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Home My WebLink AboutDevelopment Commission Resolution 2019-02 RESOLUTION NO. 2019-02 A RESOLUTION OF THE CENTRAL POINT DEVELOPMENT COMMISSION ACCEPTING THE ANNUAL FINANCIAL REPORT FOR THE DOWNTOWN AND EAST PINE STREET CORRIDOR PLAN FOR FISCAL YEAR 2017-18 Recitals: A. In accordance with Oregon Revised Statute (ORS) 457.460 an annual financial report for the Central Point Development Commission for fiscal year 2017-18 has been prepared. B. The annual financial report has the five (5) required elements, the amount of money received during the preceding fiscal year, the purpose and amounts for which any money received were expended during the preceding fiscal year; an estimate of the moneys to be received during the current fiscal year; purpose and estimated amounts for which the moneys will be received are to be expended during the current fiscal year; and an analysis of the impact, if any, of carrying out the urban renewal plan on the tax collections for the preceding year for all taxing districts. The Central Point Development Commission resolves as follows: • Section 1. That the annual financial report for the fiscal year 2017-18 is hereby accepted. Passed by the Council and signed by me in authentication of its passage this 11th day of April 2019. Hank Williams, Chair ATTEST - - --- City Representative J City of Central Point Downtown & East Pine Street Corridor Revitalization Plan Annual Fiscal Report for FY2017-18 Januar) I, 221119 SUMMARY This fiscal report is for FY2017-18 and has been prepared per ORS 457.460.The purpose of this report is to address the costs and fiscal impacts on other affected taxing districts of cat vying out the City of Central Point Downtown& East Pine Street Corridor Revitalization Plan (Urban Renewal Plan) The source of information used in this report is from the Jackson County Assessor's Office (Summary of Assessment& Levies,Tables 4a-4e dated November 27, 2017), and the Urban Renewal Plan's budget(FY2017-18 and FY2018-19). FY2013-14 was the first fiscal year that the Urban Renewal Plan was eligible to collect tax increment revenue The amount collected was very small at$6,194 For FY17-18 the amount collected was$331,682 The impact of the Urban Renewal Plan's tax increment revenue on the property tax collections of the affected taxing districts remains very minimal. For FY2017-18 the average fiscal impact was lust over$0.0030 per tax dollar received by the affected taxing districts (See'fable 5,Tax Revenues Received). Overall the fiscal impact ranged between $0.0007 per dollar received in property tax revenue to approximately$0 0166 per dollar received in property tax revenue (City of Central Point) REPORT REQUIREMENTS In accordance with ORS 457 460 there are five (S) requirements that the financial report must address: 1. The amount of money received during the preceding fiscal year under ORS 457.420 to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460. Table 1 identifies the amounts and sources of moneys received by the Central Point Development Commission (Commission) during FY2017-18 The total amount of money available to the Urban Renewal Plan was $4,029,617 Page 1 of 4 Table 1. MON EY RECEIVED, FY2017-18 Source Description Amount Beginning Iand Balance $ 3,669,976 Tax Increment ResenuC. F Y20 17-I8 $ 323,062 Tax Increment Rexene. Prior Years $ 5,395 Interest $ 31,184 Total Amount Received $ 4,029,6 I 7 2 The purpose and amounts for which any money received under ORS 457.420 to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460 were expended during the preceding fiscal year. Table 2 identifies the actual expenditures and purpose of expenditures by the Commission for the preceding fiscal year(FY2017-18). Table 2. PURPOSE AND AMOUNTS OF MONEY SPENT, FY2017-18 Expenditure Description Amount