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2023 ANNUAL REPORT • PAGE 5 <br />Assessments for each parcel are based on a <br />formula that considers four factors for each <br />parcel: benefit zone, parcel size, parcel street <br />frontage length and developed building square <br />footage. As new building square footage is <br />constructed, the assessment is recalculated <br />based on the improvements. The assessments <br />can be increased no more than 5% annually with <br />approval from the Board of Directors. The budget <br />for 2022-2023 was approximately $930,820.18. <br />RCIA Budget by Category <br />DECEMBER 1, 2022 – NOVEMBER 30, 2023 <br />RCIA ASSESSMENTS <br />$930,820 <br />2022-2023 budget <br />Sidewalk Operations and Beautification <br />$502,642.90 <br />Contingency/Reserves <br />$37,232.81 <br />Parking <br />$65,157.41 <br />Admin <br />$139.623.02 <br />District Identity and Signage <br />$186,164.04 <br />54% <br />15% <br />7% <br />20% <br />4% <br />203 parcels$17-$53K <br />annual assessments <br />6.D. - Page 10 of 21 <br />89