACRES1 SF1 VALUE/BSF UNITS 3 UNIT VALUE2 GRAND TOTAL 195.00 115.95 5,050,718 $3,850 $2,085,600,000 108.44 4,723,718 3,650 $0 $1,978,500,000
NON-RESIDENTIAL
HOTEL 7.23 315,000 450 $200,000 $90,000,000 [10] 4.02 175,000 250 $200,000 $50,000,000 MEDICAL OFFICE 6.89 300,000 $500 $150,000,000 [11] 4.59 200,000 $500 $100,000,000 GENERAL OFFICE 14.97 652,000 $300 $195,600,000 [12] 21.12 920,000 $300 $276,000,000[5] MIXED RETAIL / COMMERCIAL 16.07 700,000 $500 $350,000,000 [13] 7.92 345,000 $500 $172,500,000 NON-RESIDENTIAL SUBTOTAL 45.16 1,967,000 450 $785,600,000 37.65 1,640,000 $1,300 250 $598,500,000
RESIDENTIAL
MIXED USE RESIDENTIAL 64.07 2,790,918 $475 2600 $500,000 $1,300,000,000 [14] 64.07 2,790,918 $475 2,600 $500,000 $1,300,000,000 STUDENT HOUSING 6.72 292,800 $329 800 $100,000 $80,000,000 [15] 6.72 292,800 $329 800 $100,000 $80,000,000 RESIDENTIAL SUBTOTAL 70.79 3,083,718 3400 $1,380,000,000 70.79 3,083,718 3,400 $1,380,000,000 NOTES
1 Source: Sonda Advisory, "University Specific Plan Amendment, San Marcos, CA. 2 Source: Sonda Advisory, "University Specific Plan Amendment, San Marcos, CA. 3 Source: Sonda Advisory, "University Specific Plan Amendment, San Marcos, CA. *All figures subject to rounding
EXHIBIT 2
CITY OF SAN MARCOS
PROJECT SUMMARY
EXISTING LAND USE
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
NEW PROPOSED LAND USE
POPULATION, HOUSEHOLDS, AND EMPLOYMENT (2022)
POPULATION1 96,302
EMPLOYMENT2 32,700
TOTAL PERSONS SERVED3 112,652
HOUSEHOLDS 32,460
SFR AVERAGE HOUSEHOLD SIZE 1 3.09
MFR AVERAGE HOUSEHOLD SIZE1 2.46
STUDENT HOUSEHOLD SIZE2 2.00
NOTES
1 CA Dept of Finance City/county Populaiton and Housing Estimates 01/1/22 2 Source: Nielsen Demographics 2022
EXHIBIT 3
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
CITY DEMOGRAPHICS
3 Assumes City population plus 50% of employees.
SF PERSONS SF PERSONS
BUILDING PER PER DIRECT PERSONS BUILDING PER PER DIRECT PERSONS LAND USE TYPE SPACE EMPLOYEE Units HOUSEHOLD1 RESIDENTS EMPLOYEES SERVED SPACE UNITS EMPLOYEE HOUSEHOLD1 RESIDENTS EMPLOYEES SERVED GRAND TOTAL 5,050,718 450 7,996 3,777 9,886 4,723,718 250 0.00 7,996 3,762 9,878
NON-RESIDENTIAL
HOTEL 315,000 633 450 497 249 175,000 250 633 250 276 138 MEDICAL OFFICE 300,000 363 827 414 200,000 363 551 276
GENERAL OFFICE 652,000 347 1,880 940 920,000 347 2,652 1,326 MIXED RETAIL / COMMERCIAL 700,000 1,221 573 287 345,000 1,221 283 142 NON-RESIDENTIAL SUBTOTAL 1,967,000 0 3,777 1,890 1,640,000 0 3,762 1,882
RESIDENTIAL
MIXED USE RESIDENTIAL 2,790,918 2600 2.46 6396 6396 2,790,918 2,600 2.46 6396 6396 STUDENT HOUSING 292,800 800 2.00 1600 1600 292,800 800 2.00 1600 1600 RESIDENTIAL SUBTOTAL 3,083,718 3400 0 0 0 3,083,718 3,400 0 0 RESIDENTIAL SUBTOTAL 3,083,718 3400 7996 0 7996 3,083,718 3,400 7,996 7,996 NOTES
