City Council

D. ADOPTION OF RESOLUTION NOS. 24-46 AND 24-47 SETTING THE RATE\nAND AMOUNT NECESSARY FOR THE 2024-2025 FISCAL YEAR\nRETIREMENT LEVY\nThe City’s retirement costs are funded by a special property tax levy authorized\nby the voters in 1948. The special property tax levy approved by the voters\nrequires the City Council to annually establish a tax rate sufficient to meet the\nCity’s obligations to the state employees’ retirement system. No change in the\ntax rate is recommended for the 2024-2025 fiscal year and the City Council is\nasked to confirm the current rate and fix the amount of property taxes to be\ngenerated by adopting two resolutions. Based on the assessed valuation\n($7,167,766,644 – an increase of 5.3% over Fiscal Year 2023-2024 value)\nprepared by the Auditor Controller and the recommended continued levy of 14\ncents per $100 of assessed property value, the amount to be generated is\nestimated at $10,034,873 for Fiscal Year 2024-2025. This levy, along with the\ncurrent fund balance in the Retirement Fund, will be sufficient to cover the\nretirement costs, budgeted at $10,838,690 for Fiscal Year 2024-2025.\nCity Council Regular Meeting Agenda – August 20, 2024 3\nCalifornia Environmental Quality Act (CEQA) Determination: Not a Project as\ndefined in Section 15378 of the State CEQA Guidelines.\nRecommended Action:\nStaff recommends that the City Council adopt Resolution No. 24-46, setting the\ntax rate at 14 cents per $100 assessed valuation, and Resolution No. 24-47,\nfixing the amount of property taxes to be generated for the City’s employees’\nretirement cost for fiscal year 2024-2025.