Personal Services $ - Materials and Services $ 7,381 Capital Outlay $ 1,549,5211 Debt Sen ice $ 185,601 Contmgenc} $ - Total Expenditures $ 3,742.502 3 An estimate of the moneys to be received during the current fiscal year under ORS 457.420 to 457.460 and from indebtedness incurred under ORS 457,420 to 457.460. Table 3 identifies the moneys to be received and their source For fiscal year 2018-19 it was estimated that the Comnussi on would begin the year with a $174,000 beginning cash balancer Total tax increment revenues budgeted to he received was$406,000 It was also anticipated that the budget would include interest of$6,000 for a total of$586,000 moneys planned to be received. 'The FY2018-19 Beginning Fund Balance was estimated and not based on actual expenditures Page 2 of 4 Table 3. MONEY PLANNED TO BE RECEIVED, FY2018-19 Source Description Amount Beginning Favid Balance $ 174,0110 1'ax Increment Re enue, FY2018-19 $ 400,001) Tax Increment Re%enue, Prior Years $ 6,000 Interest S 6.O(R) Financing Proceeds S - Total Amount Received S 586,0110 4. A budget setting forth the purpose and estimated amounts for which the moneys which have been or will be received under ORS 457.420 to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460 are to be expended during the current fiscal year. Table 4 identifies the budget and purpose of expenditures by the Commission for the current fiscal year (FY2018-19). 'Fable 4. PURPOSE AND AMOUNTS PLANNED TO BE SPENT, FY2018-19 Expenditure Description Amount Personal Sen ices S - Materials and Sol ices $ 57,500 Capital Outla> $ 235,000 Debt Sen ice S 248,000 C'ontingenc\ S 45,500 Total Expenditures S 586,001) An analysis of the impact,if any,of carrying out the urban renewal plan on the tax collections for the preceding year for all taxing districts included under ORS 457.430. Within the City of Central Point there area total of eleven (11) affected taxing districts with a FY2017-18 combined tax rate of$17 2827 per $1,000 of assessed value The Urban Renewal's base value was set in FY2012-13 at$139,787,170 The FY2017-18 incremental value for the Urban Renewal District was$20396,835 During FY2017-18 the impact of implementation of the Urban Renewal Plan on the affected taxing districts is illustrated in Table 5, both in terms of property tax dollars diverted and a percentage of total property tax dollars collected for each taxing district As illustrated in Table 5 the Urban Renewal Plan's authorized F12017-18 tax increment revenue was$344,333. Of the authorized tax increment revenue the City actually received $323,062 (93.82% of authorized collections) The most significantly impacted taxing district is the City of Central Point at approximately$0 0166 Page 3 of 4 per dollar of property tax revenue collected, followed by the School District and the Fire District at approximately$0.0079 and $0.0047 per dollar of property tax collected. Table 5. TAX REVENUES RECEIVED FY21117-I8 BY AFFECTED TAXING DISTRICTS Affected I axing Districts Property Ines Percentage of Iota) Property l axes to be Mart ted to Illiran Property I axes Diacrted Tax District Receiacd Renenal to t'rk n Renewal I (a) ult conal Point S 5,457,980 S 011.601 I6N',, 2 Jackson Count) S 41071263 S 11,070 0 In 3 hire Dis lent No, 3 S 13,414774 S 63.271_ 047",, 4 RVI I) S 4,62265% S 1.474 011% 5 Vecloi (unllul S 850,%3 I S 508 1110",, o N'atei t o Ilsen anon S 991 155 5 993 n In'n 7 Jackson Coint\ 11hi n' S 111,31040) S 111.545 1I 10"n % 4-II Ag I Vans ion S 8111193 5 744 1104"n Total Local Government S 70,536,-153 S 214,257 1127 9 School Ih510Lt No o S 14,28(061 S 112.7117 1179"" 111 Rogue Cetlimunlh C„Ilcgc 5 13 160,582 S 111,297 011%"„ 11 Fducaliun Sen ice Di.tu\I 5 4942,538 S 7.1172 0 111 Total Schools $ 14 383,181 S 1311.1170 113%'b Grand total Permanent $ I 11,92_0.014 5 344.313 n 30"o Page 4 of