COUNTY OF SAN MATEO

Inter-Departmental Correspondence

CONTROLLER’S OFFICE

DATE:

August 15, 2007

BOARD MEETING DATE:

September 11, 2007

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 2007-2008

RECOMMENDATION:

Adopt by resolution the rates of taxes on the secured roll for Fiscal Year 2007-2008.

VISION ALIGNMENT:

Commitment: Responsive, effective, and collaborative government. The timely adoption of the Tax Rates provides stability and convenience to the taxing jurisdictions in the County to meet their required debt service requirements, so the needs of the community can be meet.

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, the Board of Supervisors 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 2007-2008 based on a net assessed valuation of $123,108,527,604. The 2007-2008 tax rates are set forth in the attached schedules for adoption by the Board.

FISCAL IMPACT:

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