1 United States Census Total Population in Occupied Housing Units and Tenure by Units in Structure 2022. 2 Source: Commercial Buildings Energy Consumption Survey (CBECS), 2012. *All figures subject to rounding
APPROVED PLAN PROPOSED PLAN
EXHIBIT 4
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
PROJECT DEMOGRAPHICS
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
ALL PROPERTY TAXES
SECURED PROPERTY TAXES $3,168,998 $2,895,208
UNSECURED PROPERTY TAXES $170,493 $143,114
PROPERTY TRANSFER TAXES $43,208 $32,918
PROPERTY TAX IN-LIEU OF VLF $1,310,395 $1,185,160
GRAND TOTAL ALL PROPERTY TAXES $4,693,095 $4,256,400
RESIDENTIAL PROPERTY TAXES
SECURED PROPERTY TAXES $2,019,402 $2,019,402
UNSECURED PROPERTY TAXES $55,534 $55,534
PROPERTY TRANSFER TAXES $21,604 $16,459
PROPERTY TAX IN-LIEU OF VLF $835,032 $826,647
TOTAL RESIDENTIAL PROPERTY TAXES $2,931,572 $2,918,042
NON-RESIDENTIAL PROPERTY TAXES
SECURED PROPERTY TAXES $1,149,596 $875,806
UNSECURED PROPERTY TAXES $114,960 $87,581
PROPERTY TRANSFER TAXES $21,604 $16,459
PROPERTY TAX IN-LIEU OF VLF $475,363 $358,513
TOTAL NON-RESIDENTIAL PROPERTY TAXES $1,761,523 $1,338,358
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL
ESTIMATED BUILDOUT VALUE $2,165,600,000 $1,978,500,000
ESTIMATED EXEMPTIONS $0 $0
ESTIMATED ASSESSED VALUE $2,165,600,000 $1,978,500,000
ESTIMATED SECURED PROPERTY TAXES $3,168,998 $2,895,208
RESIDENTIAL
ESTIMATED BUILDOUT VALUE $1,380,000,000 $1,380,000,000
ESTIMATED EXEMPTIONS $0 $0
HOMEOWNER'S EXEMPTION (ANNUALLY) $7,000
PERCENT OF SALE UNITS TAKING HOMEOWNER'S EXEMPTION1 0%
ESTIMATED ASSESSED VALUE $1,380,000,000 $1,380,000,000
ESTIMATED SECURED PROPERTY TAXES $2,019,402 $2,019,402
NON-RESIDENTIAL
ESTIMATED BUILDOUT VALUE $785,600,000 $598,500,000
ESTIMATED EXEMPTIONS $0 $0
ESTIMATED ASSESSED VALUE $785,600,000 $598,500,000
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
PROPERTY TAX SUMMARY
EXHIBIT 5
CITY OF SAN MARCOS
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
SECURED PROPERTY TAX CALCULATION
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT EXHIBIT 5
CITY OF SAN MARCOS
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
ESTIMATED SECURED PROPERTY TAXES $1,149,596 $875,806
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $170,493 $143,114
RESIDENTIAL
ESTIMATED UNSECURED PROPERTY TAXES $55,534 $55,534
UNSECURED TAXES AS A % OF SECURED2 2.75%
NON-RESIDENTIAL
ESTIMATED UNSECURED PROPERTY TAXES $114,960 $87,581
UNSECURED TAXES AS A % OF SECURED2 10.00%
UNSECURED PROPERTY TAX CALCULATION
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $97,504 $92,359
RESIDENTIAL
ESTIMATED PROPERTY TRANSFER TAXES $75,900 $75,900
ESTIMATED BUILDOUT VALUE $1,380,000,000 $1,380,000,000
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS50.00% RESIDENTIAL PROPERTY TURNOVER RATE 10.00%
NON-RESIDENTIAL
