COUNTY OF SAN MATEO

Inter-Departmental Correspondence

CONTROLLER’S OFFICE

DATE:

August 25, 2006

BOARD MEETING DATE:

September 19, 2006

SPECIAL NOTICE/HEARING:

N/A

VOTE REQUIRED:

Majority

TO:

Honorable Board of Supervisors

FROM:

Tom Huening, Controller

SUBJECT:

Adoption of Tax Rates for Fiscal Year 2006-2007

RECOMMENDATION:

Adopt by resolution the rates of taxes on the secured roll for Fiscal Year 2006-2007.

VISION ALIGNMENT:

Commitment: The adoption of Tax Rates for the County keeps the commitment of responsive, effective, collaborative government.

Goal(s): As in Vision Goal number 22: the 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.

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 on or before each October 3. The Controller has calculated such rates for the Fiscal Year 2006-2007 based on a net assessed valuation of $114,243,976,325. The 2006-2007 tax rates are set forth in the attached schedules for adoption by your Board.

FISCAL IMPACT:

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