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<br />'lM..l. <br /> <br />Property owners will be voting on the maximum assessment that would be levied based <br />on the 5-year District budget prepared by staff. Barring any 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 operational <br />details. Any issue that may arise will be resolved prior to mailing out the official ballots. <br /> <br />Fiscal Impacts <br />The District's fund balance is expected to be approximately $100,000 by June 30, 2000. <br />The District's proposed FY 2000-01 operating budget is $136,500, of which $62,500 <br />(the same amount as last year's levy) is proposed as an assessment levy, with the <br />$74,000 balance to be financed by the District's fund balance. The District's major <br />property owner has a calendar year budget cycle and will not support an increase in the <br />District budget for FY 2000-01, because it would require an increase in the property <br />owner's calendar year 2000 budget. Accordingly, the levy for FY 2000-01 is the same <br />as for FY 1999-00. The amount borrowed from the reserve will be repaid from future <br />assessment levies. If this assessment is not approved by the Council, or a majority <br />protest is filed by property owners, and expenses are incurred as budgeted, the <br />General Fund will have to fund expenditures. Alternatively, the City may reduce <br />expenditures and deplete the District's fund balance. <br /> <br />~LL <br /> <br />S. Peter Vorametsanti <br />Senior Civil Engineer <br /> <br /> <br />'7). <br /> <br /> <br />e Patterson <br />anager, Engineering & Construction <br /> <br />Ed Everett <br />City Manager <br /> <br />" <br />