ESTIMATED PROPERTY TRANSFER TAXES $21,604 $16,459
ESTIMATED BUILDOUT VALUE $785,600,000 $598,500,000
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS50.00% NON-RESIDENTIAL PROPERTY TURNOVER RATE 5.00%
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $1,310,395 $1,185,160
RESIDENTIAL
ESTIMATED PROPERTY TAX IN-LIEU OF VLF $835,032 $826,647 ESTIMATED BUILDOUT VALUE $1,380,000,000 $1,380,000,000
ESTIMATED EXISTING ASSESSED VALUE $132,481,143 $145,009,433 PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67
NON-RESIDENTIAL
ESTIMATED PROPERTY TAX IN-LIEU OF VLF $475,363 $358,513 ESTIMATED BUILDOUT VALUE $785,600,000 $598,500,000
ESTIMATED EXISTING ASSESSED VALUE $75,418,251 $62,889,961 PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67
PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE CALCULATION
PROPERTY TRANSFER TAX CALCULATION
EXHIBIT 5 - CONTINUED
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
PROPERTY TAX ALLOCATION (AS A PORTION OF THE 1% GENERAL PROPERTY TAX LEVY)TRA 13109 TRA 13233 Average CITY OF SAN MARCOS3,4 8.920% 7.020% 7.970%
FIRE DISTRICT3,4 6.386% 6.940% 6.663%
TOTAL 15.307% 13.960% 14.633%
PROPERTY TRANSFER TAX RATE AND ALLOCATION5
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS 50.00%
PROPERTY TAX IN-LIEU OF VLF ASSUMPTIONS
TOTAL CITY OF SAN MARCOS GROSS ASSESSED VALUE6 $7,756,621,947 TOTAL CITY PROPERTY TAX IN-LIEU VLF REVENUES6 $5,191,930 PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67 NOTES
1 Estimate, subject to change.
2 Based on typical DTA baseline assumptions.
3 Based on "General Fund" levy for Tax Rate Area (TRA) 13109. Data provided by the County of San Diego Auditor-Controller's Office. 4 Based on the average of the rates for TRA 13109.
5 Source: California Revenue & Taxation Code §11901, et seq.; San Marcos Municipal Code §3.12.020. 6 Source: State Controller's Office Division of Accounting and Reporting, Revenue and Taxation Code Section 97.70 (c)(1)(B)(i) - Vehicle License Fee Adjustment Amounts.
PROPERTY TAX AND PROPERTY TRANSFER TAX RATES AND ASSUMPTIONS 1, 2 EXHIBIT 5 - CONTINUED
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $5,151,848 $4,366,608
RESIDENTIAL SALES TAXES
DIRECT SALES TAX NA NA
INDIRECT SALES TAX - TAXABLE RESIDENT PURCHASES
MIXED USE RESIDENTIAL $320,155 $320,155
STUDENT HOUSING $0 $0
TOTAL RESIDENTIAL SALES TAXES $320,155 $320,155
NON-RESIDENTIAL SALES TAXES
DIRECT SALES TAX1
MIXED-USE RETAIL $4,720,800 $3,936,000
INDIRECT SALES TAX - TAXABLE EMPLOYEE PURCHASES $110,893 $110,453 TOTAL NON-RESIDENTIAL SALES TAXES $4,831,693 $4,046,453 TAXABLE SALES PER SF1
MIXED-USE RETAIL $300 $300
DISPLACED TAXABLE SALES2 20% 20%
1 Based on typical DTA baseline assumptions.
2 Based on typical DTA baseline assumptions.
EXHIBIT 6
CITY OF SAN MARCOS
ESTIMATED SALES TAX REVENUES (CASE STUDY)
