SUBJECT:
Title
PUBLIC HEARING to Consider the Adoption of a Resolution Authorizing an Increase to the Per Parcel Assessment for the Kingsland Country Estates Whispering Pines and 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 and Kingsland Country Estates Forest Glenn Municipal Service Benefit Unit (MSBU) for Street Lighting is not sufficient. These funds are being used for street lighting within this subdivision.
Currently, the FY 2025-26 annual projected operating revenue will generate approximately $77,115 (factoring in early payment discounts), with projected expenditures of $ 77,968, leaving a deficit of $3,820 by FY 2028-29. Increasing the assessment from $66 to $72 will increase the revenue to $84,125 annually, which will begin increasing the fund balance and provide the same level of service for the next seven years.
Based on this analysis and discussions with the Marion County Budget Director, staff is recommending an increase from the current annual rate of $66 to $72 for the upcoming FY 2026-27 Budget.
BUDGET/IMPACT:
Estimated annual expenditure of $ 77,968
RECOMMENDED ACTION:
Recommended action
Motion to approve Resolution for the Kingsland Country Estates Whispering Pines and Kingsland Country Estates Forest Glenn Subdivision MSBU for Street Lighting establishing a Special Assessment Rate and adopting an estimated per Parcel Assessment Revenue for the Kingsland Country Estates Whispering Pines and Kingsland Country Estates Forest Glenn MSBU for Street Lighting.
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