Subject:
Title
Public Hearing, Re: Approval of Fire Assessment Rate Adjustment of up to thirty-five percent (35%).
End
Fiscal Impact:
Adjustment to the Fire Assessment rate resulting in up to $8,770,650 in additional revenue annually.
Dept/Office:
Fire Rescue
Requested Action:
Recommendation
Request three actions for Board consideration:
(1) Approval of an adjustment up to 35% in FY2021-22 to the Fire Assessment rate.
Options:
(a) 35% increase - $8.77M
(b) 29% increase - $7.27M
(c) any other increase (less than 35%) approved by the Board
with a further annual adjustment to the rate equal to the change in Consumer Price Index (CPI) or 3%, whichever is lower, until such time that further action is considered by the Board.
(2) The Board may wish to consider allocating general fund revenue replacement that becomes available through the American Rescue Plan Act funds to the Fire Assessment, estimated to be $8.5M . This amount could be utilized by the Board to reduce the determined Fire Assessment rate in action (1) above by an adjustment (reduction of the proposed increase) of 4%.
These funds would be allocated and spent incrementally over a 7-year period to cover Fire Assessment requirements and would result in similar amounts of revenue being collected during the same 7-year period. If this item is approved, the Special Assessment resolution will be adjusted to reflect the updated Fire Assessment with the reduction caused by the increase in $8.5M revenue being allocated from the general fund once the revenue replacement funds become available.
(3) Authorize the Chair to sign the Rate Resolution subject to changes necessary to reflect the Board of County Commissioner's approval upon review by the County Attorney.
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Summary Explanation and Background:
The current Fire Assessment methodology was developed in 2008 and upon public hearing and Board approval was implemented for fiscal year 2009 at a rate 15% below that recommended by the c...
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