DIRECT SALES TAX ASSUMPTIONS
SALES TAX SUMMARY
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
DISPOSABLE INCOME PER HOUSEHOLD 1 $78,797
DISPOSABLE STUDENT HOUSING $0.00
RETAIL TAXABLE EXPENDITURES (AS A % OF DISPOSABLE INCOME)31.254% EMPLOYEES (ANNUAL SPENDING PER EMPLOYEE)3 $5,872
LOCAL RESIDENTIAL SPENDING $12,314
STUDENT SPENDING $0
1 Source US Census
2 Based on typical DTA baseline assumptions.
NON-RESIDENTIAL INDIRECT SALES TAX ASSUMPTIONS
EXHIBIT 6 - CONTINUED
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
ESTIMATED SALES TAX REVENUES (CASE STUDY)
RESIDENTIAL INDIRECT SALES TAX ASSUMPTIONS
SALES TAX % TO CITY 1 1.00%
CITY RETAIL TAXABLE PURCHASE CAPTURE RATE 2 50%
FY 2020-21 AD VALOREM PROPERTY TAX RATE (13115) 1.11185% PROPOSED SCHOOL CFD 0.00000%
CITY CFD SPECIAL TAXES $1,090.62
OTHER DIRECT ASSESSMENTS
VECTOR CONTROL $7.92
CWA WATER AVAILABILITY $10.00
MOSQUITO SURVEILLANCE $2.28
MWD WATER STANDBY CHARGE $11.50
SEWER SERVICE CHARGE $467.88
TOTAL ETR 1.425705%
NOTES
1 Estimate, subject to change.
2 Estimate, subject to change.
3 Source: "Office-Worker Retail Spending in a Digital Age," ICSC (2012). Adjusted for inflation using the change in CPI for San Diego. 4 Source: San Marcos Municipal Code §3.20.090.
* All figures subject to rounding
EXHIBIT 6 - CONTINUED
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
ESTIMATED SALES TAX REVENUES (CASE STUDY)
CITY INDIRECT SALES TAX ASSUMPTIONS
SAMPLE PROPERTY TAX BILL 3,4
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
Hotel $1,432,443 $795,802
APPROVED PROPOSED
PLAN PLAN
Transient Occupancy Tax Rate 10.00% 10.00%
Number of Rooms 450 250
Room Nights in Year [365) 164,250 91,250
Occupancy Rate 67.8% 67.8%
Mumber of Occupied Rooms 111,362 61,868
Estimated Nightly Rate $129 $129
Estimated Total Revenue $14,324,430 $7,958,017
Estimated TOT $1,432,443 $795,802
TOT rate of 10% per the City of San Marcos
Occupancy Rate per CoStar Real Estate
Average Room Rate per night YTD per CoStar Real Estate
TRANSIENT SALES TAX ASSUMPTIONS
TRANSIENT OCCUPANCY TAX SUMMARY
EXHIBIT 7
CITY OF SAN MARCOS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
ESTIMATED TRANSIENT OCCUPANCY TAX (CASE STUDY)
APPROVED PROPOSED
LAND USE TYPE Commercial Office Retail Res. Units Commercial Office Retail Res. Units PLAN PLAN TOTAL CFD SPECIAL TAXES $1,340,535 $1,331,682
RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-01 IA 1 3400 3,400 $612,137 $612,137
CFD 2001-01 (FIRE) 3400 3,400 $565,874 $565,874
TOTAL RESIDENTIAL CFD SPECIAL TAXES $1,178,010 $1,178,010 NON-RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-01 IA 1 7.23 21.85 16.07 4.02 25.71 7.92 $84,455 $79,854 CFD 2001-01 (FIRE) 7.23 21.85 16.07 4.02 25.71 7.92 $78,070 $73,818 TOTAL NON-RESIDENTIAL CFD SPECIAL TAXES $162,525 $153,672
APPROVED PROPOSED
LAND USE TYPE Commercial Office Retail Res. Units Commercial Office Retail Res. Units PLAN PLAN TOTAL CFD SPECIAL TAXES $2,779,233 $2,649,422
RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-02 (ZONES A - E)2 3400 3,400 $841,840 $841,840.00 CFD 98-02 (ZONE F)2, 3 3400 3,400 NA NA
CFD 2011-012, 4 3400 3,400 $1,156,544 $1,156,544.00
TOTAL RESIDENTIAL CFD SPECIAL TAXES $1,998,384 $1,998,384 NON-RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-02 (ZONES A - E)2 7.23 21.85 16.07 4.02 25.71 7.92 $49,912 $41,614 CFD 98-02 (ZONE F)2, 3 7.23 21.85 16.07 4.02 25.71 7.92 NA NA CFD 2011-012, 5 315,000 952,000 700,000 175,000 1,120,000 345,000 $730,937 $609,424 TOTAL NON-RESIDENTIAL CFD SPECIAL TAXES $780,849 $651,038
