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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 parcel: <br />benefit zone, parcel size, parcel street frontage <br />length and developed building square footage. As <br />new building square footage is constructed, the <br />assessment is recalculated based on the <br />improvements. The assessments can be increased <br />no more than 5% annually with approval from the <br />Board of Directors. The budget for 2023-2024 was <br />$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 />$37,323.4 <br />3 <br />Admin <br />$186,617.1 <br />4 <br />District Identity and Signage <br />$186,617.14 <br />54% <br />20% <br />4% <br />20% <br />2%