Desk Item
MEETING DATE: 04/05/16
ITEM NO 7
:
DESK ITEM
COUNCIL AGENDA REPORT
DATE: APRIL 5, 2016
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: ADOPT A RESOLUTION TO:
A.DECLARE SURPLUS RESERVE FUNDS IN THE AMOUNT OF
$179,204.18 REMAINING IN THE DOWNTOWN PARKING
ASSESSMENT DISTRICT 88-1 RESERVE ACCOUNT.
B.AUTHORIZE PRO-RATA DISBURSEMENT OF SAID SURPLUS
BALANCES REMAINING IN THE DOWNTOWN PARKING
ASSESSMENT DISTRICT 88-1 RESERVE ACCOUNT TO PAST
ASSESSEES UNDER PROVISIONS OF 1915 BOND ACT SECTION 8885.
C.APPROVE A TRANSFER EXPENDITURE BUDGET ADJUSTMENT IN
THE AMOUNT OF $179,204.18 IN THE DOWNTOWN PARKING
ASSESSMENT DISTRICT FUND 88-1 TO DEPOSITS PAYABLE “PASS
THROUGH” ACCOUNT IN THE TOWN’S GENERAL FUND.
REMARKS:
After distribution of the staff report on March 31, 2016 staff received the following question
from a Councilmember. The question and response are below.
Question: Please provide information regarding the parcel that has not paid.
Response: This parcel is scheduled to receive a refund of $1,988. The Town’s analysis of the
Bond Act does not provide an ability to direct this rebate to the redemption account. It limits
use of the reserve amounts to paying debt service or using it to return monies to the property
owners.
Staff is exploring the notion of sending the property owner a letter in which staff can request
their permission to redirect the refund to the County to pay off the unpaid assessment. The
PREPARED BY: STEPHEN CONWAY
Director of Finance
_______________________________________________________________________________________
Reviewed by: Assistant Town Manager Town Attorney Finance
_________________________________________________________________________
Reformatted: 5/30/02
PAGE 2
MAYOR AND TOWN COUNCIL
SUBJECT: ADOPT A RESOLUTION DOWNTOWN PARKING ASSESSMENT DISTRICT
88-1 DECLARING SURPLUS RESERVE ACCOUNT
APRIL 5, 2016
owner may be open to this solution to avoid a lien/property sale for back taxes which will
eventually happen if the amounts are not paid and brought current.