CFD SPECIAL TAX RATE ASSUMPTIONS
LAND USE PER ACRE PER SF PER UNIT
RESIDENTIAL1
CFD 98-01 IA 1 $180.04
CFD 2001-01 (FIRE) $166.43
CFD 98-02 (ZONES A - E)2 $247.60
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 4 $340.16
COMMERCIAL
CFD 98-01 IA 1 $1,260.31
CFD 2001-01 (FIRE) $1,165.03
CFD 98-02 (ZONES A - E)2 $1,105.32
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 5 $0.3716
OFFICE 1
CFD 98-01 IA 1 $2,520.62
CFD 2001-01 (FIRE) $2,330.07
CFD 98-02 (ZONES A - E)2 $1,105.32
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 5 $0.3716
NOTES
1 Source: City of San Marcos.
2 Special assessments collected from the CFD are deposited into Special Funds, not the General Fund. Therefore, these CFD revenues are excluded from this analysis. 3 No special tax rate for Zone F has been established for the project. 4 "Condominium" Rate, per dwelling unit
5 "Retail" Rate, per building square foot
*All figures subject to rounding
FY 2020-21 SPECIAL TAX RATE
EXHIBIT 8
CITY OF SAN MARCOS
ESTIMATED CFD SPECIAL TAX REVENUES (CASE STUDY)
CFD SPECIAL TAX SUMMARY - GENERAL FUND IMPACTS
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
CFD SPECIAL TAX SUMMARY - NON-GENERAL FUND IMPACTS (EXCLUDED FROM ANALYSIS) APPROVED ACRES / SQ. FT. PROPOSED ACRES / SQ. FT.
APPROVED ACRES / SQ. FT. PROPOSED ACRES / SQ. FT.
APPROVED PROPOSED
PLAN PLAN
ESTIMATED RECURRING GENERAL GOVERNMENT OVERHEAD EXPENDITURES1 $1,371,465 $1,370,355 TOTAL RECURRING CITY GENERAL FUND EXPENDITURES (EXCLUDING GENERAL GOVERNMENT OVERHEAD)2 $49,104,019 TOTAL RECURRING CITY GENERAL GOVERNMENT OVERHEAD3 $15,647,420 TOTAL RECURRING GENERAL FUND EXPENDITURES $64,751,439
RECURRING CITY GENERAL GOVERNMENT OVERHEAD (% OF TOTAL RECURRING GENERAL FUND EXPENDITURES)3 31.9% MARGINAL INCREASE IN GENERAL GOVERNMENT COSTS 100%
NOTES
1 Based on total recurring project general fund expenditures (excluding general government overhead) from Exhibit 12. 2 Based on City of San Marcos Operating Budget, Fiscal Year 2020-21. *All figures subject to rounding
3 General Government Overhead Expenditures defined as costs for City Council, Administration, Housing and Neighborhood Services, City Attorney, City Clerk, Human Resources/Risk Management, Finance/Information Systems, and Real Property Services.
