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<br />1ti.;t <br /> <br />Property owners will be voting on the maximum assessment that would be levied <br />based on the 5-year District budget prepared by staff. Barring unanticipated <br />circumstances, staff expects an election will be required every five years. <br /> <br />Meetings have already been held with property owners and their representatives. To <br />date, all have agreed in principal. Further discussion will be held to discuss <br />operational details. Any issue that may arise will be resolved prior to mailing out the <br />official ballots. <br /> <br />Fiscal Impacts <br />The District's fund balance is expected to be approximately $50,000 by June 30, <br />2000. The District's proposed FY 2000-01 operating budget is $123,254, of which <br />$80,000, the same amount as last year's levy, is proposed as an assessment levy, <br />with the $43,254 balance to be financed by the District's fund balance. The District's <br />major property owner has a calendar year budget cycle and will not support an <br />increase in the District budget for FY 2000-01, because it would require an increase in <br />the property owner's calendar year 2000 budget. Accordingly, the levy for FY 2000-01 <br />is the same as for FY 1999-00. The amount borrowed from the reserve will be repaid <br />from future assessment levies. If this assessment is not approved by the Council, or a <br />majority protest is filed by property owners, and expenses are incurred as budgeted, <br />the General Fund will have to fund expenditures. Alternatively, the City may reduce <br />expenditures and deplete the District's fund balance. <br /> <br />~\k <br /> <br />~ r Vorametsanti <br />Senior Civil Engineer <br /> <br /> <br />0 I Patterson Ed verett <br />anager, Engineering & Construction City Manager <br /> <br /> <br />SIIibrarylreportslpeterlseaport blvd 2000 1st reading <br />