COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Controller's Office

DATE:

September 5, 2003

BOARD MEETING DATE:

September 23, 2003

TO:

Honorable Board of Supervisors

FROM:

Tom Huening, Controller

SUBJECT:

Adoption of Tax Rates for Fiscal Year 2003-2004

Recommendation

Adopt by resolution the rates of taxes on the secured roll for Fiscal Year 2003-2004 and permanently extend the deadline by which to adopt these rates to each October 3^rd.

Background

Since the passage of Proposition 13, the County is required to set tax rates for general obligation bonds approved by the voters for taxing jurisdictions within the County.

Discussion

Pursuant to the provisions of Government Code Section 29100, your Board is required to adopt by resolution the rates of taxes on the secured roll. These rates must be established by the first business day of September or, by resolution, the Board may extend this deadline to each October 3^rd. The Controller has calculated such rates for the Fiscal Year 2003-2004 based on a net assessed valuation of $89,809,551,893. The 2003-2004 tax rates are set forth in the attached schedules for adoption by your board.

Vision Alignment

The adoption of Tax Rates for the County keeps the commitment of responsive, effective, collaborative government and advances Vision Goal number 22: County and local governments effectively communicate, collaborate and develop strategic approaches to issues affecting the entire County. This collaborative effort provides stability to the schools and other governmental agencies in our County.

Fiscal Impact

If the tax rates are not set, the taxing jurisdictions will not be able to meet their required debt service requirements.