EXHIBIT 9
CITY OF SAN MARCOS
ESTIMATED GENERAL GOVERNMENT EXPENDITURES (CASE STUDY)
GENERAL GOVERNMENT ASSUMPTIONS
GENERAL GOVERNMENT EXPENDITURES CALCULATION
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
APPROVED PROPOSED
REVENUE CATEGORY PLAN PLAN
FRANCHISE FEES $366,375 $366,079
LICENSES AND PERMITS $115,864 $115,770
FINES AND FORFEITURES $26,692 $26,671
TOTAL ESTIMATED MULTIPLIER REVENUES $508,931 $508,520
REVENUE CATEGORY MULTIPLIER1 BASIS
SALES TAX NA CASE STUDY
PROPERTY TAX NA CASE STUDY
FRANCHISE FEES $37.06 PERSONS SERVED
LICENSES AND PERMITS $11.72 PERSONS SERVED
FINES AND FORFEITURES $2.70 PERSONS SERVED
NOTES
1 Based on City of San Marcos Operating Budget, Fiscal Year 2021-22 *All figures subject to rounding
MULTIPLIER BASED REVENUE ASSUMPTIONS
EXHIBIT 10
CITY OF SAN MARCOS
ESTIMATED MULTIPLIER BASED GENERAL FUND REVENUES
MULTIPLIER BASED GENERAL FUND REVENUE SUMMARY
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
APPROVED PROPOSED
EXPENDITURE CATEGORY PLAN PLAN
PUBLIC WORKS $904,075 $903,343
DEVELOPMENT SERVICES $285,804 $285,573
PUBLIC SAFETY $3,050,226 $3,047,758
CULTURE AND RECREATION $63,765 $63,713
OTHER FINANCING USES $0 $0
TOTAL MULTIPLIER EXPENDITURES $4,303,870 $4,300,387
EXPENDITURE CATEGORY MULTIPLIER1 BASIS
PUBLIC WORKS $91.45 PERSONS SERVED
DEVELOPMENT SERVICES $28.91 PERSONS SERVED
PUBLIC SAFETY $308.54 PERSONS SERVED
CULTURE AND RECREATION $6.45 PERSONS SERVED
OTHER FINANCING USES $0.00 PERSONS SERVED
NOTES
1 Based on City of San Marcos Operating Budget, Fiscal Year 2021-22 *All figures subject to rounding
MULTIPLIER BASED EXPENDITURE ASSUMPTIONS
EXHIBIT 11
CITY OF SAN MARCOS
ESTIMATED MULTIPLIER BASED GENERAL FUND EXPENDITURES
MULTIPLIER BASED GENERAL FUND EXPENDITURE SUMMARY
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
TOTAL REVENUE PROJECTION
REVENUE CATEGORY REVENUES TYPE METHOD DISCOUNT 1 MULTIPLIER
REVENUES INCLUDED IN FISCAL IMPACT ANALYSIS
SALES TAX $16,958,574 RECURRING CASE STUDY NA NA
PROPERTY TAX $24,945,761 RECURRING CASE STUDY NA NA
SPECIAL TAXES/ASSESSMENTS $6,336,923 RECURRING CASE STUDY NA NA TRANSIENT OCCUPANCY TAX $698,568 RECURRING CASE STUDY 0% NA FRANCHISE FEES $4,175,107 RECURRING PERSONS SERVED 0% $37.06 LICENSES AND PERMITS $1,320,598 RECURRING PERSONS SERVED 0% $11.72 FINES AND FORFEITURES $304,400 RECURRING PERSONS SERVED 0% $2.70 TOTAL INCLUDED GENERAL FUND REVENUES $54,739,931 $51.48 CHARGES FOR SERVICES 3
DEDUCTED FROM GENERAL GOV'T CHARGES $1,324,358 NA NA NA NA DEDUCTED FROM PUBLIC WORKS $945,726 NA NA NA NA
DEDUCTED FROM DEVELOPMENT SERVICES $638,567 NA NA NA NA DEDUCTED FROM PUBLIC SAFETY: BUILDING REGULATION CHARGES$4,884,697 NA NA NA NA DEDUCTED FROM CULTURE AND RECREATION $2,260,952 NA NA NA NA TOTAL CHARGES FOR SERVICES $10,054,301
