SUBJECT:
Title
PUBLIC HEARING: Request Adoption of a Resolution Authorizing an Increase to the Per Parcel Assessment for the Kingsland Country Estates Whispering Pines / Kingsland Country Estates Forest Glenn Municipal Service Benefit Unit for Street Lighting, establishing a Special Assessment Rate and Adopting an Estimated per Parcel Assessment Revenue
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INITIATOR: |
DEPARTMENT: |
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Chad Wicker, Director |
Municipal Services |
DESCRIPTION/BACKGROUND:
It has been determined during the budget process that the fund balance for Kingsland Country Estates Whispering Pines/Kingsland Country Estates Forest Glenn, Municipal Service Benefit Unit (MSBU) for Street Lighting assessment is not sufficient to sustain the funds beyond this current year. These funds are being used for street lighting within this subdivision.
Currently, the FY 2024-25 annual projected revenue to operating will generate approximately $52,919, with projected expenditures of $67,950, leaving a deficit of $11,647 by FY 2025-26. The increase of the assessment of $45 to $66 will increase the revenue to $77,615 annually, which will begin increasing the fund balance and allow us to offer the same level of service for the next ten years.
Based on discussions with the Marion County Budget Director, staff is recommending an increase from the current annual rate of $45 to $66 annually for the upcoming FY 2025-26 Budget.
BUDGET/IMPACT:
Estimated annual expenditure of $69,989.
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute the Resolution for the Kingsland Country Estates Whispering Pines/Kingsland Country Estates Forest Glenn MSBU for Street Lighting establishing a Special Assessment Rate and adopting an estimated per Parcel Assessment Revenue for the Kingsland Country Estates Whispering Pines/Kingsland Country Estates Forest Glenn for Street Lighting.
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