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2024 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 2023-2024 was $933,085.69. <br />RCIA Budget by Category <br />DECEMBER 1, 2023 – NOVEMBER 30, 2024 <br />RCIA ASSESSMENTS <br />$933,086 <br />2023-2024 budget <br />Sidewalk Operations and Beautification <br />$503,866.27 <br />Contingency/Reserves <br />$18,661.71 <br />Parking <br />$37,323.43 <br />Admin <br />$186,617.14 <br />District Identity and Signage <br />$186,617.14 <br />54% <br />20% <br />4% <br />20% <br />2% <br />222 parcels$17-$53K <br />annual assessments <br />8.A. - Page 9 of 33 <br />21