REVENUES EXCLUDED FROM FISCAL IMPACT ANALYSIS
USE OF MONEY AND PROPERTY 4 $1,482,703 NA NA NA NA
MISCELLANEOUS REVENUES $180,650 NA NA NA NA
OTHER FINANCING SOURCES $5,970,160 NA NA NA NA
INTERGOVERNMENTAL REVENUES $723,774 NA NA NA NA
DEVELOPER FEES $21,700 NA NA NA NA
TOTAL EXCLUDED GENERAL FUND REVENUES $8,378,987
TOTAL GENERAL FUND REVENUES + CHARGES FOR SERVICES $73,173,219 TOTAL RECURRING GENERAL FUND REVENUES $54,739,931
NOTES
1 Certain revenues may not be be expected to increase one-to-one with the new development. 2 Source: FY 2021-22 Budget.
4 Interest income is modeled on a case study basis on Exhibit 8. *All figures subject to rounding
EXHIBIT 12
CITY OF SAN MARCOS
FY 2021-22 GENERAL FUND REVENUE SUMMARY
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
CHARGES FOR
TOTAL SERVICES EXPENDITURE PROJECTION
EXPENDITURE CATEGORY EXPENDITURES ADJUSTMENT TYPE METHOD1 DISCOUNT2 MULTIPLIER
EXPENDITURES INCLUDED IN FISCAL IMPACT ANALYSIS
GENERAL GOVERNMENT EXPENDITURES
CITY COUNCIL $269,813 RECURRING CASE STUDY NA NA
ADMINISTRATION $7,101,389 RECURRING CASE STUDY NA NA
ECONOMIC DEVELOPMENT $259,992 RECURRING CASE STUDY NA NA CITY ATTORNEY $805,000 RECURRING CASE STUDY NA NA
CITY CLERK $535,336 RECURRING CASE STUDY NA NA
HUMAN RESOURCES/ RISK MANAGEMENT $3,902,745 RECURRING CASE STUDY NA NA FINANCE/ INFORMATION SYSTEMS $3,385,926 RECURRING CASE STUDY NA NA REAL PROPERTY SERVICES $711,577 RECURRING CASE STUDY NA NA TOTAL GENERAL GOVERNMENT EXPENDITURES $16,971,778 ($1,324,358) $15,647,420 $0.00
PUBLIC WORKS
OPERATIONS $8,948,363 ($748,373) RECURRING PERSONS SERVED 0% $72.79 ENGINEERING $1,604,466 ($134,185) RECURRING PERSONS SERVED 0% $13.05 STORMWATER PROGRAM MANAGEMENT $755,306 ($123,771) RECURRING PERSONS SERVED 0% $5.61 TOTAL PUBLIC WORKS $11,308,135 ($945,726)
$10,362,409 PERSONS SERVED 0% $91.45
DEVELOPMENT SERVICES
ADMINISTRATION $562,250 ($92,136) RECURRING PERSONS SERVED 0% $4.17 PLANNING $1,179,145 ($193,226) RECURRING PERSONS SERVED 0% $8.75 BUILDING $1,479,855 ($242,503) RECURRING PERSONS SERVED 0% $10.98 ENGINEERING $675,557 ($110,703) RECURRING PERSONS SERVED 0% $5.01 TOTAL DEVELOPMENT SERVICES $3,896,807 ($638,567)
$3,258,240 PERSONS SERVED 0% $28.91
PUBLIC SAFETY
FIRE DEPARTMENT $17,812,811 ($2,194,910) RECURRING PERSONS SERVED 0% $138.64 LAW ENFORCEMENT $21,828,991 ($2,689,787) RECURRING PERSONS SERVED 0% $169.90 TOTAL PUBLIC SAFETY $39,641,802 ($4,884,697)
$34,757,105 PERSONS SERVED 0% $308.54
PARKS AND RECREATION
PARKS AND RECREATION $2,987,218 ($2,260,952) RECURRING PERSONS SERVED 0% $6.45 TOTAL CULTURE AND RECREATION $2,987,218 ($2,260,952)
$726,266 PERSONS SERVED 0% $6.45
OTHER FINANCING USES
ANNUAL REPLACEMENT/REHAB TRANSFERS $0 RECURRING PERSONS SERVED 90% $0.00 TOTAL OTHER FINANCING SOURCES $0 $0
$0 PERSONS SERVED 90% $0.00
TOTAL INCLUDED EXPENDITURES $74,805,740 $64,751,439
EXPENDITURES EXCLUDED FROM FISCAL IMPACT ANALYSIS
TRANSFERS OUT $843,000 NA NA NA NA
0 TOTAL EXCLUDED GENERAL FUND EXPENDITURES $843,000
TOTAL GENERAL FUND EXPENDITURES $75,648,740 $64,751,439 Ratio
24.17%
NOTES
1 Persons Served method assumes City population plus 50% of employees. 2 Certain expenditures may not be expected to increase one-to-one with the new development. *All figures subject to rounding
EXHIBIT 13
CITY OF SAN MARCOS
FY 2022-22 GENERAL FUND EXPENDITURE SUMMARY
NORTH CITY - UNIVERSITY DISTRICT SPECIFIC PLAN AMENDMENT
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